Have You Developed a Financial Plan?

Have you ever left home without a destination in mind?
Most of us would not consider taking off on a journey without a clear destination in mind. Whether its going to the supermarket, drugstore or granny’s house, we generally know the direction we must go in order to get to our end point.
Unfortunately the same cannot be said for most people’s financial journey. Most of us don’t bother to sit down and plan out what steps are required to get to our financial goals.
Berra_quoteYou might have some vague notions of working so many hours a week and saving a certain percentage of your income. But do you know just what amount of money you need to live comfortably in the end?
Then you have to take into account the unexpected issues along the way. There are numerous types of “accidents” that could slow down your financial progress. Have you left enough wiggle room in your plans to account for them?
This is why relying on an income based on you putting in hours with a company and having your sole retirement income dependent on savings is so risky. If you cannot work the hours required or the interest rate on your savings falls, you will be left without enough to live on.
So try to find some way to start developing a residual income from your home. This way, you have more control over your financial future. Once you learn how to earn money on your own, not just relying on pay for hours worked, you will have a more secure retirement income.
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Gerry Morand
Work with me at – www.startingover50.com
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