Pecuniary goals are goals that are based on money. Anyone can create a pecuniary goal. Some examples of types of pecuniary goals are ones that can be set on an individual level, a group level (as in, for example, a family), or a business level.
One example of an individual pecuniary goal can be to save money for an important life event. Saving money for college education, property, or retirement are all examples of pecuniary goals. Achieving these pecuniary goals takes a lot of earning and planning. One popular way to save money for these pecuniary goals is to invest through savings accounts, bonds, or stocks. Keep in mind that many investments include the risk of losing money.
At a group level, pecuniary goals can include saving money to take family vacations, adopt a family pet, or plan for medical expenses. In cases such as these, it is important for families to keep a budget. A budget means keeping track of all money that comes in and out of the family. Income is typically earned through working, while expenses usually include bills, food, medicine, mortgage or rent payments, and home maintenance.
Finally, pecuniary goals for businesses can include raising money to invest into the business, earning a certain amount of revenue, or providing employees with benefits such as health insurance. In order for businesses to make money, they must achieve pecuniary goals with a specific business plan that takes into account all the factors that might affect their business.
In order to achieve pecuniary goals at any level, a helpful strategy is to set a "SMART" goal. This is a goal that is specific, measurable, achievable, realistic, and timely.