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Strategy: A goal without a plan is just a wish.

Deciding to buy tech stocks or some other popular investment is not a strategy. No matter how carefully you analyze stocks before you buy them, they are still just products. And that is not the place that your financial future, your dreams for your life, should begin.

First you have to establish goals and determine the role money can play in helping you achieve them. You need a strategy. What's a strategy? Ask yourself a few questions:

Do you have the wealth you need to do what you want to do? Or are you still a little or a lot short? How much time do you have to get it – or how long must you preserve it? Do you want to spend it or give it away? To your kids, to your church, to your alma mater? Is your family's financial future secure? Can you tolerate investment risk financially? How about emotionally? How will taxes affect your achievement of your goals? How will taxes affect your heirs? Who will pay those taxes? How? Should you focus on tax-deferred, tax-advantaged or fully-taxable investments? What should be the mix to potentially enhance your financial future and increase the possible benefits for you, for your family? How well do you know the tax code? Do you really want to learn it?

Now you have a pretty good idea of what strategy means. Strategy is all of these things. And to do it right requires part money management skills, part legal know-how, part accounting knowledge. Frankly, it's the hard part. The part that most people overlook or fail to have. If some of these questions are new to you, or seem unimportant, then you have no strategy at all now.

 
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