WW 073: A Guide To Setting Financial Goals - Soloshow
Today I’ll be guiding you through what financial goals to have in place, now! Plus, which savings vehicles to use in order to save for these various goals. I'm breaking down long-term, medium-term, and short-term savings goals for you, why savings accounts rock for most things, and explaining (to the best of my ability) some nuances about index investing.
Listen to the show:
Episode Notes:
Long-Term (over 9/10 years) - USUALLY INVESTED
(either tax-advantaged retirement/529 accounts or non-advantaged brokerage accounts)
Retirement
Second Home (or first!)
Investment property
529 Plan (college)
Charity/Inheritance
Medium-Term (2/3 - 9/10 years)
(either brokerage accounts with a more conservative allocation, CD or a high-yield savings account)
Wedding
Debt-Free (pay off college, pay off car, pay off credit card) - Not Savings/Investing
New to you Car
Home/Renovations
Investment Property
Higher education
Travel
Career Change
Entrepreneurship
Short-Term (0-2/3 years) - SAVINGS
Emergency Savings (ongoing)
Gifts Fund (ongoing)
Non-Monthly Expenses (ongoing) - certifications/memberships/insurance
Travel (ongoing or not)
Personal Discretionary and Frivolous Expenses (ongoing)
Taxes (ongoing for the self-employed)
Career Change/Entrepreneurship
New Car/house/wedding
Debt Payoff - Not Savings
Resources From This Episode:
Check out Betterment*
Free Budget Training with The Anti-Budget
*Indicates an affiliate link.
Helpful Resources
Join The Wealthy Wanderers (our private Facebook community!)
Check out The Money Program (get your financial life together in 6 weeks!)
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