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Define Your Goals

Feeling low cause you're out of dough?
You and your honey need some more money?
It's not that tough to have enough.
You have to plan, and we know you can!

As you wander your way through life, you will come to realize that life is a series of choices.  You will be required to make millions of choices in your lifetime.  As you make these choices, you should gather as much information as possible, to assist you in making the best decision.  Some decisions require a fair amount of research.  These decisions can cause friction and stress, especially if you have a spouse.  We have been using the KISS method - Keep It Simple Stupid - as much as possible, and it seems to work quite well.

In this website we try to help you deal with the financial decisions you are going to have to make.

You can eliminate some major decisions by setting long term goals regarding your financial future.  It's not as difficult as it sounds, because you don't have to plan your whole financial life at once.  At the start, you have to set out your major goals.  Knowing these goals will help you make the smaller decisions along the way.  With some good planning, and good luck, you should be able to eliminate the majority of your financial decisions.  The fewer the decisions you have to make, the happier you will be.

Not all your goals will be set in stone, and your priorities may change over the years.  However, having goals and re-examining them occasionally is a basic part of the plan towards financial freedom.  Your goals should include:

Buy a home.
Pay off all your non-tax-deductible debt with an interest rate higher than 8%.
Pay yourself first - if you have non-tax-deductible debts with over 8% interest, use your pay yourself first money to make extra payments on the debt.
Invest in tax-deferred retirement plans (IRAs, 401(k)s).
Have the financial freedom to do what you want.

Your goals might include:

If you have or plan to have children, ensure that the mortgage on your home will be paid off before your children enter university.  This will free up funds for their education.
Be better organized.
Make life simpler.
Have an emergency fund of $10,000 in your tax-deferred retirement account.
Save for a vehicle.
Pay for your own education.
Pay for your children's education.
Save money to travel around the world.
Quit your job.
Take a sabbatical from your job.
Take a lower-paying job that you like better.
Start your own business.
Retire early.
Have enough money for full-time care should you become incapacitated, so you won't be a burden on your family.

Tip:  We know we are repeating ourselves, but these are very important:
          - pay yourself first, and
          - pay off your non-tax-deductible debt with interest over 8%!!

Your financial plan should include the following steps:

  1. Define Your Goals
  2. Personal Budget
  3. Get Out of Debt
  4. Buy a Home
  5. Save & Invest

Revised: October 12, 2021

Copyright 2008 Boat Harbour Holdings Ltd.   See Reproduction of information on

The information on this site is not intended to be a substitute for professional advice.  Each person's situation differs, and a professional advisor can assist you in using the information on this web site to your best advantage.
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