Accomplishing Goals
Throughout
our lives the topic of goals comes up often.
The difference between discussing goals and accomplishing goals is
determined by the effort and actions taken.
The
first step in accomplishing your goals is to define your vision. For example, if a goal of yours is to retire
at age 55, this is a vision that you have for yourself. Thus, the vision has been defined.
The
second step is gathering information.
You need to determine where you are today in order to determine what
actions need to be taken to accomplish your goals. Goals being accomplished just don’t happen they need effort and
action. In continuing the vision of
retiring at age 55, you would want to gather information such as what your
assets and liabilities are today, what your income earning potential will be in
the future, and what costs you will have going forward. There will be the every day living expenses
and there may be large items such as college tuition or the purchase of a new
home. With this information, you will
be able to determine what cash will be available to invest for retirement.
The
third step is to define what actions need to be taken to accomplish your
goal. Now staying on track with the
vision of retiring at age 55, you would take the information you gathered, and
determine if the cash available to invest for retirement will be sufficient to
accomplish your goal. This will entail
determining where your funds are invested and the rate of return on your
investments. It may also entail looking
at your present and future costs and determine if these need to be adjusted.
The
above is a short example of implementing three steps to accomplish your
goals. The small number of three steps
does not simplify the process. It,
however, determines what efforts and actions will be needed to accomplish your
goals.
At
Bailey, Carr & Co., we assist our clients in defining their visions,
gathering information that will be used, and determining the action steps
needed to accomplish their goals.
Can
we help you with your goals?
