Ready, Set, Goals: New Yorkers Set Their Financial Pace
Key Takeaways
Every financial goal has its own pace: At Northwestern Mutual’s Grand Central Terminal event, New Yorkers shared goals ranging from buying a first home and paying down debt to saving for a child’s education and preparing for retirement.
Small steps can support long-term progress: Like training for a marathon, working toward financial goals takes preparation and persistence. A financial plan can help connect immediate priorities with milestones that may be years away.
Plans can change without losing sight of the goal: Unexpected obstacles and shifting priorities may call for a different pace or route. Revisiting your plan can help you keep moving toward what matters.
Between balancing careers, family, health, hobbies, and everything else competing for attention, it can be hard to make time to prioritize your financial goals. But if anyone knows how to keep moving through a packed schedule while still making room for what matters, it’s New Yorkers.
On Oct. 20, Northwestern Mutual brought its “With You at Every Financial Goal” event to Grand Central Terminal, giving New Yorkers a chance to step out of the daily race, take stock of where they are, and think about the financial goals they’re pushing toward.
The marathon on Nov. 1 offered a fitting reminder: Financial goals, much like running, can be completed in various distances. Some call for a sprint. Others need endurance. And the biggest goals can feel a lot like a marathon, requiring patience, preparation, and persistence over many years.
A pause from the daily race
Grand Central Terminal is a place full of New Yorkers rushing from one place to the next. For the “With You at Every Financial Goal” event, Northwestern Mutual encouraged passersby to slow down for a moment and consider a different destination: their financial futures.
Throughout the activation, visitors connected with Northwestern Mutual team members to discuss their financial goals and consider the steps that could help move them forward. From buying a first home and building savings to paying down debt and preparing for retirement, the conversations reflected the different financial milestones New Yorkers are pursuing and the different timelines they have for reaching them.
Visitors were also invited to make their goals tangible by putting them on custom race bibs and adding them to a wall display. As more people participated, the wall became a collection of personal ambitions and future milestones, providing a visual reminder that while financial goals may be personal, the desire to make progress is one we all share together.
Staying the course when life changes
Of course, no path toward a goal is completely predictable. That was a message Joe Amabile, a television personality, podcast host, and entrepreneur, brought to the event as he joined New Yorkers in reflecting on the goals that matter to them and what it can take to keep moving forward when life doesn’t go according to plan.
After being diagnosed with a low-grade astrocytoma (a type of cancerous brain tumor) and undergoing surgery in August, Amabile’s life unexpectedly veered off course. Less than two weeks after his operation, however, he resumed training for a marathon and ended up completing it despite the challenges.
His story served as a reminder that an unexpected obstacle doesn’t have to mean abandoning the finish line. Sometimes it means reassessing your priorities, adjusting your pace, and finding a different route forward.
Three goal types, three different paces
Participants were invited to explore three types of financial goals, each with its own pace:
Sprint goals are near-term priorities to work toward within the next 12 months. Examples include saving for an emergency fund; paying off debt; and saving for a major purchase, such as a vacation, an appliance upgrade, or a new car.
Marathon goals are longer-term goals that take time, consistency, and the ability to stick to a plan. Examples include saving for a down payment on a house, paying for college or other advanced education, and planning for a major life milestone like getting married or having a baby.
Endurance goals are long-term ambitions that may take years, or even a lifetime, to achieve and require pushing through the bumps in the road. Examples include retirement planning, building a legacy, and creating lasting security for the people you love.
Learn more about setting financial goals and finding the right pace for you.
Keeping your financial goals in stride
For New Yorkers passing through Grand Central Terminal, the event offered a chance to pause amid the rush and think about those destinations.
Conversations at the event reflected goals such as:
- Building savings: Creating a stronger financial foundation for both planned milestones and the unexpected.
- Paying down debt: Making progress toward greater financial flexibility and freeing up money for other priorities.
- Buying a first home: Building savings and preparing for one of life’s biggest purchases.
- Saving for a child’s college education: Setting money aside over time to help empower a loved one’s future.
- Preparing for retirement: Thinking beyond today and taking steps toward a more financially secure future.
By reflecting on when they hoped to reach these goals, participants gained a clearer understanding of what they valued most and the steps they could take to get there.
Many New Yorkers had long-term goals in the endurance or marathon category. Take Marilyn D., who expressed her goal of buying a home in Florida to be closer to her grandkids (target pace: endurance), or Derrick B., who is currently saving up to own a bus (target pace: marathon) to empower his small business. Another participant, Mike, told us that he aims to pay off his rental properties and purchase his forever home (target pace: endurance), while Shae B. hopes to invest toward early retirement (target pace: marathon), and Creemel is saving up to purchase a loft in the city (target pace: marathon).
Others had more immediate goals that fell into the “sprint” category, such as Sháday, who aims to pay off credit card debt by the end of 2027, or Stephen, who hopes to assist his veteran father and his mother, who is currently suffering from Alzheimer’s, in replacing their leaking roof. Regina’s sprint goal was to save up for a big 60th birthday bash, while Mo D. is saving for a family trip to Italy.
The goals may look different, and so may the distance to reach them. For some people, the next financial milestone may be close enough to feel like a sprint. For others, the finish line may be years or even decades away.
Either way, progress doesn’t have to happen all at once.
You don't have to run your financial race alone.
A trusted financial advisor can help you build a plan designed to go the distance—and stay by your side for every mile ahead.
Find your advisorFind your finish line
Preparing for a marathon isn’t about running 26.2 miles on the first day of training. Runners build toward the goal over time, following a plan, checking their progress, and making adjustments along the way.
Financial planning can work in much the same way.
A long-term goal like retirement can seem distant, while a more immediate priority, such as building an emergency fund or saving for a home, may feel more pressing. Rather than viewing those goals in isolation, a financial plan can help put each one in context and create a path for pursuing multiple priorities over time.
Just as runners may adjust their pace when conditions change, financial plans can evolve, too. Careers change, families grow, and priorities shift. The important thing is to know what you’re working toward and continue taking steps in that direction.
And you don’t have to do it alone. Connecting with a trusted financial advisor can also be a great way to discover your future goals and which pace is best for you. Because whether your next financial goal is just around the corner or miles down the road, reaching it starts the same way: putting one foot in front of the other.
