Goal Setting is a key step to the financial planning process, and helping clients achieve goals is the value I provide. Everyone would like to be wealthy, but that is not a goal. To me, it only becomes a goal when we can state a clear, tangible objective. So, if you’d like to retire, we’d calculate how to make that happen and develop a specific goal like “accumulate $2.1 million dollars by 2026.” That long-term goal gives us a timeline and dictates what we need to do each year and month to make your goal a reality. We can observe if you are on track and make adjustments as needed in the years ahead. The key step though is translating an ambiguous desire into a goal which is measurable.
If you’re a professional musician in the US, you likely received your annual statement from the American Federation of Musicians Employers’ Pension Plan in the past several weeks. The main purpose of the mailing is to verify your Covered Earnings from the past year. Professional musicians often have basic questions about the AFM Pension, in part, because the annual statement doesn’t tell you very much about your personal situation other than your reported earnings and the amount your employer(s) contributed to the pension fund.