The article discusses the difficulty many individuals face in pinning down their financial goals and suggests a structured approach to help clarify these objectives. Research indicates that people often identify top-of-mind goals instead of long-term aspirations. The three-step process includes slowing down to brainstorm initial ideas, using a master list of common investing goals for evaluation, and carefully considering personal motivations. This method allows individuals to take a more holistic view of their goals, leading to better financial decision-making and alignment with true aspirations.
Research suggests that, even when considering important goals, people tend to answer with whatever is top-of-mind, which may not always reflect their true, long-term goals.
This process forces investors to slow down and consider the topic holistically, providing the space and structure that people benefit from as they deeply contemplate their long-term goals.
The benefit of using a master list of common investing goals is that it gives people a different perspective on what they might be motivated by.
Consider each alternative, and mark off the goals on the list that are important to you while crossing out goals that don't resonate.
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