The 3 main steps to Financial goal setting are
- What you have
- What you want
- How to achieve it.
What you have:
Reviewing current financial position is very important process. If you are in a lot of debt and want to save a million, it doesnt make sense, as reducing the debt is the priority before saving. A very easy process would be do a simple cash flow and find out how you are spending the money you earn. ( I have a template and if you want to use do email me)
What you want:
For this question, sky is the limit. A realistic goal which also takes little steps is achievable. Breaking down long term goals to small achievable short term goals is the best way to work this out.
How to achieve it:
For this step, categorising the goals is important. Savings, investment, protection, retirement etc. There maybe some overlaps too. This step requires time with your financial advisor to come up with a goal.
