You may have multiple financial goals – and each requires a specific investment strategy. But all these strategies should follow a similar process, so it’s important to take the right steps at the right time.
First, define each of your goals. Instead of just saying you want to retire comfortably, create a vision of what that retirement looks like. Will you travel? Pursue your hobbies? Spend time with family members?
Next, estimate how much your goal will cost to achieve. Then, invest appropriately for it. For a long-term goal, such as retirement, you’ll likely invest for growth. For a shorter-term goal, such as paying for an international vacation in a few years, you may want to invest more conservatively.
Also, understand potential trade-offs. If you decide you need to save more for your children’s education, how will it affect your retirement goals?
Finally, monitor your progress toward each goal. If you think you’re not on track, you may need to adjust your strategies.
Achieving your financial goals takes time, effort and commitment. But by following the most appropriate strategies for your situation, you’ve got a path that can help lead you to success.
This content was provided by Edward Jones for use by Daniel Pellerin, your Edward Jones financial advisor at 189 East Main Street Suite G, in Newport, (802) 334-6261.
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