Planning for the Future Now
Something I’ve noticed, after having sat down with so many families, is that most of them were absolutely in the dark when it came down to their finances. They were so concentrated on their present circumstances that they forgot they had control over their financial futures.
We can’t always live in the present just like we can’t always live in the past or the future. There needs to be a balance between the areas to which we dedicate our thoughts. When speaking about the past, all you need to take from it are the lessons that you learned. The present is your life lived on a day by day basis. The future is what all of your present actions should be aimed towards.
When speaking about finances, you should look at your life in the same way. What is it that you have done so far and where has it gotten you financially? What are you currently doing about your finances and how do they differ from what you’ve already done? Where do you want to be in a few years and are you taking the necessary actions to get you there?
If you want to get different results in the future, you’ve to realize that repeating your past actions won’t get you those different results. Those past actions have gotten you to where you are and if you want to be in a different position in the future, you must change those patterns.
To properly plan for your finances, you have to first look at your any debt that you may have accumulated. Do your savings outweigh your debt? Do you even have any savings? Are you prepared to pay for your kids’ college tuition? Are you prepared to comfortably retire? Is your family protected from all of your liabilities if you’re not around to take care of them? Are you making the type of money you need to pay for all of these liabilities?
You must be willing to answer these questions honestly or you will put yourself in a very dangerous situation financially. Once you’ve gotten the answers to these questions, the next step is to figure out in which areas you actually need help.
In regards to debt, the first step is to provide your family with the protection needed to cover all of your liabilities such as the mortgage, credit card payments, etc. so that they are all accounted for if you’re not around. Then you must concentrate on getting rid of all of your bad debt. Only then will your income actually belong to you and not the creditors.
The next step should be to make sure that you’re preparing you and your spouse for retirement. At the same time, you should think about whether or not you need to put any money aside for your children’s college tuition.
We all wish that we could take care of all of these matters without reaching into our pocket, but just like anything else, a certain amount of income is necessary for achieving your financial goals. Are you making that necessary income or do you need to find a way of making extra?
Looking at the statistics of our country, the majority of people can easily admit that they’re not making enough money. Those same people believe that to make more, they either need a second degree or a second job. Christopher Columbus didn’t discover this beautiful country for you to go out and get a job.
The majority of the wealthy people in the US didn’t start out in that position. They first understood that they need their own business so they started one part-time. Then when their business income supplemented their job income, they quit their job and concentrated fully on their business. Learn to do the same and you can build the same type of wealth they did, if not more.
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