Abstract. Evidence has shown that goals systematically change risk preferences in repeated decisions under risk. For instance, decision makers could aim to reach goals in a limited time, such as “making at least $1000 with ten stock investments within a year.” We test whether goal-based risky decisions differ when facing gains as compared to losses. More specif-ically, we examine the impact of outcome framing (gains vs. losses) and state framing (positive vs. negative resource states) on goal-based risky decisions. Our results (N=100) reveal no framing effects; instead, we find a consistently strong effect of the goal on risk preferences independent of framing. Computational modeling showed that a dynamic version of prospect theory, with a goal-dependent reference point, described 87% of participants best. This model treats outcomes as gains and losses depending on the state-goal distance. Our results show how goals can erase standard framing effects observed in risky choices without goals.