Goal setting is defined as the process of identifying something that you want to accomplish, and establishing measurable goals and timeframes. It is equivalent to determining your future destination. It can be owning a brand new Toyota Fortuner at age 25, or having your own house and lot worth P5 Million when you reached 30 years old, or even having a happy and early retirement at age 55.
But each one’s goal varies depending on your current life stage. Life stages can be a Single Professional, Married without Children, a Full Nesters, an Empty Nesters and a Retiree.
Single professional is an individual who is not yet married and works but doesn’t have any dependent. Best example is a working fresh graduate. Most of their goals include creation of wealth to increase one’s standard of living, save money for health and medical emergencies, and to take care of aging parents.
Married without children. As the name implies, it is a person that is married but still doesn’t have a child. Mostly, they prioritize having money for health and medical emergencies, protection of his/her partner thru Life Insurance and saving money for real estate, such as house and lot, or car investments.
Full Nesters are people who are married with children. Their primary goal is to ensure college fund for children, save money for health and medical emergencies, and protection of family members thru Life Insurance. Most of the time, retirement fund is already being started at this stage.
Empty Nesters, on the other hand, are people who are married but their children are no longer dependent on them. Their children are already a working professional and are living their life on their own. At this point, their goal is to increase retirement savings, save more money for health and medical emergencies, and protection of family and assets thru Life Insurance as part of Estate Planning.
Retiree is someone who has already stopped working or retired from their professional career. Goal of a person at this stage is to enjoy life by living on interest (using the interest of their investment to sustain their lifestyle), maximize estate for loved ones thru Estate Planning, and creation of wealth but this time, for children and grandchildren.
Knowing the right life stage you are in will help you set goals and prioritize them. The goals per life stage is limitless, and the ones listed above are just samples. This is to help you give direction on how you will spend and allocate your hard earned money and make it worth.
Happy goal setting!
For guidance in setting up your goals, measuring them in terms of money, knowing how to save today to reach these goals, any inquiries or for Free Financial Planning, kindly leave your comment here or send me a private message thru my fb page www.facebook.com/mannypascualpagaduan