A Complete Guide To Financial Goal Setting In 2019

Setting your financial goals at the start of the year can be a daunting, emotional process. But it doesn’t have to be. Here’s a complete guide to financial goal setting that will help you achieve more this year.

To make this process less overwhelming and more actionable, it’s best to break down goals into short-term, mid-term and long-term categories.

List Your Financial Goals

Make a list of your financial goals. Include the approximate date when you hope to achieve them, how much you have saved already, approximately how much you’ll need, and where your savings are housed now. This list can serve as a benchmark for evaluating your progress. Remember that it’s perfectly normal for your goals to change as your life changes.

Here are some ideas to get you started.

Short-term Financial Goals –

Paying for the expenses you anticipate in the next few years requires a cautious plan. Focus on minimizing the risk to your assets and preserving your wealth. Make sure the money you’ll need in the near future is both secure and accessible.

Common Short-term Goals:

  • Buying a car or taking a vacation
  • Making a down payment on a home
  • Returning to school
  • Establishing your own business
  • Paying off debt

Possible Investments To Achieve Short-term Goals:

  • Savings accounts
  • CDs
  • Money market accounts
  • U.S. Treasury bills
  • Short – term bond funds

Mid-term Goals

To hone in on your mid-term goals, consider the next 10 years, concentrating on what you hope to accomplish and the expenses you anticipate these goals will cost. Planning for mid-term goals means carefully balancing investment growth and financial security.

Common Mid-term Goals:

  • Paying for children’s education
  • Purchasing a larger home or vacation home
  • Buying a boat or recreational vehicle

Possible Investments To Achieve Mid-term Goals:

  • Stock in a variety of companies
  • Stock mutual funds
  • Exchange traded funds tracking a diversified range of indexes
  • High-rated bonds or bond funds

Long-term goals

It’s never too early to begin planning for your major financial goals. Realizing your hopes and dreams for the future calls for a persistent and growth-oriented investment strategy.

Common Long-term Goals:

  • Living comfortably during retirement
  • Affording travel and hobbies
  • Continuing to support your children Financial security for long-term health care
  • Providing an inheritance for your heirs creating a legacy

Possible Vehicles For Achieving Long-term Goals:

  • Stock funds that invest in emerging and developing companies
  • Stock mutual funds that invest in growing companies
  • Exchange traded funds tracking a diversified variety of indexes

Re-evaluating Goals Over Time

Your financial goals will likely change as your financial circumstances change. That’s why it’s important to reassess your goals periodically — at least once a year. During your annual financial check-up, ask yourself the following questions, and be prepared to make any changes you think are needed.

  • Do my goals need to be readjusted? Have I made progress since last year?
  • Are my investments aligned with my goals?
  • Am I giving each goal the attention it deserves? Intentionally setting financial goals makes our biggest dreams a reality. At Vance Wealth, we do that by providing innovative solutions that empower our clients to live the life they’ve always imagined. It starts with carefully listening to our client’s goals and making their priorities our very own.

If you would like someone to walk through this process with you, we are eager to help you start off 2019 with intention and direction, so you can end the year with financial achievement. Start the conversation today, and set up a consultation with one of our financial advisors. For more information, please call Tara White at 888-775-0950.

About Vance Wealth:

Since 2003, Vance Wealth has served as a premier financial planning practice passionately committed to helping clients and families succeed at every step of their financial journey. Serving Southern California, the practice delivers innovative and comprehensive wealth management strategies precisely customized to each client’s goals and needs. Our mission is to help our clients and families succeed at every step of their financial journey, inspiring them to achieve more. We are committed to stand by their sides to help make the difficult decisions, celebrate life’s joys and be a trusted partner for every moment in between. To learn more, call 661-775-0950, email [email protected] or visit VanceWealth.com. To keep up with more exciting news, follow @VanceWealth on Facebook.


Any opinions are those of the financial advisor and not necessarily those of Raymond James. The information is not a complete summary or statement of all available data necessary for making an investment decision, and does not constitute a recommendation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. All investing involves risk and you may incur a profit or a loss. There is no assurance that any investment strategy will be successful. Asset allocation and diversification does not ensure a profit or protect against a loss.