Today, people think much more about their health, exactly what they eat, how they look, the best place to hang out with loved ones, what movie to watch, or the best place to spend their holiday. But for most people, financial stability isn't a reality.
Today, people think much more about their own health, the things they eat, the way they look, the best places to go out with loved ones, what movie to watch, or the best place to spend their holiday. But for many people, financial stability isn't a reality. How is it possible to be financially fit? Listed below are vital questions you have to ask yourself first:
1. Where Am I Now?
As what all financial planners say, good financial planning starts in looking at your present financial circumstances. If not, then you cannot plan and set strategies for your financial future. What you should do first is to list down all your assets which suggests all that you own and all your liabilities or debts. Then look at the spending pattern. Identify expenditures that ought to be amortized including rent, mortgage, insurance, bills, gasoline, and subscriptions or memberships. You should also review expenses on groceries, clothing, shoes, travel, gifts, entertainment, as well as other things. And after that, it's about time to check whether there exists more coming in or maybe more going out of your wallet. Whenever there are more expenses, then you have two choices. It is either you lower your expenses or try to look for additional income.
Now, in case you have a substantial debt, you really should seek advice from a financial planner.
2. Where Do I Want to Be? When you have more money at the end of the month, you will need something to plan with and may now ask yourself where you want to be.
At this stage, you'll need to weigh everything. Set an allowance for your expenses and after that, establish realistic goals. Are you bent on achieving this much savings in say, five-years or do you want to pay the balance of your car loan? Are you also considering paying off some of your property loan so that your monthly amortization is reduced? Carefully studying each goal will help you to see the ones that are the most essential. Once you've done this, be determined to achieve your objectives.
Monitor how you're progressing every six months, so you'll discover how much you have achieved. Do an annual overview of your assets against your debts. If you find you're making little progress, then you might want to revisit your primary goal and make the desired changes to quickly attain what you want.
3. How Can Achieve my Goals?
This is where you will need to consider strategies or ways about how you can achieve your objectives. You should consider putting several of your savings in lucrative investments. At Truly Rich Club, members are encouraged and taught on how to save and invest their money. You need not have a substantial amount of money. In reality, there are tons of worthwhile investments where you can start small.
Reviewing your assets, looking into your expenses, possessing a budget, and establishing your goals allows you to see in which you are now and where you want to be. Do you wish to know what ways to employ to quickly attain your purpose? Join the Truly Rich Club now and soon you will find yourself financially fit and free.
New York based founder of Philippine Virtual Assistant Network - Philippines largest community of Filipino Virtual Assistants with more than 13,000 members. He also founded PVAN Academy, VA Internship Program & Web Internship Program, an online learning & personalized mentoring website that caters aspiring virtual professional & web designers to work from home. Likewise Jay is also the Principal of Remote Virtual Assistant Agency, a virtual assistant staffing agency which helps several Filipinos to have a work from home job which currently serves several clients around the globe. As an author, he published Be a Rockstar Virtual Assistant | The Ultimate Guide in Working Online. on amazon.com to help aspiring virtual assistant to work from home Follow him on Twitter, Connect with him on Facebook, Linkedin or visit his personal website www.JayPasana.com