Financial Planning to Set Goals

Financial Planning: Set Up Your Financial Goals?

Have you planned your financial future?Do you know how much money you want to have by the time you are 60 years old? Are your plans post-retirement in place? Have you planned your investments and savings so you are comfortably off when you no longer work?

If the answer is ‘no’, then you need to seriously look at creating financial goals for your future. Set them for one year, three years, five, ten, twenty years. This is your life you are providing for. Treat it and plan for it with dedication. You have but one life – plan, so you can live it with gusto.

The first question that comes to mind is – ‘how do I figure out what my financial goals are?’ To answer that, you must have a vision and clarity about exactly what you want. You need to ask yourself specific financial questions that will help you clarify what you want and can become a form of financial analysis.

Given below are some suggested questions you could ask yourself, the answers to which will help direct your goal-setting process. Write down the questions, and the answers to them. This simple process will help you get clear on what your financial goals really are, and what are the best steps you can take to achieve them.

How much money do you need to meet your expenses over the next one year?

How much money do you want to make over the next six months to cater for your stated requirement?

Where do you want to be career-wise and income-wise in three years – five years?

What options do you have to get your income to your stated levels?

How much money do you want to have, so you can retire?

At what age would you like to retire?

Working backwards, as per your plan, how much do you need to be earning every month, every week, everyday?

Can you start working towards your financial goals today?Right now? How?

Answer these questions clearly and honestly, and you should be able to look forward to a well provided-for future.

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