How can reviewing financial goals help an individual?

Reviewing financial goals is essential for ensuring that they remain achievable and relevant over time. As individuals' circumstances change—whether it be due to changes in income, expenses, family size, or personal priorities—it's vital to reassess financial goals to keep them aligned with current realities. This process encourages reflection on what is still attainable and allows for adjustment of goals to match one’s evolving life situation.

Identifying obsolete goals is also an important aspect of this review process; however, the primary benefit of regularly reassessing financial goals is to confirm they are still within reach given the current constraints and opportunities. This proactive management of financial expectations helps maintain motivation and provides a clearer path to achieving those goals.

When individuals focus solely on immediate needs or eliminate all savings, they risk neglecting long-term objectives and the foundation of financial security. Thus, the focus on maintainable and achievable goals is key to achieving lasting financial health and fulfilling one's broader financial aspirations.