A Long Term Financial Plan begins with...

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A long term financial plan begins with, And Things That You Should Consider

Many people save money, or purchase investments for the purpose of making money for large investments such as a future education, buying a home, or having a healthy retirement fund. All of these things can be accomplished, if you realize what to do, and the pitfalls to avoid.

Leaving Your Spouse Out Of The Loop

This is one of the worst things that you can do. Money is one of the main reasons that marriages end in divorce. Leaving your spouse of the the loop will do nothing but leave them feeling resentful and they will work to frustrate your efforts. On the other side of this, you might find that you and your spouse have different financial agendas. This isn't healthy either. You both need to communicate, and to work together for the financial good of your family.

If you are, then know that this is the worst thing that you can do. This is marital suicide, if nothing else. No spouse wants to be left out in the cold when it comes down to the financial situation. After all, they are going to be living with you for live. They need to be a part of the money planning strategies. You and your spouse need to be on the same page. If you're not, you are both going to be at cross hairs. Worse, your marriage will be rife with resentment, and pain. You can avoid all of this if you make it your business to include your spouse in your financial planning efforts.

What is the end goal of your financial efforts? If you set a goal, you need to have a defined goal time to have completed what it is that you are after. Your plans need to be based upon common sense, and they need to be achievable. A good idea is to write those goals down, and quantify those goals with a financial amount. An example of that is figuring out how much money you want to save for that college fund. How much do you need for the down payment on the house? When you quantify your goals, you will be able to take clear steps to achieve them.

You Don't Break Down Your Goals Into Milestones

Do you break down your money and investment goals into smaller steps?

You Are Getting A Late Start In Saving

It goes without saying that if you start your financial planning early, you will have more leeway to make changes and to follow your investment plan more smoothly than someone who started out late. Life brings many changes, and there will most certainly be changes in our financial situation. If you start out late, it's not a terrible thing, but you won't have as much wiggle room as someone else who started out early.

If you did, it's not the end of the world. However, you have to know that you won't reap the benefits of compounding interest on your savings, like someone who started saving a lot earlier. The thing to keep in mind is that if you get a late start in saving money, it's better than nothing. Having said this, you will have to work harder, and save more money. You also won't be as insulated against the hard times. This leads to...

Not having a budget

Good financial planning is about setting objectives you plan to attain at some point in the future and that determine your present money habits. A budget is what brings your current money management habits in compliance with your longer term goals. Even with a well thought out financial plan that details your goals and breaks it down into milestones, the absence of a budget will see any such plan quickly come a cropper. When you budget, you maintain control over your expenses and know what each dollar in your income is going towards. That way, you can cut out unnecessary expenditure and redirect this finance to investment.


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