FINANCIAL FOCUS: CHOOSE YOUR FINANCIAL GOALS AND THEN GO AFTER THEM

This "Financial Focus" column is prepared by Edward Jones Investments, headquartered in St. Louis. Jones includes branches throughout the nation, including Cape Girardeau and Jackson.

Everyone has financial goals -- a new car, a new home, college for their children, a comfortable retirement. But not everyone achieves their goals. Those who do usually have two things in common: They make a plan, and they carry it out.

What are the basic steps of carrying out a financial plan? Consider the following:* Write down your goals. It sounds simple, and it is. But you'll find that writing down your goals will help give you the impetus you need to get going. And when you do commit your goals to paper, be specific. Don't say: "I want to retire with enough money to buy a winter vacation home and help send my grandchildren to college."* Review your current situation. How much progress have you already made toward your goals? Can you afford to divert additional resources toward these objectives? You need to have a "snapshot" of where you are starting from before you launch into plans to get where you want to go.* Give yourself a time line. If you know when you want to achieve your goal, you'll be in much better position to take action. For example, if you plan on playing for much of your 8-year-old child's college education, you might want to set a goal of saving $100,000 in 10 years.* Create an appropriate investment strategy. Once you know what your goals are and how long you have to achieve them, you can establish an investment strategy that fits your individual circumstances. You can decide how much money you can afford to put away each month, what sort of return you need to earn, how much risk you are prepared to tolerate and what types of investment vehicles you should choose. A qualified financial professional may be of great assistance in helping you map out your investment plans.n Make necessary adjustments to your plan. Over time, many circumstances in your life may change -- your career, your family situation, your plans for retirement. Your life isn't static, so you'll need to constantly monitor and adjust your investment strategy. A periodic review of your portfolio can show if it's providing you with the growth and income you need to make progress toward your goals.

Taking all these steps may seem like a lot of work. But you may be surprised at how routine they can become. And you will almost certainly be pleased with the results. In the long run, it's not just the richest people who achieve all their goals. And it's not just the luckiest. It's those who have a plan -- and who follow through on it.

The Southeast Missourian does not recommend that readers buy or sell stocks featured in this column, which is provided for informational purposes only.