Financial Goal Planning
Financial Goal Planning: The reason for most of our financial worries and stress is poor or no financial planning. To understand what financial planning is and how to do it, Let's do one exercise. If you are married then do it with your partner. (1) Listing specific goals : List down all the things (Max 20) that you want to do in your life and require money. These are your financial goals. For example - Buying a house (down payment, loan completion) School Education of kids, College Education of kids, Buying Car, Retirement, Kid's Marriage expense, Vacation in your home country, Vacation in a foreign country. (2) Effective Goals Setting : For each financial goal right down below things - (A) How much money will be required to achieve it? (B) After how many yrs you want to achieve it. (C) Give priority to each goal (1, 2, or 3) This is a very important step. Priority#1 should be given to things that definitely need to happen. Priority#2...