How do you define success? 

Nerd Wallet published an article on the importance and strategy behind goal planning. For the most part, this is the core offering of POWWOW, LLC and how I approach financial matters with clients. It all starts with a simple question, how do you define success? It typically boils down to a desire for more time, money, and/or control. Ultimately all these things afford people more options, which is what I hope to illustrate to my clients.

I discussed with Lauren Schwahn the roadmap to successful goal planning. Once you’ve figured out the goal and it’s ultimate purpose (sometimes the hardest part), you can begin to make sure it’s “SMART”: specific, measurable, achievable, realistic and time-bound. I’ve seen this process routinely implemented at Budget Buddies to ultra-high net worth boutiques. It can be used by anyone!

“For example, say you want to save for a vacation. Lay out the details before you move forward: Pick a destination, decide when you want to go and estimate the cost. Determine whether this goal is doable and practical given your income, savings and expenses. If the goal seems out of reach, try to make adjustments before scrapping the idea entirely.

Maybe you’re not on track to save enough for a trip to China in six months. Push your deadline back to a year, automate your savings, or open a new savings account with a higher interest rate and a sign-up bonus to speed up your progress.”

Read more at Nerd Wallet!

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