For investors who wish to incorporate an impact mandate in goals-based portfolios, a trade-off may exist between the two. Using advances in goals-based utility, this discussion provides a framework for evaluating that trade-off. The author finds that investor willingness to sacrifice return is not constant through time, but subject to various market and personal conditions. Expected volatility, return, and risk tolerance requirements all affect how willing an investor is to sacrifice return for an impact mandate. This has direct bearing on not just individual investors but also on portfolio managers of private trusts whose legal ability to pursue impact strategies is highly constrained.