Investment Goals: What Are They?
Setting investment goals is the first step to financial freedom. Knowing your investment goals helps you keep track of where you have been, where you are at the moment, and where you’re going to be in the future.
Tap to watch our video about investing goals, and read on for more details.
Investment goals are personal, but no matter what you’re trying to achieve, it’s crucial that you have a clear objective and a sensible course of action. What do you want to achieve? Take the time to sit down and consider your financial objectives. Do you want to start your own business? Do you want to retire early? Do you need to pay for your children’s college? Settle into what you want to achieve by investing, and stick to it. This way, you’ll be able to determine your specific investment goals, and get the foresight you need to achieve them.
Let’s say you know that you want to have enough money to last you through retirement. That would be your starting point so that you can put a specific plan in place. Or let’s say you want to make enough money in the stock market so you can take a vacation this summer. Those are very different goals, and different goals require different investment strategies.
Managing your investment goals also means choosing the targets that are right for you. Your goals should be consistent with your skill level and your experience. If you aren’t sure about how ambitious or difficult your plan is, ask a fellow SprinkleBitter for a second opinion.