Once the information from the comprehensive assessment is gathered, the next step is to set financial goals. These may include:
- Short-term goals: such as paying off high-interest debt, establishing an emergency savings fund, going on vacation, or purchasing significant items.
- Mid-term goals: like buying a home, setting up a children’s education fund, or planning for entrepreneurship.
- Long-term goals: for instance, retirement planning, financial freedom, or estate inheritance planning.
Goals should be specific, measurable, and achievable, tailored to individual or business values and needs.