Failing to Plan is Planning to Fail.
I always believe that it is very important to plan and execute our activities. It is always a good thing to do. Likewise our plan for the financial future is also very important. If we start early then we can reach our financial goals pretty easily, the delay that we gonna do to start or plan our financial future will cost us dearly. Now we are all undergoing what Inflation is. My dad used to earn 5k per month 10 years back and from then on till few years back there was no issues with his earnings. We had a great life and our future looked bright as well. Now I earn more than that but still the future looks dull, it is uncertain as to how it is gonna be. This is all because of not proper planning.
Honestly, planning solves most of the dreadful situations that we might face. I think these should be in your mind while planning your financial future.
1. Set a goal as to how much wealth you want to accumulate and have a definite period.
2. Have medical insurance cover.
3. Get precise information of how your money comes and where it goes.
4. Decide when you plan to retire. ( I don’t expect others to decide that for me)
5. Start investing or saving for your retirement.
6. Investment : What kind of investment? when you plan to do it and how you plan to do it?
7. What are your other important personal goals that can affect your financial planning ( higher studies, marriage and others)
These are some of things that come to my mind immediately when I think of my financial planning. Why I insist for a plan is, once we decide to do say investing 10k in stocks, we will do it no matter what. But we don’t decide or plan and hence spend money unnecessarily. This is my personal experience. I am sure most of you guys will be just like me or similar to me. I think once we overcome this stupid habit we can make great progress with our financial future. All that we want is Financial Freedom and I guess we should achieve it as soon as possible so that we can do better things in life rather than chasing money and surviving.
Make an early start. Plan your Financial Future.
Engineer's Finance 