Hi, I am Katie MacDonald, owner of MacDonald Wealth Management. I am CFP, CRPC, CDFA certified. Beyond my business, I want to provide financial advice to help you gain financial confidence. Looking for help with financial planning free of charge? I am here to help!
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~Your anchor for a financially fit life~
In this video I am going to give you 4 QUICK tips on how to set investment goals:
Setting Investment goals means defining your dreams for the future. Be specific as possible when setting goals. Also, writing down & prioritizing your investment goals is an important first step toward developing an investment plan. The first step you want to define is:
#1 – What is your time horizon?
This is the number of years you must invest towards a specific goal. Each goal will have a different time horizon; saving for a car down payment might be 6 months to a year, saving for a house down payment you might be looking at 2 to 5 years now saving for retirement depending on your age could be 20, 30 or 40 years. Remember be specific!
#2 – How much do you need to invest?
Every goal is going to require a different amount. Review your list of goals and add
dollar amounts. Could be a few hundred to thousands that you need to save. Now
are you going to invest a lump sum of cash or establish a systematic savings strategy
on a weekly, monthly, or annual basis? This is a great way to build wealth overtime.
Make sure to choose a realistic amount that considers your other financial obligations so you can easily stick with your plan.
#3 – Which investments should you choose?
Based on your financial goals you will need to decide how to best allocate your dollars.
One important consideration is your tolerance of risk. Remember all investments involve some risk but some involve more than others. Think carefully about how well you handle market ups and downs are you willing to accept a higher degree of risk in exchange for the opportunity to earn a higher rate of return? No matter what the level of risk you are comfortable with make sure to choose investments that are consistent with your goals & time horizon.
#4 – Review & Revise
Overtime you may need to update your investment strategy:
Get in the habit of checking your portfolio at least once a year – more frequently if the market is particularly volatile or when there have been significant changes in your life.
You may need to re balance your portfolio to bring it back in line with your investment goals & risk tolerance
Investment advice offered through MacDonald Wealth Management, LLC, a Registered Investment Advisor.
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