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Financial Reflections PDF Print E-mail
Life Goals and Financial Objectives

What matters most to you in life?  Money is a tool that can be used to help accomplish what is important to you.  A good starting point is to reflect on what you care about, and how money fits in.

Identification and Quantification

While the most important aspects of life are intangible and not easily measured, in the financial realm it is helpful to identify and quantify goals as specific objectives.  It is encouraging to monitor progress.

Which is better  -- a hammer or a saw?  Which is better - a Treasury Bill or Apple stock?  As you know, the answer depends on what you are trying to accomplish.  The basis for any good decision regarding a financial product is a plan.  The plan should be consistent with a strategy designed to accomplish financial objectives which flow from life goals.  Our suggestion is therefore to embrace the following sequence:

  1. Life Goals
  2. Financial Objectives
  3. Strategy
  4. Plans
  5. Specific Choices

In the financial realm, people often start with specific choices rather than life goals.  Or they may skip a few steps.  The order matters.    It really helps to get it right!  As we say, "because the right questions lead to the right answers!"

Vast Array of Financial Options

Financial options abound and continue to multiply. The choices are often confusing and sometimes even bewildering.   It helps to have trusted, experienced professionals to guide you through the maze.

Big Benefits from Avoiding Financial Mistakes

Yes, it would be nice to make some brilliant financial moves.  But there are also huge benefits simply by minimizing or avoiding costly mistakes.  Wealthy people die without wills.  Millionaires are forced into bankruptcy.  Business owners have most of their financial assets tied up in the business, and something happens to the business.

Too much financial risk can be disastrous.  There can also be a big price tag associated with a too conservative approach.

It Takes More than Information

Although our environment is flooded with increasing financial information, there is still the challenge of determining which information is most relevant.  Even when we know what we should do, we may not do it.  There is more and more academic research in the relatively new field of behavioral economics.  A good starting point is Why Smart People Make Big Money Mistakes-and How to Correct Them by Gary Belsky and Thomas Gilovich.

Staying on Top of Your Financial Affairs

Portfolios get out of balance.  Spending gets out of hand.  Debt gets excessive.  Cash balances get too high.  Beneficiary designations are out of date.  Wills need to be revised.  Trusts need to be prepared.  Insurance is not sufficient.  Account registration changes need to be processed.  Gifts should be made.  Always there are important things needing your attention.

Regular reporting and systematic review sessions with our staff, utilizing specific agendas, can help you get on track and stay on track with your financial life, so that you can accomplish your established financial goals and realize your financial dreams.