Discover the steps to set specific goals, assess your financial status, and develop a comprehensive financial plan.
In the journey of financial planning, beginning with the end in mind is not just a powerful principle: it’s essential for success. This approach, famously advocated by Stephen Covey in his seminal book The 7 Habits of Highly Effective People, emphasises the importance of envisioning your financial goals first. By doing so, you can tailor every decision and action to lead you closer to these objectives.
Set specific goals: Begin by setting specific, measurable, achievable, relevant, and time-bound goals. For example, determine how much money you need to accumulate and by when. This will not only provide a target to aim for but also help track your progress. Budgeting and saving: Implementing a budget is fundamental. It helps in managing your expenses and increasing your savings rate. Prioritise saving a portion of your income – financial advisors often recommend saving at least 20% of your monthly income. ADVERTISEMENT CONTINUE READING BELOW Growing your investments beyond your income needs
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