The recent Soccer World Cup was a pretty good illustration of how the best-laid plans can come to nothing and that sometimes goals are nothing but just hit or miss. There was no doubt that every team came to play with the intention of winning, but it was clear that in the case of some of the more favoured teams, their mindset let them down.

Sure, Soccer played at that level is a tough game to ensure that the goals you set will bring success. After all only one team can win, but building wealth is no game and although, as with anything in life, there is a certain amount of luck involved you can set goals that will give you a great chance of achieving what you aspire to. However, setting financial goals is just hit-and-miss without astute planning!

So, why is this? Well simply because no matter how many Financial Advisors you interview, when you get down to the nitty-gritty, certain universal tried and tested rules apply to setting financial goals that are likely to work and they all centre around creating a holistic, well-structured portfolio that includes short and long term planning, savings and investments, protection and prevention – and death and taxes

If you want to set goals to create wealth this is the formula. It’s not a simple business though and working with a Financial Advisor is essential to achieve this but in simple terms, it can be broken down by assessing what Financial Advisors do…

• Short and long-term planning – From the basics of having a budget, and budgeting to save, to have good reserves for rainy days, to establishing exactly what you are setting out to achieve upon retirement, advice is given, a strategy is formed and financial goals set.
• Savings and investments – Once it is established how much you can save in any given period, (this may have to start with debt reductions and debt consolidation) investing those savings in the right areas to maximise returns on your savings is the next goal within the overall goal setting. Savings for specific things like education for your offspring also need to come into the picture if required.
• Protection and prevention – Just as that soccer team could lose just by having poor defence your life savings and wealth building can rapidly dissipate without preventative risk insurance in a place like critical illness cover and income protection to protect against the unexpected. All are part of setting comprehensive financial goals.
• Death and taxes – As they say, these are certainties, so Financial Advisors will always ensure that an up-to-date legally binding will and Life cover are part of any long-term goals to protect the legacy you leave for your family. Additionally, they advise on estate planning matters to minimise death taxes and costs.

Talking of taxes, this is an essential function of Financial Advisors. They can include tax return preparations, but most certainly will include maximising tax deductions, minimising tax reductions in retirement, and advising where tax savings can be made at year-end to ensure the best tax optimization possible.

Hindsight is foresight for those in the know

At Hereford Group, we know that our experience and lessons learned after years of helping people grow financially make us a more than useful ally when it comes to setting financial goals.

It costs you nothing to consult one of our Financial Advisors today and start this year on the right foot with the professional foresight we have gained from our hindsight of the last 25 years. Get us on your team and let’s work together to ensure your goals for creating wealth in 2023 are not just hit or miss!