Goal Based Investing starts with putting together a financial plan for you. A financial plan will identify and prioritizes your goals, and gives you a better idea of the anticipated expenses to fund those needs.
After your goals are explicitly defined, the next logical step would be to establish a set of personal benchmarks needed to reach your goals.
These personal benchmarks will include both an average annual return that your investments will need to grow to reach your goals, as well as any additional regular contribution needed on your part to improve your chances of being able to reach your goals.
The final step would be to put all of this information along with all of your assets and liabilities to create a diversified portfolio of financial assets that has a good chance of matching your personal benchmarks, while taking into consideration your ability to handle a loss of principal in a one year time frame.