Part 4: Strategy or How the heck do I get to Financial Freedom?
4.7 Planning for your Financial Freedom Goals
Now to put together a plan to achieve all your goals. Not in bits and pieces but a holistic plan that incorporates your current financials, covers all your goals and suggest the investing plan required? Do you have a good tool to make all this happen? Can you make changes as and when required to keep it relevant?
Setting goals that define financial freedom for you increases your chances of achieving it substantially, some say 33%. I believe it. What I have no doubts about is that creating a Financial Freedom Plan is taking a giant step in making it happen in your life. The planning process brings clarity to the strategy - how you will achieve it,. And that is far more important.
Plans are worthless. But Planning is Everything – Dwight Eisenhower: Super Commander of the Allied Forces in World War 2 and later President of USA.
You will go through the planning process in details which will give you clarity of how the heck you are going to achieve Financial Freedom and a great First Plan to start with. Will this plan change? Yes, but till they change you will be implementing it, and getting closer to your goals. When it’s time to change you will use the planning process and I hope, the FPT to make the required changes and then implementing the revised plan.
The beauty is that the MoneyWorks4Me FPT is what the name says it is -a financial Planning Tool. And its super easy to use especially after you finish reading this chapter and doing what it says.
So, let’s start. You will see that you can achieve more, much more through this planning process than you imagined possible. This first plan, I recommend, you build without making any changes to the default values we have set for returns and allocation to equity and debt. After you have read the chapter 4.9 you can revisit your plan. Also follow the steps and don’t skip any this time round.
You get a quick starting point for three Core Bucket List items - Children Higher Education, Marriage and Your Retirement. Just click on the Dashboard tab. What...........Read More
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