In this series, Tips from the Pros, MONEY taps the collective wisdom of expert financial planners. Here, Erika Safran talks about the importance of setting goals.
We all make mistakes; it's human nature. But there's one thing many of us do that ends up costing us dearly down the line: failing to set goals. Without a goal, you can't make a plan to achieve it. In the case of financial goals, like buying a house, that means you may not have enough saved for a down payment when the perfect place comes along. Committing to a goal also gives you something to monitor your spending against. "If you don't monitor how you spend your money," Safran says, "it's not likely you'll hold on to it over the long term." Check out the video for more of Safran's advice.
Erika Safran Safran Wealth Advisors