Having clear goals is important when it comes to your money. Learn how to frame and set goals that are right for your life stage, and how to make them happen.
- When you're trying to grow your savings,…you always have to have one eye on the future,…and to help you get where you want to be, it's important…to set goals.…And these goals will change over time.…Let's talk about that for a second.…When you see the ads for financial institutions,…they talk a lot about retirement,…but if you're young, retirement's hard to imagine.…You still have to pay off your student loans,…buy a house, start a family.…You've got a lot of things to do before you…can think about retirement.…This demonstrates that you need to set goals…that are appropriate to your life stage,…and the two most important issues…that you need to look at are age and income.…
Let's look at age first.…The younger you are, the more financial issues…you'll have ahead of you.…They usually go in this order:…student loans, car, marriage, home, family, retirement.…All of these life events are expensive,…and for most of them, you need to save.…So you need a plan to address each of them separately,…and where possible, concurrently.…
- Identify the class of investments with the highest risk.
- Explain the type of attitude to maintain in regards to risk.
- Recall the information typically not included in an account statement.
- Calculate the percentage of a management fee when provided the number of basis points.
- Recognize the types of assets to unload during a downturn.