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How to Plan for Long-Term Money Goals

Do you have money goals?

You wouldn’t road trip from NYC to LA without a map. So, why drive blind toward your money goals? Here’s what a plan to reach money goals looks like.

Hear how to plan your financial roadmap 

Create a long term plan using these money goals

On this episode of Queer Money®, we’re addressing a listener question (thanks, Alyssa!) around creating a long-term financial plan. We introduce the top excuses we hear for not having long-term goals and walk you through examples of the different kinds of financial goals, from immediate or daily objectives like cutting grocery expenses to 20-year plans to save for retirement.

We go on to discuss the results of the Queer Money Facebook survey on big financial goals, sharing the medium- and long-term targets that the members of our community are working toward. Listen in for our advice to Alyssa on building long-term financial security, reducing the risks associated with investing, and supporting organizations that provide services to the LGBTQ community.


Topics covered for reaching money goals

The top excuses for avoiding long-term financial goals

  1. It’s too far away to think about
  2. Everything will work out on its own
  3. Who knows where I’ll be?

Examples of the different kinds of financial goals

  • Immediate or daily = pay bills, cut expenses
  • Short-term = save $500 for emergencies
  • Medium-term = save down payment for a home
  • Long-term = save for retirement

The results of the Queer Money Facebook poll on financial goals

  • 17 pay off credit card debt
  • 12 reach financial independence/retire early #
  • 5 save for a big vacation
  • 4 buy home
  • 4 pay off student loan debt
  • 4 retire on schedule

Our top 7 suggestions for Alyssa

  1. Max out 401(k)
  2. Max out Roth IRA
  3. Set up accounts to fund medium- and long-term goal
  4. Create a donor-advised fund to give back to the community
  5. Meet with a fee-only financial advisor to set investment strategy
  6. Put more money in investments
  7. Make sure cash in high-yield savings accounts

The value of securing SIPC insurance

  • Protects securities up to $500K, cash up to $250K
  • Safeguards against loss but not drop in value

How to reduce the risk associated with investments

  • Diversify brokerage firms (use at least two)
  • Don’t assume more risk than necessary
  • Diversify among asset classes, e.g.: real estate

Resources on money goals

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