How to Set Financial Goals (EP.187)

<p>Identifying investment goals is a critical step in developing a sound financial plan that helps investors reach their objectives. Studies have shown that using a goals-based framework in financial planning can lead to an increase in wealth for investors and has the potential to strengthen planner-client relationships; but what goals should you be setting? And why is it often so difficult to make these kinds of decisions? In today’s episode, Benjamin dives into some of the research he is conducting about goals-based financial planning for the paper he is writing on the topic, and we discuss why defining and prioritizing goals in the financial planning process is so important (and why it can be so challenging), as well as some practical guidelines to help you set effective goals. Additionally, you’ll learn all about our 22 in 22 Reading Challenge, which we officially launch today with the help of Heather Reisman, book lover, entrepreneur, and CEO of Indigo, Canada’s largest books, gift, and toy retailer. Heather is also the co-creator of the Kobo reading device, a former governor of the Toronto Stock Exchange, and the co-executive producer of the documentary, <em>Fed Up</em>. As you know, the objective of this podcast is to help improve listener’s lives by communicating ideas about sensible investing and financial decision making; and reading is a big part of that. Make sure to tune in to find out where to sign up for the challenge, take note of our book recommendations, and more!</p> <p> </p> <p><strong>Key Points From This Episode:</strong></p> <p> </p> <ul> <li>Learn more about the 22 in 22 Reading Challenge and where to sign up for it. <strong>[0:00:35]</strong></li> <li>Introducing today’s special guest, Indigo CEO, Heather Reisman. <strong>[0:03:55]</strong></li> <li>Some of the exciting guests you can expect to hear from on the show in future. <strong>[0:06:38]</strong></li> <li>Our watchlist recommendations for you, including <em>Ray Donovan: The Movie</em>. <strong>[0:08:43]</strong></li> <li>Cameron’s