This article was chosen as it highlight the importance of having Financial Goals to achieve not just peace of mind, but more importantly to realize the importance of acting now to ensure that you are on your way to achieving financial freedom when you need it the most – in your retirement years.
The road you take to financial freedom can lead directly to your destination or to a dead end.
You wouldn’t start out on a long trip into unfamiliar territory without a road map, yet many people go through life without a concrete plan for their financial future. In fact, most people spend more time planning a single vacation than they spend on financial planning. Specific financial goals and written plans for meeting them, help you focus your efforts on the end result.
Starting in your twenties is a huge advantage. If you invest $5,000 at the age of twenty, and it earns 7 percent per year, at retirement (age sixty-five) it will total over $115,000. The same amount invested at the age of forty would total less than $29,000.
Goals are like the wheels on your car; they keep you moving in the direction you want to go, and you won’t get very far without them.
If you haven’t already started planning for your future, now’s the time to begin, no matter what your age. If you’re in your twenties, however, you have a distinct advantage. Saving and investing in your twenties will give you the most powerful financial tool available: time. You’ll have to work at it a lot harder if you start later in life. In fact, the smartest thing you can do in your twenties is save and invest. Ultimately, you’ll have to save and invest a lot less money at a time and will still come out far ahead of the person who starts a decade or two later.
As the saying goes, “Most people don’t plan to fail, they just fail to plan.” Without planning, even the best of intentions lead nowhere. Start mapping our your route now. Your entire future depends on it.
So why not call our office on 08 93492700 to book an appointment with Michael. You can start with a preliminary chat with Michael first, and then decide how you want to proceed – absolutely no pressure. And remember, there is not cost to you for your first meeting or for having a preliminary chat with Michael, so there is no excuse for putting off your decision to act now.
An excerpt of an article by Debby Fowles