Goals Based Wealth Management
It’s important to have goals. That doesn’t sound like such a controversial statement, does it? And yet, how many of us don’t have concrete financial goals for right now, in the short-term, as well as for the years ahead?
It may seem pointless – especially if we’re living paycheck to paycheck or we can’t seem to get out of debt. Why talk about wealth building or investment goals when we’re still trying to figure out whether to pay the electric bill or the car payment this month? Or maybe we’re young and still living in the moment. Sure, we have a little savings set aside, and the company we work for has some sort of retirement thing we contribute to. Shouldn’t that be enough? For some of us, it’s the opposite – we should have started saving back when it would have made a difference, but we think we’re too old to start setting retirement goals or financial management goals now.
In each of these scenarios, there’s some truth.
It doesn’t make sense to invest if you’re still buried in credit card debt. That’s pouring water into a broken cup. You’ll want to patch up that cup (or get a new one) first – but that can be done with an eye towards long-term personal financial goals. It can be part of your plan for saving money sooner than you think and maybe even investing money not that far down the road.
If you’re young, it’s not a bad idea to take advantage of your employer’s retirement offerings if they’re solid. And there’s no reason not to enjoy yourself at this stage of your life. That doesn’t mean you can’t educate yourself about basic money management and start setting yourself up for the future. You never know how long that job might last, or what life might throw at you down the road. There are low-risk ways to invest money that could pay off well over time. Heck, this early in the game even a compound interest savings account can make a big difference.
If you’re past the carefree stage, perhaps occasionally glimpsing mortality glaring at you in a rather uncomfortable way, it won’t be as easy to reach the same sorts of money saving goals you could have if you’d started a few decades before. On the other hand, it’s easier now than it will be in three or four more years – so you’ve got that in your favor. Financial goal management may not be as easy when we start a little later in life, but that doesn’t mean it’s not worth starting at all.
No matter where you are in life in terms of your age, your employment, your debt, your credit score, or your obligations, it’s worth establishing some personal financial goals and familiarizing yourself with a few basic investment strategies. We live a linear life – we can’t go back and change what’s done, no matter how much we’d sometimes like to try. That doesn’t mean we can’t make improvements going forward, whatever our circumstances.
That’s what Goalry is all about. Most of us are perfectly capable of taking more effective control of our personal or small business finances if we’re given the right information and insight, a few tools and supports, and the sorts of connections that can make our progress possible. We call it “goals based wealth management” because it’s all about defining, prioritizing, and reaching our own unique goals – which will be different for everybody.
We talk about ways to save money. We outline the best retirement plans. We offer easy access to amazing financial management tools. In the end, though, it’s not just about the money. It’s about all the things responsible wealth building allows us to do. The options it gives us. The degree to which we’re able to provide for those we most love. It’s not always easy to get excited about debt reduction or comparing current savings account rates. If I’m not sure where I’m going or why, what difference does it make whether I’m moving closer or getting further away with each financial choice? On the other hand, if we can see each decision as being less about a few dollars here and there and more about stubbornly pushing forward towards our personal financial goals, we’re far more likely to make better choices and stick to them.
Four Elements of Wealth Building - #1: Income
Four Elements of Wealth Building - #2: Debt Management
Four Elements of Wealth Building - #3: Saving
Four Elements of Wealth Building - #4: Investing
The Goalry Way
We won’t tell you what to do with your own money, but we will help you find the right online money management tools for you when you’re ready. We’re about to unveil a re-imagined line of innovative apps and tools to help you monitor your budget, track your spending, direct your investments, determine the real value of real estate, organize your taxes, and a half-dozen other services designed to give you more informed control of your finances in real time, from wherever you are.
But the best online expense manager in the world won’t start the process for you. We can compare the best retirement plans and explore the pros and cons of different sorts of mortgages and connect you to the perfect match for you to open savings account online or find the best consolidation loan for your circumstances. None of it matters until you’re willing to say, “I’m ready.” Let’s look at my income, figure out how to reduce my debt, set up some practical savings, and start investing in the future. Because it’s never just about the money – it’s about all the ways responsible use of your resources allows you to live and to care for those you love.