Shooting Par Financially
It's a well-worn phrase. If you know where you're going, you're more likely to get there.
I think this is so true about most of life -- the career, the home-remodeling project, the spring-break road trip. It's also true with your personal finances. Now, the beat-to-death wisdom heard from financial professionals is to set goals -- goals for wealth, college, home, retirement. If realistic, the goals give something to check your progress against. OK, fine. But here's what's missing: Just how the heck do you set those goals? I'm not a "keep up with the Jones'" kind of person. But I do like to know how I'm doing. And I do think it's important to look at what others like me have achieved. In golf terms, that's how I would set my par. But I like the idea of doing better than the rest -- achieve more, do better, have a nicer home, retire more comfortably. So that's my financial birdie. But before I can try for birdie, I need to know what par is. That brings me back to the basic question: What is my par for this year? For next year? Five, 10 years from now? Click here for the video version of this story from Jennifer Openshaw.- Loading Comments...
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