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Financial Security by Design

Goal Setting

It's straight forward enough to write down broad objectives. For example,

The challenge is to translate these concepts into quantifiable goals. You need to work through questions like the following.

The role of the adviser is to assist your goal setting through disinterested coaching.

The next task is to develop a specific action plan. Your plan might be to develop a budget over the next month, to rebalance your portfolio over the next year, to purchase disability insurance immediately or to talk to your attorney next week about changes to your legal documents. It may be desirable for your adviser to take a comprehensive look at the financial implications of your goals before an action plan is developed. Few of us are able to do all that we hope and you will probably need to establish priorities.

We live in an uncertain world. Goal setting should be a living process rather than ending upon implementation of the action plan. Progress should be monitored so that you can respond to threats - and opportunities. You can pay a professional to monitor your affairs, many people prefer to spend their time on other things, but my advice is Never Delegate Strategy or Oversight.

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