Sometime clients ask me what their financial goals should be. I try to redirect them, saying, “Imagine you’re the captain of a ship, and your financial advisor is your first mate.” Then I salute them and say, “Captain, tell me our destination and I’ll work on navigating the waters.” Whether your goal is saving for retirement, building an emergency fund, or planning a vacation, having an end goal in mind makes the journey enjoyable and much more likely to succeed.
Begin with Small Steps
In Atomic Habits, James Clear highlights the power of small steps. To achieve any goal, financial or otherwise, the key is breaking it down into small, manageable tasks. For instance, if you aim to build an emergency fund, start by saving a modest sum. Once you achieve this, gradually increase the amount you save until you reach your goal. Small wins build confidence and momentum, making larger goals more achievable.
Consult with Financial Professionals
Setting financial goals is your responsibility while designing a portfolio to achieve those goals is often done in conjunction with a professional. Financial advisors help assess your risk tolerance, review your investments, and recommend strategies to achieve your goals.
Investment advisors are your compass. They’re there to guide you through the technical aspects of investing. They help you understand market changes and adjust your portfolio accordingly. However, knowing what’s going on in your life and setting personal goals is your job. Regularly reviewing your financial situation with your advisor ensures your investments align with your goals and risk tolerance.
Here are some questions to ask yourself to help define your financial goals
- Does my spending and saving align with my core values?
- What are my short-term and long-term financial priorities?
- How much risk am I willing to take with my investments?
- What is my timeline for achieving each financial goal?
Financial decisions can be daunting. Take the first small step and contact a financial advisor to guide you. For help handling U.S. portfolios from Israel, contact us at (02) 624-2788 or sign up for a free Cross-Border Financial Evaluation to see how we can guide you to your goals.
Douglas Goldstein, CFP® is the director of Profile Investment Services, Ltd. www.Profile-Financial.com. He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation on how to set up your American assets to meet your financial goals. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.
Published April 22, 2025.