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What is a Personal Wealth Target?

Approach for individuals or families to identify and quantify a specific goal. 
Then build a strategy for achieving it.

Step : Identify – understand the qualitative before trying to quantify

1. What do I need?
2. What do I want?
3. What keeps me up at night?

Prosperity or success usually measured in T.A.I.L.S.

• Time
• Assets
• Income
• Legacy
• Stability

 

Step : Quantify – anticipate the future values for each goal

Facts and Assumptions 

• When is our goal going to occur?
• What’s the current cost of our goal?
• How much is the cost going to be? (inflation rates)

Tip of the day!
It is prudent to over-estimate the cost of your goals.  Especially, if it’s a goal based on “needs.”

Step : Build the strategy

Where are you now?

• Understand your financial position (net worth and cash flow)
• Assets vs. Liabilities
• Income vs. Expenses

• Surplus cash flow
• Selling assets
• Increasing debt levels
• Other market conditions and personal factors that can affect the plan