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How do you know when you've saved enough? And what happens when your habit of saving starts getting in the way of enjoying your money?

In this episode, Tré and Sierra explore financial goal setting and why a good financial plan needs to start with something more meaningful than an investment target or retirement number.

Using a practical goal-setting exercise, they discuss how to identify what matters most, distinguish between financial security and financial independence, and prioritize what you actually want from life.

They also explore the difficulty some people have spending money, even when they're financially secure, and share a real-world planning example involving a couple with over $1 million in net worth who were questioning whether they needed to keep saving as aggressively.

Topics covered:

• How to discover your financial and personal goals
• Why money is a tool rather than an end goal
• Financial security versus financial independence
• The psychology of saving and spending
• Identifying critical, important and nice-to-have goals
• Finding the balance between enjoying today and preparing for tomorrow
• How financial goals inform investment and retirement planning

An exercise to try:

1. Write down as many personal and financial goals as you can.
2. Challenge yourself to double that list.
3. Think about relationships, experiences, security, health and your ideal lifestyle.
4. Rank your goals by priority.
5. Identify what is critical, important and simply nice to have.

About Tré

Tré Bynoe, CFP®, CIM®, is a financial planner based in Saskatoon, Saskatchewan. He shares practical financial education to help Canadians understand their options, evaluate trade-offs and make informed financial decisions.

Website: https://trebynoe.ca

This podcast provides general financial education, not personalized financial advice.

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