3 Things To Know When Creating A Financial Plan

3 Things To Know When Creating A Financial Plan

When planning for your future, we must consider what type of legacy we are leaving our children and future generations.

For the majority of people during their working years, human capital and their ability to earn money is their financial asset. For all of us, a long-term investment horizon makes all the difference, but “Millennials are better positioned to capitalize on this in order to shape their futures and to contribute to the greater good of their communities.”

We often learn that creating a budget, learning how to avoid and manage debt, and diversifying one’s assets is essential to creating financial freedom. “But to be able to fully embrace a rewarding and secure life, more fluency is required.”

How To Stretch Your Money

How To Stretch Your Money

If you’ve just received a new position or even if you’ve been working a while, you may find that you’re living paycheck to paycheck without enough left over to meet your goals. A strategy is key in order to manage your saving and spending. “Rather than view a budget as a straitjacket on your spending, think of it as a way to set priorities.”

Track your spending. To meet your numbers, you’ll have to keep track of what you spend. “You may want to use a budgeting site, such as Mint.com or Learnvest.com.”