With this post Tri-Town Apple is initiating a series of 9 posts under the category of “Save”. The posts will essentially be reprints of 9 articles from Investor.gov, a Securities and Exchange Commission  web site. The 9 articles present a roadmap to sound saving and investing. You are invited to visit Investor.gov to view the original articles.

The 9 steps to the Savings and Investing Roadmap are:

Define Your goals (this post)
Figure Out Your Finances
Small Savings Add Up to Big Money
Pay Off Credit Cards or Other High Interest Debt
Save for a Rainy Day
Understand What It Means to Invest
Diversify Your Investments
Gauge Your Risk Tolerance
Learn About Investment Options

“Roadmap to Saving and Investing

Define Your Goals

Knowing how to secure your financial well-being is one of the most important things you can do for yourself. You don’t have to be a genius to do it. You just just need to know a few basics, form a plan, and be ready to stick to it.

To end up where you want to be, you need a financial plan. Ask yourself what you want. List your most important goals first. Decide how many years you have to meet each specific goal, because when you save or invest, you’ll need to find an option that fits your time frame. Here are some tools to help you decide how much you’ll need to save for various needs.

  • The Ballpark Estimate, created by the American Savings Education Council, can help you calculate what you’ll need to save each year for retirement.
  • The Financial Industry Regulatory Authority (FINRA) has a college savings calculator.”

The Trick Is Taking Action and Following Through

Many of us look at advice like this and say something like, “Everybody knows that”. And that’s more or less true. We hope by repeating this sage advice our members and other visitors will get the following message:

“Knowing the way to financial security and taking the steps to achieve it are very different.”

(editor’s note) Tri-Town Teachers Credit Union offers the use of MoneyDesktop, online software that assists with the organization, tracking, and presentation of financial information critical to the successful implementation of a strategy such as depicted here. There is no charge for this service to members of the Credit Union. Visit our web site or call the office, 203.227.8511.

Let Us Know

Let us know if this kind of information is useful. Leave a comment, we’d love to hear from you.