- Start Now:
The most important point in financial planning is that one must start early.
- Know Your Asset:
Recognize your most important financial asset and plan accordingly
- Make sure your lifestyle costs lag your income growth
- Get specific with your goals.
There’s an old expression: “If you don’t know where you’re going, any road will lead you there.” When it comes to your money, you need to have specific goals.
- Focus on needs, not wants.
- Keep it simple.
Often we get too complex in our planning.
- Know your weak points.
Understand your investments, and plan a strategy by constantly monitoring and making changes in your portfolio.