As you journey through life, your personal and financial ambitions and goals will change over time. Some of your goals may have a five-year focus while others may have a 10-year horizon or be as far out as retirement – if it’s more than a decade away.
Your short-term investment goals may be as simple as saving enough to put a down payment on a home or to buy your first car. When saving money for near-term purchases like these, protecting your money while still getting modest investment growth will be important to you.
In the long term, you want to make sure your income will sustain your lifestyle throughout retirement. By investing the money you save over your working life with a focus on investment long-term growth, you will be on your way to reaching your goals. Yet, there may be times when you should draw income from your long-term savings for unexpected expenses, like an unplanned interruption in your career. If that happens, it may take you a bit longer to get to your end goal, but don’t lose focus.
It is also common to save for both short-term and long-term goals at the same time. If you are trying to do both, remember you may need a more conservative portfolio for one and a more growth-oriented investment for the other.
As you get older and begin to draw income from your retirement nest egg, you may still want to make sure that you are protecting the wealth you have accumulated over the years, or continue to take advantage of growth opportunities to fund your retirement lifestyle.
Call our office today to have us review your short-term and long-term goals and build a solid plan to achieve them.