Goals for the year

As the year draws to a close, many of our clients are evaluating their progress towards their 2023 goals, and even planning ahead to create new goals for 2024.
If you have a list of goals for 2023, then pull them out and see where you stand on each one.

Ask yourself:

Are you on track?
Is there anything you can do now to complete some of these goals on your list?
Did you meet your financial plan goals?
Did your investments perform enough to meet your goals? (*disclosure) *You should consider your performance at least once a year. Compare your performance to the S&P 500* (which had a total return of 13.07% from 1/1/2023 – 9/30/23). How did you compare? Should you consider making adjustments? Talk to a financial advisor if you are unhappy with your investment portfolio performance.

*disclosure S&P 500® Index.The S&P 500® Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use by Fidelity Distributors Corporation and its affiliates. It is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

Ways you can begin

You can schedule a meeting with your partner, accountability partner, friend, family member, or your financial advisor to discuss your progress. Remind yourself of your goals and assess each one. If you do not have annual goals you can start now by writing down your goals for the remainder of the year and 2024! Here is a quick guide to 20 Money Conversations You Should be Having that can help you get started with your goals.

You can use these S.M.A.R.T. goal metrics to plan and help you assess each one of your goals.

Specific: Determine the who, what, where, when and why.
Measurable: Develop criteria for measuring your progress.
Achievable: Create goals that are attainable. Do you have the skills and resources to achieve your goals?
Relevant: Do your goals align with your overall objectives?
Time-based: Give yourself a deadline for reaching your goal to provide a sense of urgency and the opportunity to schedule the steps needed to achieve the goal. *Sometimes, life happens and you have to pivot or adjust the timeframe for completing a goal. This is OK! Give yourself grace and set a new more realistic and attainable goal.

What are the problems you are presently trying to solve?

Sometimes, being aware of the problems allows you to find solutions or atleast schedule actionable steps to begin to solve them.

Here are some common problems our clients shared with us before hiring us:

Not knowing what I need to know
Anxious about the future and retirement
Not having someone you trust to help guide you
Not feeling your money is safe for the future
Uncertain about how to best manage your wealth
Lacking peace of mind regarding your money or current financial plan.
Unprepared for Retirement
Worried about paying too much on taxes
Lack of communication from your current financial advisor

Knowing your WHY

When you become aware of the problems you are trying to solve, you can set goals to solve each. Knowing the WHY behind each one of your goals is going to help you actually complete your goals. ASK yourself, “Why do I want to complete this goal?” and write it down next to each goal on your list. You might even start to notice an overarching theme like, leaving a legacy, creating meaningful moments with your spouse, etc.

Resources that might help you get started:

Master list of goals to download

Master list of goals worksheet

Download the free end-of-the-year checklist for 2023.

End-of-year checklist

Then, use the FUN 2024 goal sheet to begin creating new goals for 2024.

2024 – Goal worksheet

These goal templates are from positive psychology and can be completed in order if you want a more comprehensive strategy

If you are asking any of the following questions, or want help setting and sticking to your financial goals, reach out and schedule a free intro call with Tara who can help you determine if hiring our advisors is a good next step for you.