Invert the equation:
Assets + Savings + Return = My Goals
My Goals = Assets + Savings + Return
State your goals, then develop a plan to achieve them.
Without a target, you can't aim. Set your course and stay on track. Don't let the tail wag the dog. I could write an encyclopedia of marketing slogans that the industry uses to convince people they are financial planners. Here is my attempt:
"Your financial plan should be backwards."
Maybe that isn't the one-liner you want to throw on a business card. However, let me explain.
I was taught something in an SAT prep course a long time ago that really stuck with me. If you are having trouble solving a problem, invert it. Start with a potential answer and work your way from there. Suddenly, variables become the solution.
I won't be teaching algebra anytime soon, but I still use this idea today. In people's financial lives, they often begin by chasing the highest risk portfolio they can tolerate. They don't really know the target, but they know saving is important, so they save. Ultimately, towards the end of their career, they assess where they are and try to determine how much they can spend. The goals in their financial life have ultimately been determined by their investment strategy.
Now lets look at your backwards financial plan. Start with your goals. What do I want to achieve? How much do I need to have in dollars to accomplish this? Then keep walking backwards. I have assets today, how much do they need to grow to provide what is needed in my financial plan? How much do I have to save each year? And, the last variable solved for, what is the least amount of risk I can take to fund my goals of the future?
A financial plan needs to start with what you are trying to accomplish. From there, walk yourself backwards until you find what risk you have to take. The backwards financial plan.