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Before You Start Investing: Define Your Investment Goals — Setting Up Your Investment Goals
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Setting Up Your Investment Goals

Examples of Investment Goals

Goals, whether they be short or long-term, investment-related or health-related, are essential for achieving any measure of success.

Now, where should you start? Well, how you set and manage your goals depends on what you are trying to accomplish.

So, what do you want to achieve? Here are some common investment goals for your inspiration:

  • Save enough money for retirement
  • Earn extra money on the side
  • Take a vacation next year
  • Buy something expensive in the future, such as a home or a car
  • Deter the effects of inflation
  • Help pay for education
  • For the thrill of it!

Remember, your plans should rest on what’s reasonable over a specific period of time. For example, if you are a beginning investor, a target might be to make more money than what you would get by leaving your money in the bank. If you’re more experienced, it could be to beat the S&P 500.

Identify your important goals and set a timeline for each of them. Be honest with yourself. It’s better to start with modest goals that are easier to accomplish than aim for unrealistic goals and give up partway through.

“Unless you have definite, precise, clearly set goals, you are not going to realize the maximum potential that lies within you.”  — Zig Ziglar