It is very easy to find a financial plan online. A simple Google search will come up with several formal plans that have been tried and tested by millions of people. An example is Dave Ramsey’s Financial Peace University that many individuals and families have used to build an emergency fund, cut expenses, pay down debt and invest for the future. However, like all plans, it is only a format to that needs to be followed. From time to time I give financial advisor Ahmedabad advice to friends and family and I find that it is only helpful in so far as it is applied. My wife and I are working through our Baby Steps as part of our Total Money Makeover and honestly we get off track sometimes, particularly with entertainment expenses. So I’ve come up with a list that helps me stay on track financially.
Keep it Simple
There is a funny Schwa b commercial where the guy demands a “simple let’s make it happen retirement plan.” Many people can identify with this idea. When you consider the most effective plans, they are the plans that have simple steps or basic principles that can be applied to any individual no matter what their net worth. The most common principles being low leverage, spend less than you make, make wise investments, etc. Of course, the implementation of the plan must take into consideration the needs and goals of the individual.
Marriage, divorce, raising children, changing jobs, losing jobs, disabilities, death, tax law changes, all need to be considered in working a financial plan. It’s impossible to plan for every life circumstance, but it is possible to set goals that allow life to happen. My stance is to control what I can control and deal with whatever else life throws my way.
Be Held Accountable
Your spouse, closest friend, financial advisor Ahmedabad can all provide the needed accountability in achieving your financial goals. As my wife and I work through the Total Money Makeover we communicate with our friends and we hold each other accountable. Otherwise, it would be nearly impossible to pay off the debt and delay the gratification that we have so far.
There you have it, some simple ideas on staying on track financially. Share you experience. What are you doing to stay on track financially?