Planning for your financial like Vincent Camarda future is one of the most important things you can do, and you want to make sure that your money is working for you, not against you.
The good news is that there are steps you can take today to set yourself up for long-term success financially, whether it’s saving for retirement or building a rainy day fund.
A Financial Plan That Makes Sense For You
The first step to building a financial plan that makes sense for your life is to focus on the right things plus don’t worry about what other people think of your plan, or how they would do things differently. You and only you know what’s best for you, so don’t let anyone else tell you otherwise.
The second thing is don’t just blindly follow someone else’s plan, they might not be in the same situation as you are; therefore their advice may not apply directly to what’s happening to your life from now till then.
The first step to financial planning as said by Vincent Camarda is defining your goals and this can be difficult because it requires you to think about what you want, which may seem overwhelming at first.
However, if you don’t define your goals before starting any type of financial planning process, it will be even harder for them to come true later on.
When setting goals for yourself and your family members, make sure that each person has their own unique set of objectives that align with their values and interests.
Don’t worry about what other people think about your aspirations; instead focus on making sure that each person knows exactly what they want out of life so they can achieve success in whatever way makes sense for them personally and not just because society expects them too.
Once everyone has set their own personal objectives whether short-term or long-term–it’s time for some hard work.
The next step involves working towards those objectives day by day through saving money regularly through automatic transfers into savings accounts or investments such as stocks/bonds/mutual funds; making wise choices when spending money.
Make a list of all your assets, regardless of their value or how you’ve used them in the past to help you manage your money.
Assets and Liabilities
The first step to financial planning is looking at your current assets and liabilities. This will help you figure out where you stand now, so that you can plan for the future.
- List all your cash accounts in a spreadsheet, including checking accounts, savings accounts, money market funds and certificates of deposit
- List all investments using their ticker symbols on a stock market portfolio tracker site
- Include real estate holdings such as single-family homes or condos; rental units like duplexes or triplexes; vacation homes; vacant lots etc. Also include any other tangible property such as jewelry and collectibles that has value greater than its cost basis the price paid for it.
- Include retirement account balances such as 401(k)s and IRAs and even though these aren’t technically owned by us yet because they’re locked up until we retire.