Winning at life: Why having clear financial goals could help you succeed

With back-to-school season just around the corner, September is a great time to reset and an ideal time to set and review your financial goals.

Whatever you’re aiming for, starting with clear goals can help you succeed. 

Clear financial goals could set you up for success

The most successful financial plans put your goals front and centre. Whenever I meet with a client, the conversation is as much about life goals as it is about events in the stock markets and the economy.

Investing with a well-defined reason not only helps guide savings and investment decisions, but it could also make you more likely to achieve your financial goals.

Research published by Professional Paraplanner suggests that 78% of people with a financial plan built around defined goals and timelines say they feel they are on track to achieve their savings and investment goals. [1]

Meanwhile, 87% of people saving towards a specific goal say having something to aim for motivates them.

Your financial goals can help guide your long-term plan

Understanding your aims and financial priorities helps determine the most suitable ways to build and hold your wealth. 

For example, if you’re saving for a comfortable retirement, you’ll need to consider your pension contributions. You may also wish to make other tax-efficient investments to grow your wealth throughout your career. 

Meanwhile, if you want to help your adult children purchase their first home, you may need to focus on building cash savings that you can access within the next five years.

Many people wish to ensure they leave a lasting legacy to the next generation. In this case, as well as growing and protecting your wealth, you’ll need to consider the most tax-efficient ways to transfer it to your beneficiaries.

Setting long-term goals isn’t always easy. You may think you have all the answers ready, but many people have only vague notions of what they want to achieve. 

I can help you understand what matters most to you and then find the most suitable, tax-efficient ways to build and hold your wealth, creating and maintaining the lifestyle you desire.

Financial goals could boost your wellbeing

Financial wellbeing allows you to enjoy life without feeling a constant drag of worry and stress about your finances. But being cash-rich doesn’t automatically equate to enjoying financial wellbeing. 

In fact, a Revolut survey reveals that 8 in 10 high earners are concerned about their financial health. [2]

The four key elements that make up financial wellbeing are:

• Having control over your day-to-day finances

• Being able to absorb a financial shock

• Being on course to meet financial goals

• Having the freedom to make choices in life.

I’m here to help you decide how your money could be used to help you enjoy life today while taking steps to ensure you’re able to reach your long-term goals. 

Focusing on your long-term aims can help you stick to the plan

Without understanding what you’re aiming for, you could find that you’re easily distracted and may be more tempted to veer off course – especially when markets are volatile.

As with stock markets, life rarely progresses in a straight line, and your plans may change along the way. Having well-defined financial objectives and understanding your long-term game plan can help you stay on track.

Revisit your goals and measure your progress 

Once your financial plan is in place, regular reviews give you the opportunity to check in and ensure your plan continues to align with your goals as life and circumstances evolve.

To help you measure your progress, I check in at least once a year to ensure you’re still on course to meet your long-term goals. It’s also a useful time to revisit your goals, remind you of what you’re working towards, and adjust your financial plan to account for fresh intentions.

If you’d like to revisit your existing goals or create new ones for the months and years ahead, I’m here to help.

Email rory@brazilfinancial.ie or call +353 86 824 7542.

Please note

This article is for information only. It does not constitute advice.

It describes financial planning services that Brazil Financial Planning can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.

[1] Professional Paraplanner, The value of a financial plan: 3/4 say on track to achieve goals

[2] HRReview, High-earning Brits report biggest money worries as financial wellbeing gap widens