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Your Financial Goals
Here are some of the most common goals:
- Pay for your college tuition
- Raise a family
- Pay for children's college tuition
- Maintain a comfortable standard of living-travel, buy a car,
etc
- Pay off the mortgage on your home
- Retire comfortably and maintain financial independence and
stability
- Leave money for your spouse and children
Most of these goals are still very far away for us and because
teens don't earn that much money, it might be more realistic to
start saving for most of these goals after we get a full-time
job. But it is very important that we learn about how to save and
invest money at an early age. Investing can be a fun and
educational activity for teens.
For each goal, list when and how much you will need, for
example:
- goal: retire comfortably
- when: 50 years from now
- cost: $50,000 a year in today's dollars
We recommend the Prudential
Wealth Accumulation Calculator. It can help you answer the following questions (one at a time,
depending on which field you leave blank):
- What rate of return do you need to realize your financial goals?
- At the rate you are saving, how much will you have at retirement?
- How much do you need to save to reach your retirement goals?
The next step is how you will reach the goals.