Strategy: A goal without a plan is just a wish

March 4, 2008

Important Key Elements To Help You Achieve Your Goals

Deciding to buy tech stocks or some other popular investment is not a strategy. No matter how carefully you analyze stocks before you buy them, they are still just products. And that is not the place that your financial future, your dreams for your life, should begin.

First you have to establish goals and determine the role money can play in helping you achieve them. You need a strategy. What’s a strategy? Ask yourself a few questions:

Is your family’s financial future secure?  

Do you have the wealth you need to do what you want to do? Or are you still a little or a lot short?

How much time do you have to get it – or how long must you preserve it?

Do you want to spend it, or give it away to your kids, your church, or your alma mater?

Can you tolerate investment risk financially? How about emotionally?

How will your tax strategy affect your achievement of your goals and your heirs?

Should you focus on tax-deferred, tax-advantaged or fully-taxable investments?

How well do you know the tax code? Do you really want to learn it?

Now you have a pretty good idea of what strategy means. Strategy is all of these things. And to do it right requires part money management skills, part legal know-how, part accounting knowledge. Frankly, it’s the hard part. The part that most people overlook or fail to have. If some of these questions are new to you, or seem unimportant, then you have no strategy at all now.

Wealth Enhancement Group can help you answer these questions.

Securities offered through LPL Financial, Member FINRA/SIPC. Advisory services offered through Wealth Enhancement Advisory Services, a registered investment advisor.