A different way to think about financial goals

A different way to think about financial goals

When it comes to achievements, Tara Dower’s record-breaking Appalachian Trail run is hard to top.

She covered the 2,200 miles from Maine to Georgia in 40 days and 18 hours, shaving 13 hours off the previous fastest known time. To put that into perspective, most people take 5–7 months to complete the trail—if they finish at all (only about 25% do).

It’s a jaw-dropping feat of endurance and determination, but it also offers a valuable lesson about setting and achieving goals.

Learning from Setbacks

Dower’s first attempt at the trail in 2017 didn’t go as planned. She quit after just eight days following a debilitating anxiety attack. But instead of letting that failure define her, she used it as fuel. She came back, completed the trail in 2019, and eventually set her incredible record.

One of her key strategies? Breaking a massive goal into smaller, manageable steps. Tackling subgoals helped her stay focused and avoid feeling overwhelmed.

This approach isn’t just for ultrarunners. It’s a game-changer for big life goals—like retirement planning.

Breaking Down Retirement

Retirement planning can feel like staring at the summit of a mountain. It’s far off, and the path to get there isn’t always clear.

That’s where subgoals come in. By breaking the journey into smaller steps, you can stay on track and build momentum. For example:

  • Stage Your Retirement: Maybe you don’t want to go from full-time work to full-stop retirement. Planning for a phased retirement can help make that transition smoother.
  • Save for Specific Goals: Want to help your kids with university costs or a first home? Consider setting up a separate savings account, trust, or investment fund to keep that goal distinct and achievable.
  • Use SMART Goals: Keeping goals Specific, Measurable, Achievable, Realistic, and Timely ensures you’re not just dreaming—you’re planning.

Small Steps, Big Impact

Breaking a big savings target into smaller, more frequent contributions can also make it feel less daunting.

Research shows that people are more likely to save when contributions feel manageable. For example, setting aside $5 a day sounds a lot more doable than $150 a month, even though the math is the same.

And don’t forget the magic of compound interest. Those small, consistent contributions can grow significantly over time.

Get the Right Support

Dower’s record-breaking run wasn’t a solo effort. She had a support crew feeding her, pacing her, and cheering her on. She credits them with helping her cross the finish line.

Your financial journey works the same way. Having the right team—financial planners, accountants, and other experts—can make all the difference. They’ll guide you, keep you on track, and help you maximize your efforts.

At the end of the day, reaching your goals isn’t just about persistence—it’s about having a solid plan and the right people in your corner.

Get started by requesting your unbiased, no-obligation meeting with me.

Written by:

Jim Pan, CFP

Hi everyone, I’m Jim Pan. I run a small boutique advice-only firm, Panorama Financial Planning, in Vancouver. I work with busy, high-income professionals and families in their 30s and 40s, providing ongoing financial planning services. I am a Certified Financial Planner (CFP) and am currently pursuing additional designations and qualifications to better serve my clients and community. My journey in the financial industry began in 2010. As an immigrant child, I saw my parents given the wrong advice by various advisors. Then, early in my career as a sales-focused investment and insurance advisor, I blindly trusted a mentor, leading to unforeseen events that nearly ended my career. This experience, combined with my childhood perspective, allowed me to deeply contemplate the practice I truly wanted to build—one built on trust and unbiased expertise. That path led me to FPAC (Financial Planning Association of Canada) and to opening my own advice-only shop, a decision that resonates with me from head to toe. Outside of work, I’m a proud "girl-dad" who loves to golf, camp, snowboard, and travel. I’m also passionate about giving back, whether that's volunteering with FPAC or sharing financial literacy with youth in the community.

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