Until now, when teaching in Personal Finance, a lot of gurus still emphasize the very first thing is to identify a Goal. While that is true but there are a few disadvantages with that approach;
- You may or may not have a clear definite goal to start with
- It may take a venture itself to find your goal
- It may require a lot of discipline to keep to a goal
- Your goal may change over time
- This method is too academic oriented
By the time you clearly define a goal, the time has passed and in personal finance, time should be your best friend, not foe.
Hence a more practical approach in this century is to just to go ahead and
SAVE FIRST
It doesn't matter who you are, what you do, where you are, which belief you have and how you live; Just go ahead and put aside a sum of money and save them aside, to anywhere.
Not only you should just Save First, if possible, think of a way to make it an ASS - Automatic Saving System.
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1 comment:
Yeah it is right that without any goal you can’t create a good financial plan. I have some long term goals and need to create a plan accordingly. However working on the wealth management and planning is hard for me as don’t know anything about finances, so seeking recommendations for best certified financial planner to talk with.
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