Life Events
Goal Planner: Getting Started
Setting Goals and Objectives
What are your goals and objectives? These goals are the building blocks to any sound financial plan. They help you determine your investment time frame, the amount that needs to be saved and a strategy for selecting the appropriate investments.
Goals should be clearly defined and measurable so that progress can be easily monitored.
Some examples are provided to get you started...When you think about your own goals, don't only think long-term, consider your short-term goals as well!
Retire in 20 years with an annual retirement income of $40,000 (today's $).
- Assess your current financial situation, refer to Net Worth and Cash Flow tools.
- Develop an Investment Portfolio for your RSP.
- To put your plan into action, Act Now!
Save for your child who will be attending university in 15 years and will require $10,000 (today's $) / year for a period of 4 years.
Save $20,000 for a down payment on a home to be purchased in 5 years.
Now, consider your personal situation by taking into consideration your own needs and goals. Visit our Financial Planning Tools Home Page to view a list of all of our tools.
Be sure to write your goals down and keep them handy so that you can refer to them periodically to ensure you are on the right track. On an annual basis you should re-visit to your goals to assess your progress and make any amendments to your strategy.
|
