Why You Should Do a Goal Plan

Why You Should Do a Goal Plan

Sometimes life has different plans for us than we intended. That’s where a goal plan comes into play. Should you wait to buy a new car when your current car is having problems because you’ll spend less or should you buy a new car now? With our goal plan process, you can examine the cost difference between purchasing now or waiting, and determine if this will derail your financial goals. Follow along with us as we go through possible situations that could happen and how to use our goal plan process to find a solution that’s right for you.

When Divorce Happens

Divorce can affect your family financially in many ways. Household income is split by a significant percentage. One of the biggest factors, and perhaps most challenging, is working with your former spouse on creating a plan for your children’s expenses. Using our goal plan process, let’s figure out what you can afford to cover on your own before discussing with your ex.

Long Term Care

Long term care can be a very costly thing to endure down the road and it’s important to plan ahead for it. First, let’s gauge how likely it is that you or your spouse will need it and when. Location can have a huge impact on the costs of long term care, so next let’s research what long term care costs in the area you plan on retiring to. After we research the costs, we’ll use our software to predict inflation, giving us a financial goal to work towards!


Natural Disasters

Documents like tax return transcripts, financial statements, and proof of property are all needed to prove natural disaster-related losses. What do you do when a natural disaster, like a tornado, ruins your home and wipes away those very documents? First, we recommend that all of our clients keep their important documents in our digital vault. If you’re not a client or haven’t uploaded these documents, here are some places to start to recover them:

Tax Return Transcripts – irs.gov
Financial Statements – check with your bank and/or credit card company
Property Documents – contact your title company, escrow company or bank that helped with the purchase.



If the unthinkable happens, it can be a game-changer to have a plan in place. Start by checking your employee benefit options. Does your employer offer long term disability coverage? If so, weigh the cost and options of the length of coverage and types of disabilities it covers. If the plan they offer doesn’t fit what you’re looking for, let’s map out the costs of purchasing a plan on your own.



This pandemic has proven that even if you’re great at your job, you can still lose it. That’s why we recommend using a bucket approach: Bucket #1 – Emergency Fund. Your Emergency Fund Bucket should cover from 3-6 months of basic needs living expenses, so when things like a layoff happen, you have time to find a job replacement that’s right for you rather than taking the first thing you find regardless of fit.


Health Crisis

Whether it be a car crash or a heart attack, health crises give no warning. So how do you financially plan for the unexpected? That’s where our bucket approach comes in again and why Bucket #1 – Emergency Fund is the first on the bucket list.

Windfall // Inheritance // Lottery Win

Up to this point, we’ve listed all the unwanted, unexpected situations, but they’re not all bad! In this section, let’s talk about what you should do when you come into an unexpected sum of money. How should you determine how to use that money wisely? The first step is to make a list of any debt you have. Even if you can’t pay off the whole debt, paying some of the highest rate debt may bring your interest rates down, which saves in the long run. Then, build your emergency fund (Hello again, Bucket #1) which is at least 3-6 months of your basic needs living expenses . Next, save and invest your money, whether it be in your home, your car, or your bridge account. Lastly, don’t forget to treat yourself! Setting some money aside for something you’ve been desperately wanting isn’t a crime.

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We’ve given you these scenarios not to scare you, but to help you understand how your goal plan is a living, breathing document that should change and evolve as your life circumstances do. You’re going to have different goals at different points in your life, and your plan should reflect that! If you have questions, concerns, or just want to bounce your goal plan ideas off someone – let us know, we are here for you.

Any opinions are those of the author and not necessarily those of Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation