Hey, it's Mike Sayre at CUI Wealth Management. Let's talk about goals. I am very passionate about goals. That's one reason I'm in this industry; I feel like I can have a more significant influence for helping people reach, look for, and achieve their goals. I do this by helping retirement plans with their education and helping manage the investments. But, I think sometimes we miss the mark. I hear a lot of people say, "Should I do a Roth or a traditional? Should I be doing this investment or that investment? How much should I be putting away?" These are all great questions to have. These are all things that need answers. But, people can get ahead of themselves. Sometimes, you got to start a step behind.
Let's say that you're going hiking. If you're hiking up a trail and you don't know the destination, then first of all, what's the point? Yes, there's the scenery along the way, but how do you know when you've arrived? If you, on the other hand, have the goal in mind, have a map, and you know where you're going to go, even if you get off the trail or you need to forge a new path or find another way to get to it, you at least know the destination.
The first question isn't Roth versus Traditional or how much to put away or where to invest. The first question is, what values do you have? What's important to you? What are the beliefs or causes that you want to support? Retirement is just a portion and a phase of our lives, but it's not like a magic light bulb goes off, and things change when you retire.
It's essential to see what's important to you throughout your life and find ways to fund it. That's what planning is all about. So, the first thing you've got to do is define your destination. Next, you've got to know where you're going, and then you can create a plan. If you need to adjust the plan as you get closer to your destinations, that's just fine.
- Mike Sayre, your 401k advisor