Do you really know what financial goals you want to achieve?
You can be more sure of sticking to your financial goals if you define them specifically and give them a time frame
Without proper guidance, individual investors often fail to identify as many as half of the goals that they later recognise to be central to their plans, a Morningstar study has found.And, if and when you have a sound financial plan in place, you may be sabotaging your ability to achieve your goals, according to top financial planners in SA.Goals-based financial planning is considered best practice but when your financial adviser asks you what your financial goals are, your on-the-spot statements might not represent the goals that are truly important to you, say Morningstar behavioural insights team members Ray Sin, Ryan Murphy and Samantha Lamas.These blind spots can stem from behavioural biases we all share and biases can wreak havoc on your best-laid, goals-based plans, a research paper by the Morningstar behavioural insights team members shows. The Morningstar researchers conducted an experiment to see if a simple behavioural nudge - in the form of a master list of common goals...
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