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Creating a goal

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Written by Sameer Kalwani
Updated over 6 months ago

Goals are a critical part of the Enrich experience. Go here to learn more about why we organize your finances by goals.

How to create a goal in Enrich

Setting up a new goal in Enrich is like mapping out a road trip: you decide where you want to go, how you’ll get there, and what you’ll need along the way. Here’s how to get started:

  1. Go to the goals section of the app

    Head to the “My [Adjective] Goals” section—like “My Unstoppable Goals.” We add a little flair here to remind you just how powerful and achievable your goals can be.

  2. Click on “Add a Goal”

    You’ll find this button in your goals section. Tap it to start creating your new goal.

  3. Name your goal

    When naming your goal, try pairing the person’s name with the life milestone. For example, “Sam’s College Fund” or “Our First Home.” This makes each goal personal and easy to remember.

  4. Select a goal type

    Choose the life milestone that best fits your goal. If you don’t see an exact match, select “Other/Custom.” If you’re not sure or just want to grow your nest egg, choose “Build Wealth.”

    Here’s a quick guide to each goal type:

    1. Retirement: For your future self’s living expenses.

    2. Build Wealth: General savings for future opportunities.

    3. Inheritance: Funds you plan to pass on.

    4. Home Purchase/Downpayment: Saving for a new home.

    5. Education: Tuition or education-related expenses.

    6. Start a Company: Seed money for your business idea.

    7. Large Party (Wedding, Anniversary): Major celebrations.

    8. HSA: Health Savings Account goals.

    9. Donation: Charitable giving.

    10. Car Purchase: Buying a vehicle.

    11. Other Custom: Anything else you have in mind.

    Note that the goal types also impact how we will provide recommendations on tax advantages for certain accounts. e.g., a 529 can't be used to plan a wedding tax-free, but can be used to pay for college tuition.

  5. Select the relative rebalance sensitivity

    This setting controls how much your investments can drift from your target allocation before Enrich suggests a rebalance. The default is 20%. This means, for a target of 50%, a rebalance is triggered if your allocation drops below 40% or rises above 60%. For a 5% target, the range is 4% to 6%. It’s not ±20%, but rather 20% of the target allocation.

  6. Select the liquidation type and their corresponding fields

    This determines how and when you plan to use the funds for your goal. The app suggests a default based on your goal type, but you can adjust it:

    1. Lump Sum: Withdraw everything on a specific date/year. Great for home purchases, starting a company, or big celebrations.

      1. End Year: Enter the year when you want to withdraw all funds for this goal.

      2. Percentage to Liquidate: Decide what portion of the goal’s funds you want to withdraw (default is 100%) at the time of liquidation.

    2. Duration: Spread withdrawals over several years (e.g., for college tuition). Enter start and end years, and Enrich will divide the liquidation accordingly.

      1. Start Year and End Year: Enter the first and last years you’ll be making withdrawals.

      2. Percentage to Liquidate: Set what portion of the funds you want to use over this period (default is 100%). So for a 4 year college, selecting 100%, would liquidate 25% the first year, 33% in year 2, 50% in year 3 and 100% in year 4.

    3. Periodic: Take out a set amount or percentage at regular intervals (like every year or every few years). Common for car purchases.

      1. Start Year: When do you want withdrawals to begin?

      2. End Year (Optional): If you have a set timeframe, enter the last year for withdrawals, or leave it blank for ongoing withdrawals.

      3. Frequency: Choose how often you want to withdraw (e.g., every year, every 2 years).

      4. Amount or Percentage: Decide if you want to withdraw a fixed dollar amount or a percentage each period.

      5. Annual Growth Rate: If you want your withdrawals to increase over time (to keep up with inflation, for example), set a growth rate (default is 2%).

      6. Example: Planning to take out $10,000 every year for 5 years, starting in 2027? Enter those details, and Enrich will set up your withdrawal schedule.

    4. Perpetual: Withdraw a set percentage each year, indefinitely. Perfect for retirement, HSA, or ongoing donations.

      1. Start Year: When do you want perpetual withdrawals to begin?

      2. Annual Percentage to Liquidate: Choose what percent of the account you want to withdraw each year (default is 3.5%).

      3. Example: For retirement income, you might start perpetual withdrawals in 2040 at 4% per year.

    5. No Target Date: No planned withdrawals—just keep growing your wealth. Used for general wealth building or inheritance.

      1. No extra fields required. This goal is just for growing your wealth with no planned withdrawals.

You’re one step closer to financial independence

Setting up your goals is the first—and most important—step to taking control of your financial future. Each goal you create is like planting a seed for tomorrow’s harvest. With Enrich, you’re not just dreaming about what’s possible; you’re building a plan to make it happen. Keep going—you’ve got this!

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