Friday, January 19, 2018

What Are Your Goals?

December 30, 2017

Planning

As we begin 2018 and we vow to do better with our finances, it’s important to get goals organized.  This week, take the time to write down your goals.   Make sure that you have the following items listed, if you do not have provisions made:  wills, life insurance policies, durable powers of attorney, and healthcare proxies.

These items must be in place before you do anything.  Creating an emergency fund for at least 6 months of expenses is equally important. These are the foundation items that absolutely must be taken care of.  Think of this as the cake batter.  Without it, there is nothing to decorate or eat.

Next, look at personal goals and write them down, being very specific whenever possible.  Some popular goals might include:  reducing credit card debt by 25% within the next 12 months, cutting household spending by 20% each month; increasing income by 10%; starting a college fund; contributing the maximum to an IRA or retirement plan at work; paying off the car; refinancing the house for a lower rate; or making an extra mortgage payment, etc.  For now write down everything that comes to mind, and I will give you tips on prioritizing your list and on getting organized.  Good luck!

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