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By Simon Volkov
Financial planning requires establishing goals and developing a strategic plan which can expedite the process. Whether buying a house, starting a business, saving for higher education, working toward retirement, or investing in real estate, financial planning is the key to achieving success.
Financial planning has always been important, but in today’s economy it is more important than ever. Regrettably, a large majority of Americans are struggling just to provide the basics, let alone save money for the future. However, with resolve and willpower, most people can find a way to save a few extra bucks. It simply requires review of current finances to determine where expenses can be reduced or income increased.
The first step of developing a financial plan requires individuals to review their income and expenses. Many people do not realize how much money they spend on unnecessary items. One simple strategy to determine where your money goes is to track every penny spent over the course of one month. Write down the amount spent and what was purchased, then review to determine where expenses can be reduced.
If you spend $20 per week on morning coffee or fast food lunches consider buying a travel mug and brown bag lunches instead. Deposit the saved funds into a high interest savings account. Over the long haul, saving $10 per week can eventually turn into thousands of dollars while earning interest.
Financial guru, Suze Orman, suggest saving a minimum of 10-percent of income. She recommends perceiving savings deposits as a regular bill and encourages consumers to get in the habit of paying their self as well as their creditors.
Dave Ramsey if another financial wizard that provides exceptional financial planning tools via his website. Ramsey offers a no-nonsense approach to debt management while providing an arsenal of financial planning information. Visitors can learn how to obtain financial freedom regardless of their monthly earnings.
Individuals with multiple debts might benefit from credit counseling. Individuals with low incomes may qualify for low-cost counseling through non-profit agencies which use sliding scales to determine fees. Depending on the amount of earned income some people are eligible for no-cost counseling. The National Foundation for Credit Counseling offers a list of nationwide credit counselors via their website at NFCC.org.
The Internet is also a good source for obtaining information about financial planning options. Much of the information is offered at no cost. Prior to investing money into financial planning workshops it is important to engage in due diligence and determine the credibility of the person or company offering the information. Always conduct research online or check with the Better Business Bureau to determine if any complaints have been filed.
Many people find working with a certified financial planner is a way to build a solid financial plan. These professionals are trained to help individuals and couples achieve short- and long-term investment goals through review of income and expenses and implementation of investment strategies.
Consumers can find a list of certified financial planners, along with financial planning tools, resources, and online webinars through the Financial Planning Association website at FPAforFinancialPlanning.org. Visitors can peruse informative articles regarding saving for college, buying a house, estate planning, retirement planning, and much more.
The sooner financial planning strategies are implemented the sooner wealth can be built. However, it is important to conduct research to determine which strategies are best suited for your personal investment goals. Afterward, develop an investment and savings plan, make a commitment, and stick to it!
About the Author: Discover financial planning strategies from Simon Volkov, a successful real estate investor and author. Simon shares a variety of wealth-building strategies and information to help people understand how to make their money work for them. Get started with your financial plan at SimonVolkov.com.
Source: isnare.com
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