Here are 3 quick steps to financial planning for the long term which will allow you to hit big financial goals.
Setting your financial benchmarks may seem obvious, but determining your wants is the first step to achieving your goals.
Set Realistic and Achievable Goals – Set a dollar goal and determine what type of saving plan offers the best after tax results.
Finding the Cash Flow – Set aside money on a regular basis so that the funds can grow towards the goal’s value.
Selecting Investments to Meet Your Goals – Analysing and Picking investments you will use to meet your financial goals.
Protection and Insurance –You must plan for the use of insurance or other programs to make sure your goals are achieved even if your income is reduced or cut off.
These steps may seem simple or obvious but not always that easy to put into practise.
This information is general information only. You should consider the appropriateness of this information with regards to your objectives, financial situation and needs.