Do you have financial goals?
You wouldn’t take a road trip from NYC to LA without a map. So why blindly work towards your money goals? This is what a plan for achieving money goals looks like.
Learn how to plan your financial roadmap
Create a long-term plan based on these money goals
In this episode of Queer Money®we answer a listener question (thanks, Alyssa!) about creating a long-term financial plan. We’ll introduce the most common excuses we hear for not setting long-term goals and walk you through examples of the different types of financial goals, from immediate or daily goals like reducing grocery costs to 20-year plans to achieve the save for retirement.
We then discuss the results of the Queer Money Facebook Big Financial Goals Survey and share the mid- and long-term goals that members of our community are working toward. Listen to our advice to Alyssa on building long-term financial security, reducing the risks associated with investing, and supporting organizations that provide services to the LGBTQ community.
Create 1 to 3 short, medium and long term goals. Write them down and share them with someone. You’ll start thinking about them and putting the wheels in motion to make them happen. –DavidClick to tweet
Topics covered for achieving money goals
The best excuses for avoiding long-term financial goals
It’s too far away to think about
Everything will work itself out
Who knows where I’ll be?
Examples of the different types of financial goals
Immediately or daily = pay bills, reduce costs
Short term = save $500 for emergencies
Medium term = save down payment for a home
Long term = saving for retirement
The results of the Facebook Queer Money survey on financial goals
17 Pay off credit card debt
12 Achieve financial independence/retire early #
5 save for a big vacation
4 Buy a house
4 Pay off student loan debt
4 are retiring as planned
Our top 7 suggestions for Alyssa
Maximum 401(k)
Maximize Roth IRA
Set up accounts to fund medium and long-term goals
Establish a donor-supported fund to give back to the community
Meet with a fee-based financial advisor to determine investment strategy
Put more money into investments
Make sure you have cash in high-yield savings accounts
The value of SIPC insurance
Protects securities up to $500,000 and cash up to $250,000
Protects against loss, but not against loss of value
How to reduce the risk associated with investments
- Diversify brokerage firms (use at least two)
- Don’t take more risks than necessary
- Diversify between asset classes, e.g. B. Real estate