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Setting Financial Goals And Calculating How Much Money Is Needed

Prioritizing Your Goals

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Use the same factors you considered in defining your goals to put your goals in order according to how important they are to you. 

Based on your current health, the table below will give you a suggested order, but think about what is most important to you.   Remember, there is no right or wrong. Note, too that you can work on different goals at the same time. To make your own list, see Your Financial Goals Worksheet.

                                                                                              Traditional Goal Hierarchy

  1. PROTECTING AGAINST LOSS OF ASSETS
  1. ESTATE PLANNING
  1. EMERGENCY+FUND
  1. DEBT REDUCTION
  1. SAVING FOR RETIREMENT OR DISABILITY
  1. SAVING FOR VACATIONS & PURCHASES
  1. CAPITAL ACCUMULATION

 

 

Suggested goals for a person with a statistical life expectancy of less than two years.

  1. ESTATE PLANNING
  1. PROTECT ASSETS
  1. SAVE CASH for emergencies
  1. SAVE CASH to supplement disability income.
  1. SAVE CASH for purchases/vacations (carefully)
  1. REDUCE DEBT

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