Today, people think a little more about their health,
what they eat, the way they look, the best place to hang out with relatives and
buddies, what movie to watch, or the best place to spend their holiday. But for
most people, financial stability is not a reality.
How can you be financially fit? The following are vital questions you have to
ask yourself first:
what they eat, the way they look, the best place to hang out with relatives and
buddies, what movie to watch, or the best place to spend their holiday. But for
most people, financial stability is not a reality.
How can you be financially fit? The following are vital questions you have to
ask yourself first:
1. Where Am I Now?
As what all financial planners say, good financial planning starts in looking
into your existing financial circumstances. Otherwise, then you cannot plan as
well as set methods for your financial future.
What you must do first is to jot down your entire assets which means whatever
you own and all your liabilities or debts. Then look at the spending pattern.
Identify expenditures that should be amortized which includes rent, mortgage,
insurance, bills, gasoline, and subscriptions or memberships. You should also
review expenses on groceries, clothing, shoes, travel, gifts, entertainment, as
well as other things.
After which, you should check whether you can find more coming in or more going
out of your pocket. In case there are more expenses, then you've got two
choices. It is either you lessen your expenses or try to look for additional
income.
Now, when you have a considerable debt, you may want to consult a financial
planner.
As what all financial planners say, good financial planning starts in looking
into your existing financial circumstances. Otherwise, then you cannot plan as
well as set methods for your financial future.
What you must do first is to jot down your entire assets which means whatever
you own and all your liabilities or debts. Then look at the spending pattern.
Identify expenditures that should be amortized which includes rent, mortgage,
insurance, bills, gasoline, and subscriptions or memberships. You should also
review expenses on groceries, clothing, shoes, travel, gifts, entertainment, as
well as other things.
After which, you should check whether you can find more coming in or more going
out of your pocket. In case there are more expenses, then you've got two
choices. It is either you lessen your expenses or try to look for additional
income.
Now, when you have a considerable debt, you may want to consult a financial
planner.
2. Where Do I Want to Be?
For those who have more money by the end of the month, then you need something
to plan with and can now ask yourself where you want to be.
During this period, you need to weigh all things. Set a spending budget for
your expenses and after that, establish realistic goals. Are you bent on
achieving this much savings in say, 5 years or do you want to pay the balance
of your car loan? Are you also considering settling a part of your house loan
so that your monthly amortization is reduced? Carefully studying each goal will
allow you to see the ones that are the most significant. Once you've done this,
be determined to achieve your purpose.
For those who have more money by the end of the month, then you need something
to plan with and can now ask yourself where you want to be.
During this period, you need to weigh all things. Set a spending budget for
your expenses and after that, establish realistic goals. Are you bent on
achieving this much savings in say, 5 years or do you want to pay the balance
of your car loan? Are you also considering settling a part of your house loan
so that your monthly amortization is reduced? Carefully studying each goal will
allow you to see the ones that are the most significant. Once you've done this,
be determined to achieve your purpose.
Monitor how you are progressing every six months, so
you'll understand how much you have achieved. Do an annual review of your
assets against your debts. If you find that you are making little progress,
then you may want to revisit your targets and make the necessary changes to
obtain what you want.
3. How Can Achieve my Goals?
This is where you have to consider strategies or ways regarding how you can
achieve your targets. You may want to consider putting some of your savings in
lucrative investments. At Truly Rich Club, members are encouraged and taught on
how to save and invest their funds. You will not need to have a substantial
amount of cash. Actually, there are a lot of worthwhile investments where you
can start small.
Reviewing your assets, looking at your expenses, developing a budget, and
establishing your targets will enable you to see where you are now and where
you desire to be.
Do you wish to know what approaches to employ to achieve your targets? Join the
Truly Rich Club now and soon you will see yourself financially fit and free.
you'll understand how much you have achieved. Do an annual review of your
assets against your debts. If you find that you are making little progress,
then you may want to revisit your targets and make the necessary changes to
obtain what you want.
3. How Can Achieve my Goals?
This is where you have to consider strategies or ways regarding how you can
achieve your targets. You may want to consider putting some of your savings in
lucrative investments. At Truly Rich Club, members are encouraged and taught on
how to save and invest their funds. You will not need to have a substantial
amount of cash. Actually, there are a lot of worthwhile investments where you
can start small.
Reviewing your assets, looking at your expenses, developing a budget, and
establishing your targets will enable you to see where you are now and where
you desire to be.
Do you wish to know what approaches to employ to achieve your targets? Join the
Truly Rich Club now and soon you will see yourself financially fit and free.
Article source: Three Questions to Ask Yourself before Being Financially Free
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