How to Make a Financial Plan

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How to make a financial plan.

The first step to success is planning for it.

Few people will achieve their goals in life by luck. A financial plan will guide you towards your goals and maximize your potential. In this video, I will help you make that plan.

The strategy applied for making a plan is as follows:

1.Identify your Goals:
The first step of a plan is identifying your goals. Think hard about these goals, this is the center piece of your financial plan. Your goals could be early retirement, financial freedom, more travelling, a nice home, a family that is financially secure, a fancy car, etc

2. Determined your Savings Target to achieve your Goals
Now that your goals are determined, you need to find out what it will take to get there.

3. Make a Budget and Spend Effectively to achieve your savings target
The next step towards achieving your goals is making a budget. A budget will determine how much spending you can allocate per category based on your savings goals and income level.

4. Invest your savings wisely for your future goals.
Invest in bonds, stocks, mutual funds or ETFs to help your money grow.

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Knowledge Productions says:

Although it is basic, most people do not follow a plan. Seeing it illustrated to you just help pass on the message!

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