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Six Ways To Get You Started On Your Financial Plan

Everyone dreams of living THE life. You know—the one where you are your own boss, away from the nine to five grind, and a life of financial stability. But the odds might not be in your favor. According to a study, only forty percent of young professionals know how much they need to save for retirement. A small number of people also put time and money into investments that lay the groundwork of a strong financial future.

A financial plan gives you confidence in the steps you are taking to make a good future. It keeps you on track, despite distractions that can tempt you to spend money when you should not. And most important, a financial plan helps you invest wisely.

Creating a Financial Plan

Any day is a good day to start financial planning. Here are the basics:

1) Assess your financial situation. Lay your income, expenses, and debt out on the table and make a plan on getting your financial life in order.
2) Create financial goals. Write down your needs and wants, then set realistic financial goals. Researching about viable investment programs is an important part of this process. This is where you map out your future financial success.
3) Take action! Bring your plan (see Step 2) to life. Find the right savings program or investment group and begin! Always implement your action plan with your financial goals in mind. That way you know if you are on the right track.
4) Plan for important events such as the kids’ college fund and buying a house or other assets.
5) Consider retirement planning and investment planning. These two may sound like such far-off concepts but they will happen. And when they do, you need to be financially ready.
6) Identify your risk appetite. Sometimes you need money to make money. And if you are serious about investing, you need to take small and big risks that help you put your resources in the right spot.

Other Points for Consideration

Financial planning is not an easy process, most who are serious in this endeavor hire a financial planner who will look at your financial goals through his eyes of experience and suggest the best financial product for you. However, if you are not ready to do so at this point, here are a few more things to consider as you plan your finances:

•    Are you insured? Part of planning ahead is thinking about disability and long-term care. A good financial product takes care of these for you.
•    Does your employer have health benefits and a retirement plan? Are you getting the most out of them?
•    Do you have a Will and Testament? If you plan on accumulating wealth, you should have a plan on how to distribute your estate should you become injured, ill, or meet untimely death.