At Legacy Financial Strategies, we believe dreams are still important even as we age, especially when it comes to attaining financial independence. Knowing what goals you have for your money is one of the first steps in mapping out a plan to achieve your objectives.
What is your dream?
- Do you want to have a retirement that affords you the ability to travel the world?
- Do you want to build your dream lake house?
- Do you want to retire early to play golf?
- Are you saving up for a down payment on a new home?
- Do you want to finance your children’s college education?
My retirement dreams include buying a small airstream to explore the United States, Canadian Rockies and Alaska. I took the below picture when I saw my ideal airstream on a family camping trip at Lake Pomona. I keep the picture on my phone to keep me motivated to continue saving and contributing towards my retirement.
At Legacy Next, our financial forecasting can project how much you need to save to fund all of your goals, as well as show you the impact that achieving short term goals have on your ability to achieve your long-term ones.
For some, a projection might seem intimidating. What if the projection illustrates that you won’t be able to fulfill all of your financial dreams to sustain yourself through retirement? Does this mean you need to give up your dream? No! Don’t adjust your dreams; adjust your plan.
Seeing your whole financial picture will allow you to set realistic goals and understand the impact of your financial decisions along your journey. Besides being able to project your ability to achieve your long-term goals, our planning portal can also demonstrate how making tweaks to your plan can help you get closer to attaining them. Possible outcomes could include:
- Saving and investing more money each month by reducing your discretionary spending.
- Adjusting your investment allocation.
- Delaying your retirement for a couple of years.
- Buying a smaller home that requires a smaller down payment.
- Purchasing or leasing a less expensive car.
- Reducing your annual travel budget.
The beauty about planning ahead is having the ability to make small adjustments that can have a big impact on your future. It’s important to remember that everyone has to adjust his or her dreams at some point. Learn how Legacy Next can guide you in attaining your financial goals.