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:
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.
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
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.
Picking an investment product is contingent upon your:
Most important investment goal
Risk appetite
Investment period
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