We all have goals, whether we realize it or not. It may be just to get through the day or it may be to make a million bucks. But we all have them. If you are smart you will write them down. According to the 3% who actually do that, they will make 10 time more than those who do not.
Just like goals, there are elements that make up a proper financial plan. Here they are in layman’s terms.
1) Making Money
2) Keeping your Money
3) Spreading the wealth
Here are some idea’s to help you develop a good financial plan. Once this is done see your financial planner (like my friend Steve Cox) for proper implementation.
1) Have a clear concise written goal. Know how much you would like to accumulate, how much you need to retire, when you plan to retire. What you plan on doing when you retire etc.
2) Some people think it is all about making money. Well that is part of it. It is really about keeping more of it to yourself. For proper strategies please see your financial planner. Otherwise here is my short take, make lots of money, pay off all your debts, retire rich. They say that most people are either broke or dead once they reach retirement age. To me that does not sound appealing.
3) Now this last step most people totally leave out, yet it is very important. How do you plan on taking care of your loved ones when you “shuffle off this mortal coil“? We are not immortal ya know. Do you have your own life insurance policy (and not just one offered by your employer) one that will provide your family with at least 3-5 years of your current income. What about a Will or do you want the government to get it everything?
These are important things to think about. Contact my office today so we can help you take care of the now so you can properly plan for the future.