As-Machines-Take-Jobs-Companies-Need-To-Get-Creative-About-Making-New-Ones Writing a Financial Plan on Your Own

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Writing a Financial Plan on Your Own

Like anything in life, you need a plan to be successful. This also applies to your personal finances. No one is completely financially secure unless you have accumulated millions of dollars and decide to live off the nest egg for the rest of your life.

Unfortunately, for most people, they aren’t prepared for retirement. Financial planning is key to achieving your goals to retire comfortably. But having said that, how do you go about writing a financial plan without any formal education?

Below is a quick step-by-step guide to writing your own financial plan. Of course, a professional financial planner may be able to provide you with a more comprehensive financial plan, but this will be a good step towards understanding your needs and clearing some hurdles.

1. What are your goals?

Don’t be afraid to dream: you only live once. Think about the size of the house, education, your family, etc. Write down these thoughts about what you want the future to look like. After listing your ideals, remember to factor in mundane matters like children’s education, insurance, etc.

Your goals should include:

* Education. Regardless of your age, extra education and training is needed for a career change or self-improvement. Many people are taking college courses (even with teenagers) or transitioning to an MBA to climb the corporate ladder. Even if college education is out for you, you still need to plan for your kids’ college degrees, unless you intend to leave them to their own devices.

* Career. In which field do you want to work? Is it a creative job or a typical 9-5? Or do you want to be your own boss? Want to create multiple sources of passive income?

* Lifestyle. Is work or family more important? Are you torn with “a simpler life?” Do you want a Porsche or a BMW? Do you want to live in a villa, a house by the sea, etc.? Do you have expensive hobbies in golf life? All of these cost money, so you need to tabulate your expenses and match them to your income to meet your lifestyle goals.

* Retirement. Don’t forget about retirement. It’s a time when you lose your income. So how do you want to live while you’re retired? Will you downgrade your home, live with your children, or move to a retirement community?

* Insurance. Nothing is certain in life. You must be insured for worst case scenarios. Every financial plan must have provisions for insurance.

These goals may seem daunting, but they don’t have to be wishful thinking. The actual money set aside may be much less than you think, if effective financial planning is involved.

2. Plan your income

Of course, your financial plan isn’t just about your dreams. How will you pay it? I’m assuming you don’t have a sugar daddy so you should follow a working life. Most people have their career path mapped out in this format: go to college, get a job, work hard, and retire.

There is nothing wrong with race except there is high uncertainty in today’s globalized environment. People are constantly changing jobs due to layoffs or to seek out new challenges.

Instead of a day job, you can consider starting a business or becoming a freelancer to sell your skills. Business isn’t just for those with money, MBAs, or connections. You can start a home based business to handle lawn care, make money online with a website or a vending machine business.

In addition to becoming your own boss, you can find other income through network marketing or investments.

Investing is efficient in creating side income as it is simply increasing the money you already have. You can buy gold, stocks, bonds, real estate, etc.

Regardless of whether you are a business owner or an employee, you shouldn’t let your money sit idly under your mattress. Putting your money in an online savings account is also more profitable.

3. Write your financial plan

Basically, a financial plan is a lifelong budget. You will budget not just for your next paycheck, but for your entire life. Planning involves knowing how you will get there and when you will get there. There are no hard and fast rules.

You must be rational enough to assess your current situation, creative enough to see what is possible, and have the integrity to carry out the plan. Remember, just because it’s on paper doesn’t mean it’s going to happen — you have to decide to follow through and live up to your goals.

Start by doing the following:

* Timeline. Determine where you want to be in five years? Ten? Thirty? Fifty?

* Search for necessary costs. Your current “bills” plus 5% inflation per year. Don’t forget to consider life insurance, health insurance, auto insurance, etc.

* Research on luxury costs. What do you want to do. Cruises, nice cars, nice house, etc.

* Income strategy plan. For most people, it starts with salaries. But don’t forget that your job isn’t your only means of income. Starting a side business, a money making hobby, or even making money online are viable options for some extra income.

* Plan investments. Investing is simply a must to fight inflation. You can invest in anything. Just make sure you know what you’re doing and don’t put all your eggs in one basket. As you get older, financial security should become more and more important.

Try to account for every cost and possible income. Whenever you are not sure about the numbers, be cautious. Also, keep in mind that a financial plan is ALWAYS about your goals. It’s not just about the money, it’s about getting what you want out of life. Money is just the tool.

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