Personal Goal Planning
We all have some personal goals in life, isn't it? Personal Goal planning revolves around creating an outline of your goals that is comprehensive enough to cover every facet of your life till retirement or even after retirement. It may comprise the below :
- Intellectual Goals: Furthering your education, participating in leadership retreats, attending seminars, training and loyalty programs.
- Occupational Goals: Business may ask for immediate pooling of money, emergency finance required to acquire new clients, capital needed for diversification, lateral growth in the organization and may more...You be an entrepreneur or an executive at any organization, these contingencies needs planning.
- Lifestyle Goals: Things you do for fun and entertainment, the standard of living that you have managed to achieve and the things you feel are necessary to maintain the quality of life you aim for, to maintain a lifestyle.
- Retirement Goals: After working hard the entire life, you may plan a peaceful retirement, like a yearly vacation, medical expenditure, charity and philanthropy etc . Decisions made today decides the kind of retirement you will possess.
Experts at Financial Doctor comprehend every individuals' personal goals and to achieve them below aspects needs to be taken into consideration:
- Organise your financial records
- Create a preliminary budget
- Determine which spending habits you need to change
- Estimate your projected income
- Take into account your future plans for increasing your income
- Set a time frame for accomplishing your goals.
- Create an extended budget
- Devise an income strategy that will sustain your goals
- Commit to your financial plan
- Reframe your financial plan as necessary