Goal Setting

What is Goal Setting?

From the name alone, you probably assume that goal setting is fairly self-explanatory. And in a broad sense, this is true; goal setting is the process in which you identify your key objectives and their respective timelines. Goal setting is useful in many aspects of planning, especially with financial and retirement planning.

But productive goal setting goes beyond a general identification of your objectives and future needs—it pins down your goals in specific and meaningful detail that can be used to increase the likelihood of their achievement.

KRB Financial incorporates detailed goal setting into our consultations. This is an important early step in all planning processes. Our focus is on the actionable items that can be performed to meet your goals and maintain forward momentum to seeing them all to fruition. We also identify the solutions and strategies that match your objectives.

Understanding Your Goals

A key part of successful planning and goal setting is gaining an understanding of the different types of goals you have. An easy way to do this is to plot your goals by their timeframes.

Short-term goals can generally be thought of within in the next 5 years. Medium-term goals can be thought about as 5 years from now until retirement. Long-term goals can be thought of as your ideal retirement lifestyle.


Some examples of short-term goals could be:
• Reduce/eliminate debt
• Finance a college education
• Purchase first home
• Maximize retirement contributions

Some examples of mid-term goals could be:
• Maximize retirement accounts in preparation for an approaching retirement date
• College saving
• Shifting assets for advantaged tax-treatment upon distribution
• Re-evaluating retirement needs

Some examples of long-term goals could be:
• Achieving financial independence in retirement
• Downsizing your home
• Caring for aging parents
• Vacation/travel during retirement

Your specific goals will vary, of course. But identifying them with as much specificity as possible can help construct the means to achieve them. For instance, if your short-term goal is to pay off school loans, there may be aggressive saving techniques and asset allocations that empower you to do so faster. There may be ways to leverage accomplishing your short-term and mid-term goals that help your long-term goals. This is what we explore in the goal setting phase of KRB Financials’ planning process, and why working with a financial professional is helpful.

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