Setting Financial Goals

SPEAKER_02 0:00

Walking my two daughters down the aisle of their wedding, selling my business and moving to Costa Rica, funding education for my great grandchild who has special needs, and visiting every national park in the United States. Now, what do these four things have in common? Well, they happen to be goals that different clients have told me over the years. And today we’re going to talk about goal setting. Welcome to Reach Your Summit. Greetings from Podcastville. My name is Jamie Cochran. I’m a financial advisor with Summit Wealth Group. We are an independent financial planning firm, and we’re here to help you navigate the path to a better, more secure future. I’ve got Nicole Davis with us today, and I have Stephanie Brinkman. All three of us work for Summit Wealth Group. I’m a financial advisor. Nicole Davis is our director of financial planning, and Stephanie Brinkman is our marketing administrator. This is our first ever Summit Wealth Group podcast. And I think this is the first podcast that any three of us have done. So we’re here to hopefully bring some information to the masses and then also uh have a little bit of fun doing it. So we’re gonna have a monthly theme. And the theme for our first month is gonna be financial goals. And we’re gonna talk about today short-term goals, intermediate-term goals, and long-term goals and how they fit into financial planning. What do you both of y’all think about when you think about goals and how it relates to financial planning? Nicole, I’ll let you get started on that.

SPEAKER_00 1:43

It’s really the beginning to all of financial planning. You need to know where you’re going and then figure out how you’re gonna get there.

SPEAKER_02 1:54

Okay. All right, Stephanie, anything comes to your mind?

SPEAKER_01 1:58

So this is kind of embarrassing to admit, but until I started working at Senate Wealth Group, I had never taken the time to figure out my financial goals, let alone categorize them into short-term, intermediate, or long-term. Um, I had some things in the back of my mind and I had hoped to accomplish them someday, but that’s all they were. Now I have specific and measurable milestones that when reached will bring me closer to my ideal financial future.

SPEAKER_02 2:24

Well, bring it back, you said you were you were a little embarrassed, right?

SPEAKER_01 2:27

Yeah.

SPEAKER_02 2:28

Well, hey, guess what? That’s okay because I was even thinking about myself, you know, what are what are my goals right now? I’ve been doing this for a long time. You know, I work with a lot of people uh to help with their goals. And every now and then it just really helps to, you know, sit down and reassess what’s important to you. Like you said, whether it’s short, middle, long term, and you know, really give it some thought, whether you got to sit down and just go on a drive by yourself, um, you know, block out some time where you can uh think about what you really want to focus on. And I can’t tell you how many times I’ve had clients come sit down. We’re in a first meeting, or even sometimes a second meeting, and I started asking them, okay, what do you want to accomplish? What does it look like between today and the next two years? What’s the next two to 12 years look like? And many times people say, Well, you know, I hadn’t really thought about that. And that’s okay. You’re not the only person, Stephanie. I’m that way sometimes, and a lot of my clients are as well. That’s part of why I think it’s valuable to sit down and talk with somebody, just because sometimes you may not even know that you have a goal, or you may have a goal that you didn’t even really know it was a goal in the first place. Welcome to that club of uh you know being embarrassed about your goals and then kind of reassessing it. Cole’s our um director of financial planning. So, Nicole, you have a team of financial planners that really help our advisors and help our clients craft financial plans. And every single day, you’re working on multiple plans. So you get to see an inside view of the financial planning process and see goals from people all over the country. You know, tell me just a little bit about you know what you’ve learned about the importance of the goal setting and um you know how it affects people’s behavior in the financial planning process.

SPEAKER_00 4:17

Well, you know, you’re like you’re saying, you have these certain timelines for goals, but they also keep changing. So it’s something to not only just set once and look at, it’s something you need to keep revisiting along because you know, life changes, and so do your goals. Um, we see goals everything from I want to buy a house to, you know, I want to retire, I want to buy that RV and just tour the country. No goals are ever right or wrong. It’s what you want, and the plans are always geared toward what you want to do. Without having, you know, what you want to do in the future, it’s kind of mindless, and you don’t really know what to do or how to get there if you don’t know where you’re going or want to go. It takes a while to sit down and think about, hey, what are we, what are we going to do? And not just yourself, if you have a significant other, you know, that changes really change the dynamic of your goals. So it’s really important to sit down and think about your future and what you like, whether it’s something you want next year, like remodeling your kitchen to 30, 40 years down the road, retiring. It’s all over the place. So it’s really important to set those so you know what to do with your money.

SPEAKER_02 5:35

Yeah. Just goals in general and how they can be daunting sometimes. But then sometimes I’ll have somebody come down, they sit to sit down and talk to me, they go, I want to do this, I want to do this, I want to do this. And say, okay, sweet. Let’s get going. No matter where you are on that spectrum, it’s okay. And even if you go through some financial planning and you still feel like, you know what? I, you know, I don’t know if I do want to retire at 60. Because the thing is, what does retirement mean to you? Does it mean, and I just use retirement because that’s you know one of the main goals a lot of our clients are saving up for? But you know, what does retirement mean to you? Does it mean you just sit on a porch and on your rocking chair and you whittle away all day? Or does it mean it’s work optional, which is a phrase that we use a lot within our firm? Does it mean you can say, you know what, peace out, everybody? I’m not doing this job anymore. I want to go do something that I’m really passionate about. And you may get paid, you may not. Thinking about that type of flexibility with your goals is important. But one of the first things we said that we were gonna talk about was short-term goals and some of the parts about short-term goals that I think are important from a financial perspective. Nicole, you mentioned remodeling a kitchen, right? I’ll say this. I’ve been in those for a long time. I don’t think there’s a week that’s gone by where I haven’t had at least one client say, Man, I got to remodel my kitchen. Or, man, we have to do redo the master bath. You know, between those two things, you would think that nobody can make an omelet in this town because everybody’s kitchen is just awful and everybody’s gonna have to spend $80,000 to redo their kitchen. But that’s just an example that I see a lot of times that people have this is a short-term goal of people, you know, it might be six months from now, it might be within two years. I got to redo my kitchen. Well, I think that’s fantastic, and we want to, you know, make sure you do that. But what’s something, Nicole, that we really need to focus on before we just start spending a whole lot of money on a kitchen remodel?

SPEAKER_00 7:30

Well, you really want to have something that we call is an emergency fund in place. And really what that is, it’s a money set aside for those unexpected things. I’d hate to say it, but let’s say a bad storm came through and you know, a tree fell into your house. And you it does happen a lot, right? And um, even if you have insurance, there’s gonna be some cost to you. And whether it’s, you know, you have to take work off and uh maybe you don’t have the time to take off. So maybe it’s unpaid, or maybe it’s just paying for the damages, you have some uh liquid uh funds. And when I say liquid, it’s just something that you can get to very quickly. It’s something right there at your fingertips that you could withdraw from like a bank account, something that you know you can get at real quick. So typically it really depends on where you are in your life, but anywhere from three to six months worth of expenses in your emergency fund. This also covers things like, you know, if you happen to get hurt and you’re not able to work, that money could be used to help cover living expenses so you can get back on your feet again. I mean, it just covers a lot of things, but people often forget about that. And then something happens and they’re just reaching for whatever funds they can get their hands on, regardless of tax consequences.

SPEAKER_02 9:07

Luckily, I had my emergency reserve, so I didn’t have to tap into my IRA. But you know, I have had people uh have to do that because sometimes they they they put the cart before the horse, they’ve got too much money elsewhere, they might have to liquidate investments, and or people will come to me and they’ll say, Hey, I’ll do this, I want to do that. I say, Awesome, let’s do that. But first, let’s take a step back. Let’s see, do we have enough in savings for that rainy day fund, that emergency fund? So, not mind-blowing, but just the blocking and tackling of financial planning is just starting, starting off with that. Another part of your short-term plan is you know, debt repayment, having a plan for paying off your debt. A lot of people, they might come out of school and they have student loans, you know, that’s okay. They might have a mortgage, that’s okay. They might even have a little bit of credit card debt, that’s okay as well. The thing is, once you’ve taken on debt, it’s there. You can’t really just you know cross your fingers, hope it goes away. And sometimes it might take a long time to pay off your debt, but having a plan to address it, I think is another key part and another key building block of a short-term goal. It might take you 10 years to pay off this one debt, but if you put that into that short-term plan to say, X amount is going to go to this debt, X amount is gonna go to that debt, you know, it can really help navigate how you’re going to save for other longer goals, but also knock out that debt.

SPEAKER_00 10:29

Um one thing’s important when you’re paying off debt too is to make sure that you’re not taking all of your income to pay off that debt. Because, like we said, if you don’t have that emergency fund and something happens, then what are you doing? You’re you may be finding yourself in more debt. That and and really taken away from um other goals that you’ve been planning for. So it’s really important to have that solid foundation, kind of your protection when you’re starting a plan.

SPEAKER_02 10:57

Exactly. Yeah, you know, I’ve worked over the years with a lot of people in the medical community here in Memphis, and they’re coming out with this considerable amount of student loan debt. And they say, Man, I want to really pay this off as fast as possible. And I say, that’s great, but let’s look at how does that affect everything else. You can’t make the decision on everything has to go to savings, everything has to go to my debt, everything has to go towards investments. It takes a little bit of analysis and a little bit of examining what your own particular goals are, your own particular risk tolerance, how you feel about things, to find out how are we going to find that balance that works for you? Because Stephanie and I might have the exact same numbers, but the way that we feel about our debt, the way that the things that keep us up at night and our particular goals, even though our numbers are the same, we might address it a couple different ways because of our personalities and our um goals that we have, you know, to really start looking for.

SPEAKER_00 11:54

And that is one thing to really think about too, is the personalization of a plan and the fact that it’s not clear, like you don’t always have to go about it a certain way. So there’s several ways that you can tackle your goals. So it’s really just finding what you’re comfortable and what’s right for you.

SPEAKER_02 12:16

Exactly. So, you know, I I would say one of the biggest things about goal setting is hey, there’s no right or wrong goal. Just start writing them down. Talk to somebody about, hey, what do I want to do? How are we gonna make it happen? And then what’s gonna be the best fit for me? What does an intermediate term goal mean to y’all? And do y’all have any?

SPEAKER_00 12:38

I say anywhere from like three to almost 10 years is kind of my intermediate. And I think of you know, I think of different things. I maybe a really big vacation to take with my family. By then, my kids should be old enough to actually remember and enjoy it. Um hopefully enjoy it, right?

SPEAKER_02 12:59

So you’re like the Griswold, you get you’re planning a um trip to Wally World.

SPEAKER_00 13:04

Um yeah, well, Disney World is Wally World. Yeah, I can I could see that. You know, different things like maybe that’s when I’ll be remodeling my kitchen. Hopefully sooner, but I’m I’m not sure that’s gonna happen. Um and by then I I’m gonna probably need a new car somewhere in there. So those are kind of my what first pops into mind for my intermediate goals.

SPEAKER_02 13:29

Okay, Stephanie, what about you?

SPEAKER_01 13:32

I have my intermediate goals broken down in similar time frames as Nicole. In three to five years, I would like to have enough money saved to purchase a house. And then in five to ten years, I would like to buy one to two rental properties and run them similar to an Airbnb. If I do it correctly, hopefully have that as a passive income. But who knows? I could have kids by then, which would shake all this up, and I’d have to readjust my goals.

SPEAKER_02 14:04

Okay. Yeah, that’s awesome. I just walked out of a meeting, was presenting a financial plan to some clients that are uh, you know, in their early 70s. They’ve just retired. Uh, their intermediate term goals is that they’re wanting to sell uh their home and downsize in about three to four years, um, move into a retirement community. But one of their major things, they have multiple children who live in other states. So they want to be sure that they’re going to be able to, you know, get rid of the house, downsize, but then also go visit their grandchildren. So um obviously they want to try to visit them short term as well, but that intermediate of really, because their grandchildren are still babies, uh, they want to, you know, really be around a whole lot when their grandchildren look kind of like Nicole are old enough to really remember and spend that good quality time with them. So it’s not always necessarily like things. It’s, hey, I want to afford to have the time to be able to go spend with my grandkids in in other states. So uh, Stephanie, good luck with the Airbnb and the rental stuff. I don’t want to do it. I’ve got a lot of clients and a lot of friends who do all overpower to them. That’s not something that I like, but that’s okay. Uh, we’re here to help people figure out hey, how to do that and how to do that the right way and smartly. But when we’re talking about saving for an intermediate term goal, Nicole, what’s a place or a way that you would save for something that you say, you know what, I’m gonna need money in about five to seven years. I don’t want it sitting in a checking account or a savings account or a CD, hardly earning any interest. What’s a spot you could put that money?

SPEAKER_00 15:38

Well, one place you could put it is into just a taxable brokerage account. Um, that way you still have access to it. Um, you don’t have any penalties for taking it out. When it’s sitting in there, you don’t have to use it for anything specific. Like in a brokerage account, for example, it could be used for anything if you were to put it like in an IRA. You’re pretty limited to when you pull it out and um the taxes on that. So you have to be careful where you put things because different accounts uh need to be used for for really different things.

SPEAKER_02 16:14

Okay, so so I’m 42 years old. I’m gonna be pulling out $50,000 in my IRA in five years. Is that a good idea? Probably not. No, it is definitely not.

SPEAKER_00 16:24

Not something I would, not something um Summit would probably recommend.

SPEAKER_02 16:29

Exactly. So you would recommend possibly putting in, like you said, a non-taxable, just you know, brokerage account, money that you could invest, um, but also get to without any penalties. Is that what I’m hearing?

SPEAKER_00 16:41

That’s right. Um, other things to be aware of are like annuities. Um, people sometimes don’t understand the rules that come with that. Um, a lot of them have surrender periods where you can’t take funds out during a certain amount of time, otherwise you’re penalized. Um, you may have different what they call riders where they’re just special things kind of added to your annuities that you may either lose or hinder those, those special riders. So really the best thing is to try to keep it as general as possible, uh especially for the short term, because those are also the ones that are probably gonna change quite a bit, right? You’re gonna have different things that are popping up as you achieve your short term, your intermediate are gonna start becoming more of your short term. And maybe other things change. You know, maybe surprise you have a kid or you um all of a sudden go, oh, you know what? I visited Florida and I really like it. I think I want to move there. You know, there’s so many different things that happen. So keeping money invested in a brokerage account is just really wise, just in that aspect of things too, that keep changing.

SPEAKER_02 17:47

And what’s a and what’s a good way if I if I said, hey, look, Nicole, um, you know, I want to start socking a little bit of money away because I want to, you know, buy a lake house. Not a big lake house. I just want to buy a reasonable lake house. I want to buy to have a have $100,000 put down on, you know, nice little, nice little spot out in the country. And I want to do that in about five to six years. Okay, so we’ve decided we don’t put it in an IRA, we don’t put in anything that has rules that’s gonna lock it up, but we invest it. How do I need to invest it? Do I need to be, you know, super aggressive with it? So I’m gonna be needing that money um within about five to seven years.

SPEAKER_00 18:24

Well, typically you don’t want to be uh extremely aggressive for five to seven years. Um, but it really does also depend on that person, the person who’s investing money, their risk tolerance. Because without them knowing what they are able to handle, looking at the ups and downs in the market, are they able to handle that? So we’ve, you know, something that’s kind of intermediate. You don’t want to be all out in a single stock saying, okay, I got it on this stock. Um, you really want to have a diversification to help you kind of weather the ups and downs throughout that five to seven years.

SPEAKER_01 19:02

How do you determine someone’s risk tolerance? Like say I’m younger in my mid-20s. Does that mean I have a higher risk tolerance?

SPEAKER_00 19:12

I don’t think it necessarily means just because you’re young, you have a higher risk tolerance. Um, I think it depends on where you should be for your risk, is depending on how long you’re going to be invested. But it’s really up to that individual. Like let’s say I’m not, I’m not retiring for another at least like, you know, 20 plus years. So my risk tolerance for those for that goal is probably a little bit higher because I have a lot longer. But for something like, you know, remodeling that kitchen, I’m, you know, myself, I’m gonna dial that back a little bit because it’s something that’s a little bit closer. And just because you’re young does not mean that um you have to have an aggressive risk tolerance. It’s real, that’s just how you feel about the market, even if it’s for a goal that’s farther away. Can you stomach watching your account go up and down and have the volatility as long as you have the understanding that that’s what the market does, you know, it goes, you know, it does the up and down, but it slowly is increasing. And, you know, you need to know if you if you know who can actually, if you can watch that. If you’re not comfortable with that, then you shouldn’t be invested in it.

SPEAKER_02 20:25

Yeah, and Stephanie, that’s a great question because a lot of times I may recommend something to a client that isn’t necessarily what I’d recommend to somebody else simply because of their risk tolerance. And there’s a couple of things that I want to uh take into consideration when we are doing any investing. It’s you know, what’s the time horizon of that investment? You know, when are they going to be using it? And then what’s that on what’s that individual’s uh personal risk tolerance? How do they feel about it? And you ask, how do you determine it? That’s through a lot of conversation. That’s really getting to know somebody. Um, you know, I I don’t just slap a label on somebody and say, okay, this person’s 32, they need to do this. It’s really asking a lot of open-ended questions, understanding, you know, how they feel about things, but also making sure that they understand how all of it works. So that way I we present facts, and then somebody can say, okay, do I understand it? What’s something I’m comfortable with? And at the end of the day, everybody can make their own decision. And what I really want to help uh empower my clients to do is make decisions with confidence in going forward. So when something does happen, they can say, okay, well, it’s all right. This is going according to plans. So I always say, and you’re gonna hear me say it a lot during this podcast, is you know, always invest with a plan and not your emotions. And that goes back to um, you know, the goals and you know, am I on track for this goal? And I’m not saying emotion doesn’t come in into it because we do need to have understand our emotions. You need to understand yourself as much as you possibly can and know that hey, I Might be somebody who hates debt. And if I am that person, I need to understand that and understand that it’s okay if I give up a little bit of investment opportunity cost because I really want to get rid of this debt. Um, so once again, it goes back to there’s no wrong, uh, wrong or right answer for for the general population. It’s just you really got to get to know somebody to help them uh make those decisions about how they need to be invested um for for any of these goals.

SPEAKER_01 22:27

Yeah, that makes a lot of sense.

SPEAKER_02 22:29

All right. So talk about the intermediate, long-term goals. All right. So what are some Stephanie put you on the spot? What are some long-term goals that you can think of? Not necessarily for you, but maybe for you, maybe just for for what you hear around the office, you know, clients, uh, some some things they they may have.

SPEAKER_01 22:49

Some long-term goals that we hear around the office are having the financial freedom that would allow for a work optional phase in life. Another common goal is to help kids or grandkids with future expenses. For me personally, setting my long-term goals is by far the hardest goal for me to think about. Um, the first thing that comes to my mind is retirement. But I’m in my mid-20s, so who knows what that will look like in the next 40 plus years.

SPEAKER_02 23:20

Yeah. It’s it’s hard to even fathom some of these long-term goals sometimes, isn’t it? Yeah, yeah. Think about retirement. You know, how the heck do you even think about that? You know, for people that are in that head space where they’re saying, I can’t even fathom retirement, or I can’t even fathom having this much money, or or I can’t even fathom not being, you know, Nicole, you know, your kids are finally, you know, Nicole has three children, by the way. And I know you had a had a rough time for a while there because you had what you have three kids all under the age of like five, and uh your husband was deployed and you’re working full time.

SPEAKER_00 23:54

You’re just trying to fathom getting to the weekend, let alone trying to fathom, you know, get that was a definitely a day-by-day time in my life.

SPEAKER_02 24:03

We all have periods of our lives where we go through that, where you know it’s hard to, you know, uh pull your head out of the sand and go, man, let me just you know, think about uh what a long-term term goal is. That’s why going through a financial planning process, I think even when you’re young, is valuable because I’ll take somebody who’s 30 years old, I’ll do a retirement projection for them. And they may not be retired in for another 35 years. But what it can show somebody is wow, this is something that even though I don’t have much money right now, if I do small numbers today, the massive numbers that they can grow into later in life. And the plan is gonna be wrong. No matter what. Every single financial plan I’ve ever handed somebody, I say this is gonna be wrong in about three minutes because life is gonna change, the stock market’s gonna change, your goals are gonna change, um, things are out of your control with your family are gonna change. But at the same time, you can say, all right, this gives me some confidence to know if I start doing some things today, it’s gonna have a huge impact for the future. So don’t discount no matter, you know, no matter if you’re 70 and you’re planning on, you know, doing something in your 90s or whether you’re in your 20s and you’re planning on your retirement. It’s yeah, I think it’s very valuable to go and see that, hey, I can get inside the ballpark. I may not be, you know, I may not be, you know, sitting right behind the dugout, but I’m at least in the ballpark.

SPEAKER_00 25:27

You know, if you’re really young and you’re like, it’s so hard to even imagine what retire, what am I going to do? How much am I going to need? I mean, those are things we can kind of help you determine just to give you an idea. And as you go along and you think get more time to think about those goals and you get a little bit closer and you’re like, oh, you know, I would like a lake house, or, you know, I would like to um, you know, take trips around the world, or, you know, hey, I just want to sit on that pier and watch the waves come in. I don’t want to go anywhere. You start to realize as your life goes on, it becomes clearer and clearer just because it gets closer, right? Just like your intermediate goals will soon be your short term. Same with the long term, we’ll become intermediate and then short term. So as you get closer, the details will come. As long as you start with something, something to be aiming for. That’s one of the important things. We had mentioned this in the beginning is revisiting this. Don’t just set it and forget it. Come back to it because it’s gonna change. It’s gonna change dramatically whether you have even some small things that happen in your life and you just your preference of what you want to do changes, or you have big things like you get married and have kids, or you want to move somewhere else. Those are all things that may change your your all of your goals. You you really don’t know until it happens.

SPEAKER_02 26:56

Exactly. And you know, one thing also about you know saving for the long term, typically that’s kind of, you know, we don’t do our short-term goals, uh, typically in retirement plans or our intermediate, but this is where we’re talking about you know, participating in your uh 401k at your company or funding a Roth IRA. And um I think it’s real critical that you talk to somebody so you understand how does your particular retirement plan at work uh benefits you and how are you going to be able to take advantage of it to where it’s gonna be really how are you gonna be able to use it in the most efficient way possible? All right. Now, when we’re talking about saving for our long long-term goals, a lot of time that’s where retirement plans that you usually have through work, or maybe a retirement plan that you know own yourself, like a traditional IRA or a Roth IRA, that’s when we’re saving into those. And I think it’s real critical that you understand how those work because all of them have different rules uh that we have to follow. And those rules change year to year. Um, and those years change based on how much money you make. And um, those rules also change on what your age is. So it can get pretty complicated. You know, one thing, just for instance, when I’m talking to clients, and you know, it might be somebody who’s working somewhere at a company, and I say, Hey, great, you are you participating in your 401k? And they’ll say, Yes. Okay, how much are you putting in? Are you maxing it out? And they’ll say, Yeah, I’m maxing out my 401k, and I’ll look at their paycheck stub and they’re putting 3% of their paycheck, and they’re getting maxed 3%. So they might only be putting 3% of what they make that year, but they might be thinking they’re getting uh they’re maxing it out because they’re getting the company match. And let’s say that person makes $100,000, they put in 3%, that’s $3,000. Nicole, can you put more than $3,000 of your own money into a 401k? Absolutely. How much can you put as an individual? Me in my 40s, how much can I put into a 401k?

SPEAKER_00 29:00

In 2021, the max contributions 19,500. And in 2022, the max is 20,500. That’s something that also changes is how much you can put in. And there’s always rules that are always changing, whether it’s related to the 401k or other savings vehicles. So, you know, it’s just important to stay up with uh the laws that are being passed as well.

SPEAKER_02 29:26

Exactly, exactly. And then also the the options and the benefits to a particular retirement plan. Some people uh might have a traditional 401k, some people might have an option to do a Roth 401. It’s worth exploring, you know, what those uh what those possibilities are. And for those clients of ours that are self-employed, a lot of different ways that you can say for retirement as far as that goes. And we’re gonna have probably whole months uh where we’re talking about different retirement plans and we’re talking about investments. I just wanted to touch on that just a little bit to say, you know, that long-term planning, typically retirement is one of the things that we focus on. But then also another part of long-term planning is your estate planning. You know, who do you want your stuff to go to? You know, do you want to take care of a particular um, you know, charity that means something to you? These are all things that we help our clients with in the in the long run. Uh, the the retirement, the estate planning, the, you know, hey, one day I want to be able to do this for my entire family. It’s really awesome to really see the progress that people make on those long-term goals and see those come to fruition. And what a fantastic job that we have where we get to celebrate that with our clients all the time. You know, we get to have little retirement dinners for our clients. We get to uh give them little gifts for finally retiring or for finally some clients have been in debt for a long time and to get to get celebrate, you know, them finally getting out of debt or getting to celebrate their child finally graduated from college. I mean, it’s it’s really meaningful and it’s really awesome. And I think I’m really dang lucky that I work in a job where I get to uh you know celebrate those uh those milestones with our clients. So, anyways, I’ll get off my my sappy soapbox here. What we talked about today, we talked about why it’s important of having some type of financial goals and why it’s okay if you aren’t sure what they are. But it is important to go ahead, start thinking about them, start writing them down, start asking you know somebody about hey, what’s the best way of uh hitting these financial goals? So we talked about that. We also talked about the differences and how you need to save for short-term, intermediate, and long-term goals. Thanks so much, everybody, for joining us on our podcast. Our next episode, we’re gonna talk about getting organized. Where do I stand financially? Thank you so much for joining us today.

SPEAKER_01 31:50

Thanks for listening to the Reach Your Summit podcast brought to you by Summit Wealth Group. If you’ve enjoyed this episode and you’d like to help support the podcast, please share it with others and subscribe so you don’t miss an episode. If you have any questions or topics that you’d like us to cover, please email info at summitwealthgroup.com. Thanks again.