People in the richest countries face so many troubles with managing their wealth. Well 2 main factors are responsible for this 1>Bad planning and weak money management habits in spending and using credit cards. The other is the extensive use of advertising, selling, and product availability. If you want to achieve a successful personal financial plan, you must start by identifying your clear-cut financial goals.
Things that you got to keep in mind
Right Timing. Plan and think hard and design your short-term and long-term financial goals.
Financial Target . Consumable-product are items that get used up relatively quickly. For example purchases of food, clothing, and entertainment. Durable-product are just the opposite; these are purchased infrequently and more much expensively, for example appliances, vehicles, and furniture. Differentiation between the two may help you develop and organize a much more practical personal financial plan.
Condition of Life. A 60 year old would spend money differently as compared to 20 years old . Money-spending habits differ according to age, income, household size, and personal thinking and attitude so you should have financial goals accordingly.
Age Financial targets that you Should be having
Financial targets that you Should be having :Focus on creating an emergency fund, Save for a down payment, Buy or get a good life insurance, Make necessary arrangement for your retirement planning.
Financial targets that you Should be having :Build wealth by paying off your mortgage and Gradually strengthen your savings and investments.
Financial targets that you Should be having :focus on providing an adequate retirement fund as more disposable income is usually available