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Help Setting Financial Goals

Max C. Bingman - Sunday, August 07, 2016

Financial goals without a solid foundation are no more than lofty dreams. You may aspire to be financially secure, independent and sustainable by a specific age. However, without a solid foundation and framework these dreamy aspirations become no more than a straw house.

First consider your foundation. How you begin working on your foundation will depend on a number of variables. For starters you need to be realistic about where you are. Where your are can be summed up by exploring age, qualifications, experience and equity.

If you are young time may be your most equitable asset. If you are older your qualifications and surprises, some unpleasant, Fred can realistically plan on a 20 year strategy. experience may prove to be your greatest assets.

For example, Fred is 42 has held numerous management positions, owns a couple of rental properties and holds certifications in technology and has very good health. At his age Fred could realistically sustain an income for another 20 or more years. While life can be full of surprises, some unpleasant, Fred can realistically plan on a 20 year strategy. Experience may prove to be one of your greatest assets. Tami, on the other hand, is 22, holds a Masters degree in nursing, has a mountain of debt and a debilitating disease that will likely worsen over time. She has been told by age 45 she may find walking difficult. While time is not on Tami’s side she has some equitable strength in her qualifications. As you can imagine, Fred and Tami will have financial goals that are quite different.

Regardless of where you are and what your circumstances look like, it is critical that you plan objectively with the right information. Consitent income, reserves and guidance will empower you to build solid goals.

Consistent Income

Living within your income is crucial to framing a solid financial future. It is surprising that so few hard working Americans live on a defined budget. Most live from day to day only to arrive at the end of pay cycle after another with too little to live as they have been living. This leads to borrowing and unmitigated debt.

The steps to breaking that cycle should include:

  • Become familiar with your income and income potential. Could or should you be earning more? What would you need to do to earn more?
  • Become familiar with your spending. Are you spending more than you make? How can you spend less? Why do spend what you do? How can this change? Are you saving?

Reserves

Too few Americans save at all. The average saving rate is less than 5%. Without reserves all of your well intentions become straw. More than 50% of Americans say they could one up with $2000 for an auto repair within a month, making many only a towing bill away from financial calamity. There are a lot of reasons why people don’t save. The number one is lack of information. This brings us to the third quality.

Guidance

Having the right information is critical to setting sustainable financial goals. Investments For You is here to give this much needed guidance. Regardless of where you are we can provide the information to get you where you want to be. Don’t hesitate contact is now with your questions.

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Best regards from an appreciative investor.

 

—J Horton

Max helped us save enough money to send my daughter to college even though we didn't get started until she was in high school.

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