You may have many financial goals.
But are they all equally important?
Probably not.
And that’s why it’s a good idea to identify goals as “must-have” versus “nice to have.”
A “must-have” goal might be achieving a comfortable retirement, while a “nice to have” one could be a vacation home by the beach.
So, it’s important to prioritize these goals and invest accordingly.
While you may want to focus more on the “must haves,” you may find that with careful budgeting and potential salary increases, you can find space to keep investing toward the “nice to haves.”
The element of time is also important in prioritizing goals and choosing appropriate investment strategies.
For long-term goals, such as retirement, you’ll need a reasonable amount of growth-oriented investments.
But for a short-term goal, such as an upcoming wedding or a long vacation, you’ll want investments that don’t fluctuate much in value, so you’ll know the money will be there when you need it.
Achieving your goals can be challenging.
But by identifying and prioritizing these goals, following suitable strategies to meet them, and regularly reviewing your approach, you can help yourself get to where you want to go.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson. Member SIPC.
