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Chapter 5. Goal-Oriented Retirement Plan... > Budgeting for Your Objectives - Pg. 73

Goal-Oriented Retirement Planning: Energy for Your Retirement 73 Modifying and Achieving Your Goals Once you have completed the initial phases of defining goals and applying assets, you need to set up a schedule to review your progress. You also need to make certain you modify your goals as needed. For example, if Katie Glover were to receive a scholarship to go to college with all expenses paid, Katie's parents could modify their goal, which would allow them to reassign the asset they attached to that education goal. It's always good to set up regular meetings to discuss these goals, and I would suggest you do so at least quarterly. Planning Your Retirement Goals It is well beyond the scope of this book to take each retirement planning goal and build out the objectives and the costs. That is personal work that you'll have to do. You will find more specific examples of how to use GORP in Chapter 15. My purpose is to help you walk through the most important goal that you will have: funding your postretirement needs. The balance of this chapter focuses on defining your goals for retirement. Budgeting for Your Objectives Most of us do not use a budget. Budgeting for a lot of people is the financial version of getting on the scale, and the reasons for avoiding both are essentially the same: We don't want to know the truth about our finances just as we don't want to know the truth about our weight. It's actually pretty interesting. We kind of know how much money we spend, just as we can use our clothes as a gauge if we need to lose some weight. We do it by feel.