Personal financial planning is important if you want to achieve financial freedom.
The basic idea with the financial planning for financial freedom is to make sure that you are building up funds and assets that eventually will pay for all your expenses.
When you have reached that point you have financial freedom per definition.
The planning is a way of trying to get there as smoothly and quickly as possible without having to sacrifice all ‘The good things in life’ during the process.
Everyone knows that it is good to have saved some money if there are unexpected things happening, but there are only a few who does something about it.
Why? Because most people think they can’t. They think it is to difficult, they don’t have enough money, they have to pay of their debt first or any other reason you can think of.
And anyway, saving money is really hard and you have to stay at home and you can never do things you like anymore, like going to a restaurant or to the movies. So that’s why people put it off, they have so many ideas about it that they never even try!
It is important not to get to stiff and uptight about this, because then it becomes a pain. If you can not enjoy your journey to financial freedom, most probably you will not be able to enjoy the financial freedom itself. You would probably be too worried about loosing your money, or spending to much of them!
There are a few basics we will cover here and then you will be shown a few other resources that you can benefit from.
The process is the following:
1 Taking financial inventory
2 Deciding what are your financial goals
3 Making a detailed financial plan of how to get there
4 Putting the financial plan into action and monitoring it
5 Become a member of the Financial IQ Club!
How to acieve personal financial freedom
Ways of saving money
Practical budgeting tips
Here are some free tools:
Debt free calculator
When will you be a millionaire calculator
Money 101 Course