As I was writing yesterday’s blog entry on setting your financial priorities, I started thinking about all the different financial goals we might have. I thought it would be helpful to list some, and invite my readers to add any more in the comments. Having a list to work from may also help you narrow down which of these apply most to you.
Common Financial Goals:
1. Buy a house.
2. Save for retirement.
3. Retire early.
4. Quit work to stay at home with kids.
5. Take an extensive vacation – around the world, to Europe, etc.
6. Pay for children’s private school.
7. Save for kids’ college education.
8. Buy a car.
9. Buy a boat or motor home.
10. Start a business.
11. Pay off debt.
12. Purchase a second home.
13. Invest in rental properties.
14. Go back to school/finish a degree.
15. Change jobs.
16. Move to a more desirable location.
17. Self-publish a book.
18. Start up a new expensive hobby – like photography or scuba diving.
19. Have a pet.
20. Remodel your home.
21. Buy a new computer or other home electronic.
22. Accumulate an emergency fund.
23. Have some extra to play the stock market.
24. Start a family.
25. Pay for in-vitro or other fertility help.
26. Plastic surgery
27. Enroll in a medical insurance plan.
28. Afford life insurance.
29. Build up an estate for inheritance.
30. Care for aging family member.
31. Donate money for charity or non-profit.
32. Start a community organization or center.
33. Help a friend or family member get on their feet.
34. Pay off medical expenses.
35. Help your church or religious organization.
Wow… what a list. What are your goals? Did I miss a few? Use this list to help spur your own dreams and ideas. Narrow them down to a manageable number and sort them into short and long-term goals. Then sit down as a family and discuss.