top of page

Why set financial goals?

We all have ideas about what type of experiences we would like to have or things we would like to own. However, a goal is much more specific – you have decided what you want or want to achieve, when you want it, as well as how much it will cost you to get it, because after all, everything has a price!

Start with Why

Before you start setting goals you should ask yourself why money is important to you. It may sound like a simple question, but the answer may not be that easy. Some people may find this question a bit ‘touchy-feely’ and wonder what it has to do with building wealth. What we are trying to achieve here is to discover what ultimately drives you. Thankfully, very few people are driven by a passion to amass as much wealth as possible – instead, we have our own values, passions and drivers that give our life meaning. When you come up with an answer to the WHY question, ask yourself if there is anything more important than that.  If there is, then you should repeat the same process until you find out what matters most to you. This way, you may end up identifying 3-4 ‘signature’ values. Once you have completed this process, you should consider every future financial goal or decision in the light of your final answers.

Why set goals?

“The trouble with not having a goal is that you can spend your life running up and down the field and never score.” – Bill Copeland
“You need a plan to build a house. To build a life, it is even more important to have a plan or goal.” – Zig Ziglar

Various studies have shown that people who set goals generally achieve more than people who don’t. This can range from finding a better job and earning more money to paying off your mortgage sooner. When I first meet with prospective clients, one of the first questions I ask is what their goals are. Often there is a deafening silence. Many people never actually set goals and this could be for a variety of reasons: It is difficult and challenging, as it gets you out of your comfort zone; Setting goals means you will have to take some action to achieve them; Some people are afraid of change; Some people may be held back by their own limiting beliefs. To get the most benefit out of financial advice, you need to be actively engaged with your financial future. An important part of the process is therefore to discover your goals. If you need some assistance in setting your financial goals, and would like to establish your own financial plan, please contact me on 08 9381 2704 or

Disclosures and disclaimers

Yves Schoof and Affluence Private Wealth Pty Ltd are Authorised Representatives of Synchron | AFS Licence No. 243313. This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial and tax and/or legal advice prior to acting on this information. Before acquiring a financial product a person should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product. The material contained in this document is based on information received in good faith from sources within the market, and on our understanding of legislation and Government press releases at the date of publication, which are believed to be reliable and accurate. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the Licensee, nor its employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document.

Related Posts



Subscribe to get exclusive updates.

bottom of page