How many goals do you have on your bucket list? Retirement, buying a home, second home, new car, vacations, children’s education…the list goes on. So then the question becomes, do you have a plan to reach all of these goals? And are you willing to commit to manage this plan yourself? It’s not just about the rate of return or the investments you choose. It’s about having a plan designed so you can succeed.

Creating your “paycheck” is essentially what you need to start thinking about so you can actually enjoy your money. The key elements to succeed are little forward thinking, a good financial advisor and a little discipline. If it’s gearing up for retirement or sending a child to college, you will need to figure out what those costs are going to be. Costs will move with inflation, so make sure you adjust for inflation.

“At four-year public colleges for in-state students, tuition and fees increased an average of 7.9% from last year to $7,605, and room and board costs increased an average of 4.6% to $8,535. Total average cost for 2010/2011 is $20,339.”  http://www.collegeboard.com/

Setting up the correct target is only the first step. Then its understanding the mix between how much to save? What is your target rate of return? What tax bracket will you be in? And what you are comfortable doing. These are all tough questions to answer.

It’s okay to have a bucket list, just make sure you plan to fill your buckets first!