How do I Begin Setting my Investment Goals?

When it comes to setting your investment goals, there are several ways to begin doing so in an effective manner. One useful way you can get started is by writing your ideas down. Don’t forget to go over these goals and their details from time to time as well. This is because your investment goals have the possibility of changing alongside your personal life and the real estate market. 

What should I know about long-term and short-term investment goals?

Investment goals can go into the long term, which means you should consider long-term investment options. These include, for example, stocks, deposits, and bonds. Booking a time for an in-depth discussion with an advisor at your preferred financial institution can aid in this decision-making process. It is also especially important to keep in mind that long-term investment options can have risks. Therefore, speaking with an experienced financial advisor is a step in the right direction. 

There are also options available for your shorter-term goals. These can pertain to, for instance, savings accounts and short-term deposits. In this case of short-term goals, focus on increasing your savings and having them be more easily accessible when you need them. 

Of course, don’t forget about the potential risks involved in your investment goals. Knowing your own comfort level in these risks is a must. While some investments may potentially offer you a high rate of return, they may also be a higher level of risk. At the same time, however, the risk may be reasonable if your goal is more long-term. This is because you may have more time to recover in the event of financial loss. 

Once you have the outline of your investment goals down and a better idea of how to reach them, you don’t have to stop there. There are a plethora of online tools that can further help you create the ideal paths for your investment goals. For example, you can have access to online financial goal calculators, budget planners, as well as advice on how to choose the right financial advisor. Don’t be afraid to explore and read up on investment news and gather information in order to get a better idea of your goals and how to reach them. 

What are some useful online tools?

On the Government of Canada’s website, there is a free online financial goal calculator that’s provided by the Financial Consumer Agency of Canada. When you visit this page, you are presented with two options. You can either select the calculator that can help you get out of debt or the one that can aid you in setting your savings goals. 

In terms of planning your budget, the Financial Consumer Agency of Canada also provides a free and online budget planner tool that can be used to help you get started on your goals. To get started, provide the tool with information pertaining to your financial situation. Once that information gets entered, you can save it online and review it. The summary section also provides you with some personalized tips and suggestions. 

As for finding the right financial advisor, don’t be afraid to shop around for one. You can do this by speaking with your colleagues, acquaintances, or even different banks. Remember to ask questions if you’re ever unsure of certain terms or conditions about your financing options as well. You can ask for clarification on stocks, levels of risk, trends, savings accounts, and more.