What Are Your Asset Management Goals?

One of the biggest mistakes many individuals tend to make during their working years is not establishing proper asset management goals. Going through life without ensuring your financial house is in order may put you in the difficult position by lacking the money or resources necessary to sustain your quality of life.

For many of us, even the simple act of discussing financial plans can be thought of as quite intimidating. Our financial markets are extremely complex, leading many to do whatever  they can to simply avoid the subject.

Unfortunately, there are very few personal financial decisions more detrimental to your long term well-being than refusing to take inventory and establish long-term goals for you and your money.

Simply asking the question, “What are your asset management goals?” can immediately begin to help sort through the mess.  Simple yet important questions, like whether you are looking for capital appreciation or wealth preservation are what will make all the difference in your overall strategy.

Asset management goals should be:

  • Long-Term in outlook
  • Flexible
  • Straight Forward
  • Realistic

Using these factors will give you a proper structure, allowing you to make the most of your asset management goals. With this structure you will now be able to thoughtfully consider the details, of which the following are some of the most important:

The Amount of Money to Save Yearly/By Retirement

Decide on a percentage of your income to contribute to savings.  Some say 5 – 10%, others would say as much as you can. Also, Try and nail down an exact figure of how much you would like to have in you bank account on the first day of your retirement.

Where to Allocate Your Money

Research different strategies that are available to you. Over the last three decades there have been many changes to the financial world, so look at everything available. Which ones fit you and your goals best?

The Retirement Date

Decide when you plan on retiring. As a rule of thumb, always figure conservatively and give yourself a little shorter timeline so you will be certain to meet your goals when you get to your retirement age.

After understanding your overall goals for the money you have will make it much easier to develop a specific plan to keep you comfortable into retirement. Having tangible goals will allow you to plug in the numbers and have a straightforward and simple plan for you to look over or reference as you get older

The Opinion of A Trusted Advisor

Lastly, as a further resource, in order for you to make sure your asset management goals and long term plans are the best for your personal situation, align yourself with professionals for focus on exact type of work on a daily basis. Karlan Tucker & Associates, has extensive experience in long-term financial planning and we’d love to meet with you.

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