Episode 73: Setting Financial Goals Guide

WW073 Setting Financial Goals Guide.jpg

WW 073: A Guide To Setting Financial Goals - Soloshow

Today I’ll be guiding you through what financial goals to have in place, now! Plus, which savings vehicles to use in order to save for these various goals. I'm breaking down long-term, medium-term, and short-term savings goals for you, why savings accounts rock for most things, and explaining (to the best of my ability) some nuances about index investing.

Listen to the show:

Episode Notes:

Long-Term (over 9/10 years) - USUALLY INVESTED

(either tax-advantaged retirement/529 accounts or non-advantaged brokerage accounts)

  • Retirement

  • Second Home (or first!)

  • Investment property

  • 529 Plan (college)

  • Charity/Inheritance

Medium-Term (2/3 - 9/10 years)

(either brokerage accounts with a more conservative allocation, CD or a high-yield savings account)

  • Wedding

  • Debt-Free (pay off college, pay off car, pay off credit card) - Not Savings/Investing

  • New to you Car

  • Home/Renovations

  • Investment Property

  • Higher education

  • Travel

  • Career Change

  • Entrepreneurship

Short-Term (0-2/3 years) - SAVINGS

  • Emergency Savings (ongoing)

  • Gifts Fund (ongoing)

  • Non-Monthly Expenses (ongoing) - certifications/memberships/insurance

  • Travel (ongoing or not)

  • Personal Discretionary and Frivolous Expenses (ongoing)

  • Taxes (ongoing for the self-employed)

  • Career Change/Entrepreneurship

  • New Car/house/wedding

  • Debt Payoff - Not Savings

Resources From This Episode:

  1. Check out Betterment*

  2. Free Budget Training with The Anti-Budget

*Indicates an affiliate link.

Helpful Resources

  1. Join The Wealthy Wanderers (our private Facebook community!)

  2. Check out The Money Program (get your financial life together in 6 weeks!)

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