What Are Some Types of Financial Goals?
Types of Financial Goals
You might be doing well in your career and living a comfortable life today, but what are you doing to safeguard your fiscal future? It takes a lot of discipline to squirrel enough money away for a comfortable life, but you don’t have to do everything on your own. When faced with this task, many people turn to experienced financial planning professionals for the best possible advice on different types of financial goals. At Firma Financial, we’re ready to help you plan for the years ahead, and here are some of the types of financial goals we can assist you in accomplishing.
Creation of an Emergency Fund
Life can be unpredictable, and it can only take one emergency situation to completely derail your financial future. Since unforeseen situations are often expensive, many financial professionals will prioritize the creation of a fund to tackle emergencies. If you set aside a chunk of money each month for a “rainy day fund,” you’ll be able to handle short-term complications without dipping into your nest egg. This can come in handy if you ever deal with a major home or automotive repair, temporary job loss, injury or illness.
Maintain Lifestyle in Retirement
Your prime earning years will only last so long, so how are you preparing for the time after you step away from your career? While many people prefer to stay busy during retirement, your goal should be to make that a choice instead of a necessity. When you work with a professional financial planning firm, your planner will take a look at your lifestyle and give you a few strategies to make sure you’re able to maintain the same standard of living as long as you’re alive. It might take some sacrifices in the short term, but everything will be worth it in the long run.
Provide for Loved Ones
Do you have children or other family members who depend on your income? When sitting down with a planner, you’ll likely discuss the type of care you’d like to provide on a year-to-year basis. This strategy can actually start much earlier than retirement planning as many parents would like to be able to afford college for their kids. You can also throw life insurance into this category, as this type of protection allows you to continue providing for your dependents in the aftermath of an untimely death.
Elimination of Bad Debt
Few things can derail a successful financial plan more than a crippling level of debt due to credit cards or other high-interest loans. When you meet with a planner, he or she will help you come up with a plan to pay balances down as quickly as possible so you can redirect those fiscal resources into more productive ventures.
Saving for a House Down Payment
Homeownership has long been a part of the American dream, but millions of young adults aren’t in the financial position to put a down payment on a traditional mortgage. When done prudently, a house can be a significant investment that can propel you forward financially as your equity grows. Your planner will help you come up with a budget for how much you can afford and lay out a savings road map so you can accumulate a down payment that helps you avoid risky subprime mortgages.
Meet All of Your Goals
These are just a few types of financial goals that our financial planning professionals help clients achieve, but don’t hesitate to inform your planner of any personal goals that might not be traditional. If you’re ready to start formulating a strategy for your own future, let the experts at Firma Financial guide you along the way. To learn more about our services or schedule an appointment for a free consultation, call our office today at 586-800-0616 or use our online contact form.