You’ve probably heard some version of this story before. And chances are, you would choose to escape the burning house with the goose.
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Having a huge amount of debt forces you to be a slave to your money. Bogged down with repayments, you will not be able to achieve what you want in life. What’s more, the possibility of you losing your job – and hence be unable to service your debts – will constantly weigh on your mind.
If you are a big fan of J. K. Rowling’s Harry Potter novels, you might wish to get your hands on one of those magic wands. Wouldn’t it be great to be able to just wave it and get what you want?
Everybody wants to get rich someday and be able to achieve all of their financial goals. Some might try their luck every week buying lottery tickets, while others would choose to work hard at their careers to generate the level of wealth they desire.
When it comes to financial planning, many people look at reaching their goals one at a time. Taking this linear approach means that they save enough money to reach their most immediate goal, before thinking about the next one.
As an engineer-turned-financial planner, I was quick to put my seven-year process engineering practice to use when reviewing many of my client’s financial plans.
You will never finish a race if there is no finish line. Likewise, you will never get to where you want in life financially if you don’t have goals to reach. Setting your goals is the first, and arguably the most critical step of the financial planning process. By putting down your goals on paper, you have established a finish line to aim for. Financial planning will establish the fastest and most efficient route to get there.