Financial Planning Goals
A while back a major Australia insurance company created a report in which it stated,
“If you take 100 hundred 25 year old Australians and wind the clock forward 40 years, out of those 100 people who set out on life’s long journey, only 1 will become rich.
4 others will be financially independent.
5 will be still working, by need rather than choice.
24 will be dead and 12 will be dead broke.
But the majority, 54 out of 100 will be dependent upon the government, handouts and charity for financial support.
Only 5 Australians will make it financially.”
In others words, more than half of us will be financially insecure for 20 to 30 years of our lives.
I don’t believe that anyone plans to fail in the financial area, they simply fail to plan.
Is more money the answer?
Think about this.
If you were unable to save a few hundred dollars on a smaller income would you be able to save a few thousand on a larger income?
What’s easier, to save 10 cents in a dollar or $100,000 in a million?
Saving money is not proportionate to how much we earn, it’s a discipline needs to be implemented.
The wise man saves for the future, but the foolish man spends whatever he gets.
- Proverbs 21:20
A great financial plan is to live on seventy percent of your income.
Then invest the remaining ten percent into charities, ten percent into reliable investments and ten percent into managed funds.
The compounding accumulating effect can be amazing.
Financial security isn’t the by-product of working to make money; it’s the by-product of making money work for you.
Don’t get caught in schemes that sound too good to be true. They usually are.
Here are a few ideas that may help you create your financial goal(s). Why not create a SMART goal in the financial area now?
- Determine the exact amount of money you need to save weekly to be able to retire at an age of your choosing.
- How about consulting a licensed financial planner?
- Do you have life insurance and/or income protection to guard against income loss?
- How about paying off those credit cards?