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Now that you understand the eight characteristics of effective financial goal setting, you can begin to set your goals using the Goal Setting Tool:

What are your top five personal goals?

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What are your top five family financial goals for the next year?

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What are your top five family non-financial goals for the next year?

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If you had $3 million, what would you do differently than you do now?

If you could change one thing about your present situation,be it financial, personal, community, service, or family, what would you change?

If you had six months left to live, what would you do?

If you could be remembered for three things after your death, what would they be?

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Which of the above goals would you like to accomplish, fulfill, or achieve in the next 12 months? What actions are needed to achieve them?

Goal 1:

A._____________________________________
B._____________________________________
C._____________________________________

Goal 2:

A._____________________________________
B._____________________________________
C._____________________________________

Goal 3:

A. _____________________________________
B._____________________________________
C._____________________________________

Goal 4:

A _____________________________________
B._____________________________________
C._____________________________________

Goal 5:

A _____________________________________
B._____________________________________
C.___________________________________

Which of the above goals would you like to accomplish, fulfill, or achieve in the next three years? What actions are needed to achieve them?

Goal 1:

A._____________________________________
B._____________________________________
C._____________________________________

Goal 2:

A._____________________________________
B._____________________________________
C._____________________________________

Goal 3:

A._____________________________________
B._____________________________________
C._____________________________________

Goal 4:

A._____________________________________
B._____________________________________
C._____________________________________

Goal 5:

A._____________________________________
B._____________________________________
C._____________________________________

Which of the above goals would you like to accomplish, fulfill, or achieve in the next five years? What actions are needed to achieve them?

Goal 1:

A._____________________________________
B._____________________________________
C._____________________________________

Goal 2:

A._____________________________________
B._____________________________________
C._____________________________________

Goal 3:

A._____________________________________
B._____________________________________
C._____________________________________

Goal 4:

A._____________________________________
B._____________________________________
C._____________________________________

Retirement

Since long-term goals can include retirement, please answer some specific questions about your retirement goals to complete the process.

When do you want to retire? ________

Where will you live? ________________________________________

How much do you expect to spend every month(After Tax)? _________________

List 10 things you plan to do either one time or on a recurring basis during retirement.

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Please remember that even with highly developed tools to assist in an effective goal setting process, you have control of your progress and a responsibility to yourself and your family to set goals to achieve high quality of life and avoid Goal Setting Vertigo™. Balance is always difficult to maintain, but in my experience, most things worth having take persistence, focus, and work. The following quote from Calvin Coolidge helps us stay focused:

“Nothing in the world can take the place of persistence.
Talent will not; nothing is more common than unsuccessful men with talent.
Genius will not; unrewarded genius is almost a proverb.
Education will not; the world is full of educated derelicts.
Persistence and determination alone are omnipotent”.

Have a successful goal setting session.

Copyright © 2007-2010 Robert S. Hockett, CFP® All rights reserved.

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