personal financial planning pdf

 

Whatever your goal is, decide how much money you will need to reach it. How do you do this? First define how much spending money you need to cover your normal daily obligations (food, household, rent, child expenses, etc). Then determine how much monthly income you will need to fuel your goal.

 

 

 

keeping track of personal finances

 

A couple of things to be aware of here and a lot of people mess this up. A hard money lender is NOT a signature loan. A signature loan is that you are getting a loan without any assets whatsoever. So, it kind of defeats the whole purpose of what is personal finance planning because you are actually asking a loan based upon you.

 

Ned is a nay-sayer. He can find the negative aspect of any situation even if it requires looking all night long. Ned even found a negative point about winning the state lottery when he said, "imagine the taxes, the family budget, and all the additional telemarketing telephone calls that I'd receive night after night." Ned views the world as a dark and dangerous place. Every decision is monumental. Each life choice must be painstakingly scrutinized. Consequently, Ned spends much of his free time worrying about the 1001 bad things that might happen to him at any time. Ned's brother was surprised when Ned actually had no reaction to a newspaper story that an asteroid might strike Earth within the next 100 years!

 

financial freedom means something different for different people. I have defined my "Big Dream" (A concept from the book) into several smaller objectives that will complete my definition of financial freedom.

 

But let's take this a step further. What if you could invest in a property with $30,000 that would give you a $500 per month cash flow? And what if the property you invest in already has a management program in place, along with an A+ tenant that has signed a 5 year rental lease on that property? Then the next step would be to get nine more similarly valued properties to reach your $500 x 10 = $5000 monthly passive income.

 

financial planner magazine