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Prioritising your  financial management goals

The key to achieving your goals is to prioritise what's most important and plan accordingly.

Focus on the right things at the right time, or you may not manage to achieve your goals because you spread yourself too thin on less important goals. Follow these 5 steps to establish your most important goal:

  1. Write down all your goals
    Everyone has different goals, and these may include having children, buying a bigger house or a boat. Writing down all your goals will give you a comprehensive understanding of yourself.
  2. Estimate your existing funds

    Before you prioritise and rank your goals, you also have to know how much money you have, in order to determine which goals are attainable.

    The HSBC financial health check tool helps you understand your present financial situation.

  3. Break down your goals

    Short-term goals - These are goals you hope to achieve as soon as possible, such as buying a new car, or investing in a second residential property.

    Long-term goals - These goals can only be achieved years later, such as early retirement, and leaving a large legacy for your children.

    Essential goals - Everyone has a different definition of what's essential. For most of us, family protection is the most essential goal.

    Non-essential goals - These are goals that would be great to achieve, but you're not in a hurry to hit them.Select your essential short-term goals

  4. Select your essential short-term goals

    The goal you believe to be essential and that has to be achieved most urgently is your most important goal.

    For instance, if your child is arriving in a few months, you'll need to buy a car soon for your growing family. Buying a new car would be your most important goal.

  5. Start to learn about investment products

    Picking an investment product is contingent upon your:

    Most important investment goal

    Risk appetite

    Investment period

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