While some might think there is and for a short time it may seem so, there is no such thing as a sure thing when it comes to the best approach and strategy. , to maximize our personal financial planning! After several decades of involvement, in a variety of related activities, from running businesses (of various sizes) to providing financial advice / planning, to individuals, from all walks of life and financial standing, I have often reflected, which could do most of us to maximize the possibilities for success in this important area. With that in mind, this article will attempt, briefly, to review, review, review, and discuss 5 Keys to Consider when making these types of decisions and determining the best path for you.
1. Know your overall financial goals: What may be a great solution for others may not be the best solution for you! Before making any big decisions, give yourself a hard look and determine your true personal, global and financial goals, priorities, perceptions and risk tolerance! What could make the biggest difference to you and your family etc in terms of actual needs such as education, housing, retirement, reserves, peace of mind and feeling / perception of security?
2. Break down the objectives: short / immediate, intermediate and long term: It’s much easier to plan further ahead than when you have less time! What goals and needs require immediate attention, as opposed to the medium term and longer term? When planning it is important to realize, approach one area, does not mean, ignore others and, how essential it is, to perceive and design, create, develop and implement a quality, strategic and action plan, combined with discipline and commitment, to stay the course!
3. Commit to periodic payment plans: One of the best ways to minimize risk and create wealth is to understand your financial means and to have the discipline to commit to pursuing your projects! Commit and use a periodic payment plan, that is, pouring the same amount each month into a diversified portfolio. For most people, the best approach is often to use a quality, balanced mutual fund, but it depends on a variety of factors for you, which makes the most sense!
4. To diversify: Don’t put all your eggs in one basket! How many times have you heard this advice, but few follow it? Those who avoid, try to make a quick buck, and who maintain discipline and commitment, use a periodic plan, and use a diverse portfolio, are usually the best prepared!
5. Commitment; endurance; discipline: The combination of developing the necessary understanding / knowledge / foundation and maintaining the commitment and discipline to keep going, as well as stamina, to stick to this healthy, longer term strategy , is generally the best approach. , and the most successful!
If you hope to suffer, less financial worries, prepare and plan, effectively, and manage your expectations, realistically, without being greedy! Are you up to the task?