Do you know what you would like your financial future to look like? Do you know the kind of lifestyle that you would like your loved ones to enjoy? Answering these kinds of questions can help you to start planning for the future. Your goals are the foundation of your plan.
No matter what your specific goal, you will need a plan to get there. This is the essence of financial planning: putting together a clear strategy for achieving your financial goals. In the beginning you may require the help of a professional to get started. However, at some point you will be able take the baton and run with it. If done properly, you will be able to pass that baton on to your loved ones. This will begin the process of generational wealth.
To begin your financial planning journey you need to write down your goals. Begin by listing your needs followed by your wants. Your list may look something like this:
YOUR NEEDS
- Food
- Clothing
- Shelter
- Transportation
YOUR WANTS
- Mansion in Beverly Hills
- Mercedes Benz
- Rolex Watch
- Second home in Florida
As you devise your plan understand you should focus on your needs over wants. Taking care of your needs will help you attain some of your wants.