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For investors who wish to engage in impact investing and who have specific goals to achieve, there exists the potential for a trade-off. When impact investments yield lower returns than nonimpact portfolios, how much return should an investor be willing to give up to incorporate it? Using recent advances in goals-based utility theory, this article explores an answer to that question and offers practical and concrete advice for advisors to individual investors and fiduciaries of trusts. Using the goals-based framework, the author shows how an investor’s willingness to sacrifice return for an impact investing mandate changes in response to market and portfolio conditions.