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Mutual funds and exchange-traded funds are goal-specific tools (see the section “Reaching Your Goals with Funds,” later in this chapter), and humans are goal-driven animals, which is perhaps why the two can make such a good match. Most people find that saving money is easier when they save with a purpose or goal in mind — even if their goal is as undefined as a “rainy day.” Because funds tend to be pretty specific in what they’re designed to do, the more defined your goal, the more capable you are to make the most of your money invested in funds.

Granted, your goals and needs will change over time, so these determinations don’t have to be carved in stone. But unless you have a general idea of what you’re going to do with the savings down the road and in what time frame, you won’t really be able to thoughtfully choose suitable funds. Common financial goals include saving for retirement, a home purchase, an emergency reserve, and so on. In the second half of this chapter, I talk more about the goals funds can help you to accomplish.

Another benefit of pondering your goals is that you better understand how much risk you need to take to accomplish your goals. Seeing the amount you need to save to achieve your dreams may encourage you to invest in more growth-oriented funds. Conversely, if you find that your nest egg is substantial given what your aspirations are, you may scale back on the riskiness of your fund investments.