Achieving multiple goals with varying time horizons and savings requirements can be challenging if wealth and savings are grouped all together. For greater clarity and control, consider using a goals-based wealth management approach in which assets are invested according to the time horizon of major goals, and the savings required to achieve each goal is determined and managed on an individual basis. This goals-based approach is only successful if an emergency reserve fund of at least three to six months of total expenses is maintained in cash or cash equivalents, or is accessible through a low-cost, short-term liquidity option that is readily available when needed.