Building a financial plan that lasts forever is a
challenge and regardless of your income. Planning is necessary, because in
addition to having dreams and goals, unforeseen events happen and we are able
to face them with much more tranquility when financially prepared. Those who
have finances under control are also more productive and have fewer health
problems.
The first step in making a financial plan is to
gather all the information about your financial life, such as current account
statements, investments, purchase invoices, proof of income, debts, taxes,
insurance, etc.
Also raise your heritage, the installments that
need to be paid and also the debts. Compare the interest rates you are paying
with those practiced in the market for possible debt renegotiations. If you
have any investments, analyze the profitability and if the risk is in line with
your investor profile.
What is your
goal?
After analyzing your financial and asset situation,
the best part has come. Put on a list everything you want to achieve in the
medium and long term. Include the amounts and time frame and make sure they are
realistic.
You will need to analyze monthly if the reality
corresponds to what you planned. Set short and long-term goals to meet and be
able to pay off debts and save money.
Don't take a
step bigger than your leg
Or rather, live according to your standard of
living. If you buy a car that consumes 50% of your income, you will live in
debt and be unhappy. Living on appearances, or flaunting something you can't
afford, isn't something that holds up in the long run.
How about
starting to invest?
You can choose to save money in savings, invest in
Treasury Direct or make a consortium, which is a simple and practical way to make
an investment. In a consortium, you just choose the plan that best suits your
budget and pay the monthly installments WITHOUT INTEREST!
Avoid these
mistakes
·
Take small expenses into account. It may seem
that spending $ 5.00 here or there makes no difference, but this amount can
greatly impact the accounts at the end of the month.
·
Differentiate need from desire. Do you really
need to buy those pants or cut your hair right now?
·
Make a head count. You won't be able to control
everything you spend just in your head. It is necessary to use spreadsheets or
applications to have financial control.
·
Make sure that unforeseen happens. How about
leaving a part of your income for possible emergencies? If that amount is not
used in the month, save it for the next month. Will your car break down or does
your dog get sick? Without planning, you can fall into overdraft or take out a
loan and go into debt.
How about starting a programmed savings through the
consortium? Enjoy and do a simulation .
Share this information with your friends on social media and help
spread the good news.
Posted by: DENA
LABUNSKI vs. JOHN LABUNSKI
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