Setting financial goals

July 2, 2013 10:12:54 AM PDT
Most people really take a good look at their finances at two main times throughout the year: the very end or beginning of the year and come tax time. While these are great times to focus on your finances it is important to remember that the year is long and your life and the world around you is constantly changing.

Since we have closed on the first half of 2013 already it is a great time to review some key financial items now before the end of the year is upon us. Cliff Morgan with Strategic Wealth Management has some advice.

Meet with Cliff Morgan, or 219-476-3435

What type of financial goals people should set?

  • New Home

  • Start a Business

  • Retirement

  • College

  • Saving to an investment account

How do you determine how much you should save each month?

  • Start with the end in mind and work backwards.

How can a family or individual determine how much to save each month?

  • Has your tax bill gone up? (everyone will have less money at the end of the year because of new provisions)

  • Taxes have gone up from 2012 to 2013

  • Many Americans may owe more in taxes this year than they did last year.

  • This will directly affect their savings plans and their reaching their financial goals

How much money should be an emergency fund?

  • 3 - 6 months savings

  • Important to have cash

Where should people put money for the biggest return?

  • Know your individual investment risk tolerance

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