How to Plan For Financial Independence in Our Present Market
Is there such a thing as financial independence in retirement? How can you play the money market game without knowing how the future will roll out?Related Item:
By Bill Ingram
It all starts with a dream. The financial security dream. A dream of abundance of cash. Freedom to do as you please when you please. You can disregard time, get up when you want and do some work if you feel up to it. No more commuting or fighting traffic. You like many other people wonder how to achieve that dream when you have all these other money matters chipping away at your earnings. You may have a mortgage, car payments, utility bills, phone bills, daily living expenses, and look to save for your children's education.
You may have aging parents to support. You may be going through some major events in your life, such as starting a family, raising a family, starting a new job, loosing a job, getting married, getting divorced, dealing with funeral expenses of death of a family member. These events could lead to a very stressful environment.
How do you juggle all these situations, and buy a secure retirement? How can your dreams become reality? First off, take inventory of your dreams. Brainstorm all your goals. It is best to get family members involved so they all know what you are up against and may come up with ideas to help you achieve your goals. Besides when these dreams require funds from the household income, they should be family goals. Each family member can have his or her own dream and put it in the pot of goals. Start writing each goal on a separate piece of paper, 3 X 5 cards work best for this. You will be organizing these items. Don't discard anything at this point because you think you can't afford it. This is the beginning of your wish list.
Sort your goals into two stacks. One stack will comprise of all your goals you want to achieve in 5 years or less. The others fall into the 5 plus years. It is important to separate them, you will learn latter that you save for short-term and long-term goals differently. Now take each stack and sort them by priority making retirement priority! This needs to be a priority regardless of your age. If you recall from my previous writing, time and compound interest are you friend (check out the resource section for my blog URL). The more time you have to retirement the better off you are. Some goals you can borrow money for but retirement you can't. You also cannot make up for lost time.
Under each goal write down what it will take to achieve it. Again get the family involved, these should be their goals as well. Label a time line to each goal associated with a cost to achieve it. You also need to include what money you have already set aside and how much more money you will have to save each month to reach the goal. Revisit the order and priority of your goals. How hard are you willing to work and save to achieve these goals? What sacrifices are you and your family willing to give to achieve these goals? Work extra hours, get a second job? Maybe seek part time employment off the internet.
Check out the resource section for an URL for possible home business or online employment ideas. How realistic is a goal compared to another. Can the goal be achieved in the time line you set? Are the resources there to achieve it? Reorganize the priority if need be. Put those that are not realistic into your wish list. There still may be a chance you can achieve it if it is still desirable. These goals are not set in stone and can be changed. All need to be made aware if something else comes up that may warrant a change in goals, you will all need to sit back down and reevaluate all your goals to see what effect is will have if any. You may find yourself prioritizing everything again. You will only do this a few time before you realize how hard it is to make decisions and most likely any new desires will be pushed to the end of the list and evaluated if you really want it.
In summary: Put all you dreams and goals on paper. Sort the goals into two stacks, one short term (5 years and below), the other long term (over 5 years). Making retirement your highest priority, prioritize your goals. Under each goal write in a time line and resources required to achieve the goal. Next determine what short term goals can be achieved and which cannot. Those that cannot be achieved are moved to long term goals.
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