• Home
  • About
  • Contact

The Phat Startup

The Ultimate Lifestyle Blog for Entrepreneurs

  • Blog
  • Blogger Lifestyle
  • Money & Finance
  • Motivation
  • Personal Growth

Money & Finance

Things To Consider When Building A Personal Financial Plan For The Future

Financial planning is very important although it is not something that people are generally taught. Ideally, you should start thinking about planning financially for your future from the moment you start working. However, this isn’t something that most people do as retirement can seem a long way off.

But, the sooner you start the better prepared you’ll be for retirement or anything else you want to do. However, if you’re going to take financial planning seriously there are several things you should consider:

When Do You Want To Retire?

Financial planning involves creating a budget. This allows you sufficient funds to enjoy your current life while saving for the future. That doesn’t just mean to enjoy your retirement, you should also be considering what other things you would like to achieve.

This will tell you how much money you need to save and how long you have to save it.

What Lifestyle Do You Want?

Alongside working out timelines you’ll also need to consider what type of retirement you want. The more funds you want to have during retirement the tighter money will be on the way to retirement. A good financial plan allows you to have a balance between saving for the future and enjoying your life today.

There is no point reaching retirement only to regret all the things you didn’t do because you were too busy saving.

Have You Any Big Goals?

Another thing that needs to be considered is whether you have any big goals that you wish to achieve. You may want to circumnavigate the globe or perhaps learn to fly. It’s good to know what you want to achieve so that you can plan for them.

Get Yourself A Financial Consultant

Of course, the real key to success is to get an expert in financial planning to help you. A financial consultant knows what you need to do to achieve your goals.

They will help you consolidate your thoughts and prepare your financial plan:

  • Defining your financial goals
  • Finding funds to create an emergency fund
  • Clearing any debt you have
  • Building an investment portfolio
  • Using the right insurance plan
  • Planning for retirement needs and taxes

A qualified financial planner will be able to talk you through all the steps you need to take to create your financial plan and the life that you dream of.

Earn More

It’s normal to get pay increases as you work, especially if you stay working for the same business. One trick that can really help your financial planning is to put the extra money you get away. This will dramatically increase your financial security and you won’t notice the difference as the funds will be gone before you have a chance to use them.

That said, when you’re younger it is also possible to take on extra work and boost your finances. This can be used as part of your financial plan or to create an emergency fund and get you started. The secret is to think about all the options first. Once you’ve created a plan you’ll want to stick to it.

 


« Packaging For Cannabis Concentrates: What, Why, And More About It
3 Office Design Ideas for Your Small Business »

About The Phat Startup

The Phat Startup was created by Mike McOwen to create a space where entrepreneur lifestyle could be focused on. We tend to live a different lifestyle than most. Entrepreneurs tend to be interested in maximizing their life, not only their profit.

Connect With Me

  • Email
  • RSS
  • Twitter
  • YouTube

Twitter Feed

Mike McOwenFollow

Mike McOwen
PhatStartupsMike McOwen@PhatStartups·
29 Dec 2017

Why is content marketing so important? Find out here: http://thephatstartup.com/money-finance/why-your-business-needs-a-content-marketing-strategy-in-2018/

Reply on Twitter 946751505146707968Retweet on Twitter 946751505146707968Like on Twitter 9467515051467079681Twitter 946751505146707968
PhatStartupsMike McOwen@PhatStartups·
9 Oct 2017

http://yescincinnati.com/

Reply on Twitter 917521630162759681Retweet on Twitter 917521630162759681Like on Twitter 9175216301627596811Twitter 917521630162759681
PhatStartupsMike McOwen@PhatStartups·
25 Sep 2017

Wow, interesting

Forbes@Forbes

Millennial men are more likely than women to default on student debt http://on.forbes.com/60148NudC

Reply on Twitter 912458136849698816Retweet on Twitter 912458136849698816Like on Twitter 9124581368496988162Twitter 912458136849698816
PhatStartupsMike McOwen@PhatStartups·
25 Sep 2017

I LOVE Toronto! Miss that place

GO Transit@GOtransit

Explore Toronto’s art scene with GO! Enjoy special late night service during Nuit Blanche on Sept 30. https://cards.twitter.com/cards/v2l8b/4ttwx

Reply on Twitter 912458028355670017Retweet on Twitter 912458028355670017Like on Twitter 912458028355670017Twitter 912458028355670017
Retweet on TwitterMike McOwen Retweeted
BuffaloSabresBuffalo Sabres@BuffaloSabres·
25 Sep 2017

Batter's up! ⚾️ Spending quality time with our friends at @MiracleLeagueWN.

4
Reply on Twitter 912457252057034754Retweet on Twitter 91245725205703475454Like on Twitter 912457252057034754319Twitter 912457252057034754
Load More...

Blog Ideas That Make Money

Dive Into Fantasy With Some Fascinating Sci-Fi Movie Picks

Tips for Building Simple & Effective Business Website

The Benefits Of Having Business Insurance

Search

Copyright © 2023 · The Phat Startup

Copyright © 2023 · Divine Theme on Genesis Framework · WordPress · Log in