Setting Financial Goals.

In my professional observation, many people do not know how to begin setting financial goals.

A good way to begin is to sketch out your current family tree(s). Then analyze together with the 3 principal financial planning considerations :(1) Die Too Soon; (2) Live Too Long; (3) Prolonged Illness. Your financial resources and income can therefore be deployed meaningfully to address these considerations.

If you own a business, you should also think through business succession issues on above considerations.

In reality, few people can attain all their goals at one go; therefore you need to prioritize these goals according to their urgency and importance.

In working towards these goals with your assets and income, you might experience an initial “pain” in your life-style. This “pain” will be a small price to pay to discharge your responsibility and love, so as not to leave a “greater pain” for your loved ones, or yourself in your retirement or disability years.