When it comes to future planning, you can’t expect everything to happen at once. Achieving your financial goals takes both time and a well-thought-out plan. Nonetheless, it’s important to set benchmarks for yourself, so you know what you need to work towards. Reaching your financial milestones is within your reach!
What are Financial Milestones?
Financial milestones are certain targets that you set for yourself to build your life and your career. Some financial milestones may consist simply of saving a certain amount of money, while others may involve more in-depth aspects of estate planning.
Here are a few common goals when it comes to future planning:
When you begin setting your financial goals, you may be in debt. And that’s okay! Part of future planning is coming up with a plan to pay off your debts. Once you’re debt free, you can begin truly planning for the next steps.
A Certain Amount in Savings.
Achieving a certain balance in your savings account is not only a benchmark goal, it’s an important safety net. Many financial planners recommend that you have enough saved to cover unforeseen emergencies—such as an unexpected sickness or getting laid off from a job—for at least three months.
Owning Real Estate.
Once you’ve paid off your debts and begun saving money, the next step is to begin investing. While putting some savings into stocks and bonds is always a good idea, real estate is always a great investment as well. Buying property is almost always a safe bet when it comes to appreciating in value, and it serves the dual purpose of providing you with peace of mind as a stable source of housing.
Starting and Maintaining a Retirement Account.
Once your financial picture has begun to take shape, your next financial milestone should be starting and funding a retirement account. There are several options when it comes to retirement accounts, and many employers offer such a plan as a benefit. Some even provide matching funding!
While you can’t expect to hit all these targets at once, setting goals is a great way to build for your future. By establishing these benchmarks as part of your estate planning, you can feel like you’re working your way towards the life you’ve always wanted.
Contact the Elder Law Attorneys at Deliberato Law Center
If you have any questions about estate planning or about setting future goals, the experienced lawyers at Deliberato are here to help. Do not hesitate to contact us by calling 216-341-3413 or by filling out the form below and start working towards your financial milestones.