Major Expense Goal

Understanding the Major Expense Goal

What is a Major Expense Goal?

A Major Expense Goal within Conquest Planning's framework refers to a financial target set to address significant, anticipated expenditures that require dedicated saving or investment strategies. These goals are typically highly specific and customized to a client’s individual needs, such as purchasing a home, funding a child’s education, or planning a major life event like a wedding.

Navigating to the Major Expense Goal

This is the Client's Dashboard which will be displayed at the beginning. The Current Overview in Conquest is your go-to section for reviewing the most recent data on a client’s financial situation. It provides a summary of all key aspects, including accounts, liabilities, goals, and current strategies.

To navigate to the Major Expense Goal, the user can select the client's name in the top-left corner, which will take them to the "Current Data - Client" page. From there, the user can scroll down to find multiple goals, with the Major Expense Goal located fourth from the left.

Adding the Major Expense Goal

In the Description field, enter the name that will be used to refer back to this particular expense throughout the application (e.g., reports, calculations, user interface).


The Type dropdown is always disabled as it identifies the type of expense for the purposes of clarity. This ensures that you are able to easily identify the type of expense you entered once you have changed its Description.
By default, the Owner is joint when the plan includes a Client and a Co-client. Do not forget to enter the correct owner if is not a joint expense.

Features and Functionality

Here are the major expense goals types :

• Expense

• Residence

• Personal use property

• Listed personal property

• Recurring expense

A Residence is related to planned real estate purchases, while a Personal Use Property is any major purchase of an asset that requires significant funds. Listed personal property is a separate type of personal-use property. The main difference between Listed personal property and other Personal use properties is that listed property usually increases in value over time. Listed personal property examples include paintings, sculptures, jewelry, rare books, stamps, and coins. 

A Recurring expense is the same as a regular expense with the added field where you can input the number of years between expense recurrences, along with an end date field.

Note: A major expense goal cannot be edited or deleted while active strategies affect them. If you find yourself in a situation where certain buttons or inputs are grayed out, check whether any Planning page or What if strategies are directly affecting this goal.

The major expense goals card does not have a default value for the Date of expense and the date must be entered in order to continue.

The Cost field indicates the expected cost in present-day dollars. The goal's cost will update automatically every year to keep up with inflation by default. To use the exact amount mentioned in the Cost field for a future year when this expense is intended to occur, set the Index to inflation toggle option to No and make sure the Additional index rate field is set to zero.