How Using Simple Lists Can Help You Set Better Financial Goals
- Jeff Schlotterbeck, CFP®
- Jun 2
- 5 min read
Most people can quickly answer a simple question:
What are your top financial goals?
You might say retirement, buying a home, paying off debt, or building wealth.
But here's a question worth considering:
Are those really your most important goals, or are they simply the first goals that come to mind?
Over the years, I've found that many people spend more time selecting investments than they do identifying what they're actually trying to accomplish. Yet the quality of your financial plan is directly tied to the quality of the goals behind it.
Fortunately, there is a surprisingly simple exercise that can help bring greater clarity to your financial priorities.
It starts with a list.
Why Most People Struggle with Goal Setting
When we're asked open-ended questions about our financial future, we tend to default to common answers. Retirement. Wealth accumulation. Paying off debt.
While those goals may be important, they often lack specificity and don't always reflect the deeper motivations behind our financial decisions.
Research has shown that when people review a structured list of potential financial goals, many reconsider their priorities. In fact, a significant number change one or more of their top goals after seeing a comprehensive list of possibilities.
The reason is simple: seeing options helps us think differently.
Instead of responding from habit, we begin to reflect on what truly matters.
6 Ways a Simple List Can Improve Your Financial Goals
1. Lists Can Help You Identify What Really Matters
Many people initially focus on broad goals like retirement or buying a house.
However, when presented with a larger list of possibilities, they often discover priorities they hadn't previously considered.
A structured list encourages you to think beyond the obvious and consider the bigger picture of what you want your money to accomplish.
The result is often greater clarity and more meaningful financial objectives.
2. Lists Make Goals More Specific
A goal such as "build wealth" sounds good, but it's not particularly actionable.
Why do you want to build wealth?
Is it to retire early? Travel more? Support your family? Create financial independence?
When you identify the purpose behind a goal, it becomes more concrete and easier to pursue.
Specific goals tend to be more motivating because they connect financial decisions to real-life outcomes.
3. Lists Can Correct Financial Misconceptions
Sometimes our goals are influenced by assumptions that aren't entirely accurate.
For example, many people believe they must choose between paying down debt and saving for retirement. In reality, those objectives can often be pursued simultaneously with a thoughtful plan.
Reviewing a broader set of financial goals can help reveal opportunities and strategies you may not have considered.
The more informed your perspective, the better your financial decisions tend to become.
4. Lists Reveal the Emotional Side of Money
Financial planning isn't just about numbers.
It's also about how you want to feel.
Many people discover that their most meaningful goals are emotionally driven rather than purely financial.
Examples include:
Feeling financially secure
Avoiding becoming a burden on family members later in life
Having the freedom to spend time doing meaningful work
Providing opportunities for children or grandchildren
These emotional motivations often become the strongest drivers of long-term financial success because they create a compelling reason to stay committed.
5. Lists Help Expose Blind Spots
We all have biases.
One common example is "present bias," where we place more value on immediate rewards than future benefits.
A well-constructed list can broaden your perspective and help you recognize goals that may have been overlooked because of short-term thinking.
Sometimes the most valuable financial objective isn't the one that first comes to mind—it's the one that becomes apparent after taking a step back and viewing the full landscape.
6. Lists Help You Prioritize What Brings You Happiness
Many people assume they know exactly what they want.
The reality is that our preferences often become clearer when we see them in front of us.
Think about looking at a restaurant menu. You may not know what you want until you see an option that immediately stands out.
Financial goals work much the same way.
A comprehensive list can help you identify priorities that genuinely align with your values, helping you focus your time, energy, and resources on what matters most.
Try This Simple Exercise
Take a moment and write down your top three financial goals.
Now compare them against this list:
Financial Goal Master List
Buy a home
Retire early
Relocate in retirement
Pay for future healthcare expenses
Help fund a child's college education
Leave an inheritance to loved ones
Feel financially secure today
Feel financially secure in retirement
Start a business
Support charitable causes
Care for aging parents
Pursue personal growth or education
Take a dream vacation
Stop working and spend more time doing what you love
Avoid becoming a financial burden on family members later in life
As you review the list, ask yourself:
Did any new goals emerge?
Did your priorities change?
Did you discover a deeper reason behind an existing goal?
There are no right or wrong answers.
The value comes from the reflection.
The Bottom Line
Many people assume effective goal setting requires sophisticated planning tools or complex exercises.
In reality, something as simple as a thoughtfully constructed list can help uncover priorities, clarify motivations, and improve decision-making.
The better you understand what you truly want your money to accomplish, the more effective your financial plan can become.
Financial planning isn't just about growing assets. It's about aligning your resources with the life you want to live.
If you'd like help identifying and prioritizing your financial goals, I'd be happy to have a conversation. Schedule a call below.
Sources & References
Sin, Murphy, & Lamas. Financial Goal Setting and Investor Decision Making. Financial Planning Association.
Harvard Business Review. Why We Set Unattainable Goals.
Frontiers in Psychology. Goal Setting and Motivation Research.
https://www.frontiersin.org/articles/10.3389/fpsyg.2021.704790/full
CNN Underscored. Common Financial Misconceptions Debunked.
https://www.cnn.com/cnn-underscored/money/financial-misconceptions-debunked
All opinions and views expressed by Farther are current as of the date of this writing, are for informational purposes only, and do not constitute or imply an endorsement of any third-party’s products or services. The information provided does not take into account the specific objectives, financial situation, or the
particular needs of any specific person and therefore should not be relied upon as investment advice or recommendations. Neither does it constitute a solicitation to buy or sell securities, nor should it be considered specific legal, investment or tax advice.
Finally, investing entails risk, including the possible loss of principal, and there is no assurance that any investment will provide positive performance over any period of time.
