- April 20, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Feeling Stuck and Needing Help with Personal Finance Planning
### Acknowledging the Need for Change
I have come to the realization that I have been quite conventional and comfortable in my adult life so far. However, as I look ahead to the next ten years, I am starting to feel the need for a change. Despite being successful in other areas of my life, I lack direction and strategy when it comes to managing my finances.
### Seeking Guidance for Financial Planning
I have always relied on my intellect and skills in various aspects of my life, but when it comes to money matters, I feel lost. I know that I need help in managing my finances and planning for the future, but I am unsure where to start.
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****** just grabbed a
What do you want to achieve in ten years?
Make that list, and then add numbers / budget / saving goals to each item.
this might be more existentialistic than the question intended, but
I have learnt that depending on your age and health the way you think about money, or how you value it, is completely different and is hard to understand when you haven’t been very sick or are not in the latter years of your life.
Personally, I would at least invest some money in time, healthcare ( insurance ) and wellbeing. without ( mental ) health, your money will be worth a lot less!
Have 3-6 months income in an Emergency Fund, to cover eventualities in life.
Save at least 10% of what you earn and put in investments and watch them grow
Don’t ever buy consumer items (and that includes cars) on credit
Have a long-term plan for how you will house and support yourself (and your family) in the future, when your earning power drops
If you want to buy something that costs over say $100, discuss it first with someone you trust, so that the impulse buy is avoided. You may still buy it, but at least you gave it more thought.
Create a fun account and contribute to it at a small rate (e.g. for me, it was $100 a week). Use this to buy things just for you, and you won’t feel guilt about messing up your long-term goals.
^(NOTE: My wife and I followed this advice, and we both retired in our 40s.)
Start with a goal where you want to be in 10 years. Break the goal down to smaller steps and then work out a budget to reach each step.
Something simple is I want to be mortgage free in 10 years. At the current rate of repayments, I’m only going to pay it off in 15 years. I need to find an extra $1000 a month. I smoke $1000 of tobacco a month. I give up smoking and use the $1000 for the mortgage.
Read the Simple Path to Wealth. JL Collins
Pick a number to save each week, do an automatic weekly payment in a bank account setup just for savings. It’ll grow.
When it gets sizeable, consider best way to utilize that money. If you have a mortgage, do an offset account. If it’s money you don’t need, put in share market.
This is how i think about money:
1. Make money, big or small, your earning power is the most important thing that will fuel your investments.
2. Save & Invest (if you’re young can do more high risk, if older 6%-10% yearly returns are fine) If you don’t know where to put money, savings accounts and term deposits are 6%ish at the moment, use them while you learn for when these rates go down.
3. Don’t buy luxuries with saved & invested money this is capital that replaces selling your time, the more you spend the more you’ll have to work.
4. Use investment returns to compound money until you’re satisfied with how much you have. personally, I wanted mine to replace my salary so do not have to work full time if i don’t want/need/have/unable to.
5. Use Investment returns to buy luxuries and enjoy life more without having to work for it.
6. Never spend your capital original capital, grow it, it’s okay to spend gains.
7. Don’t trade individual stocks, Learn about Low fee ETF’s and index funds are a good place to start
8. Percentage Fees bad, Low $ fees are good usually.
9. Money is a tool, you can use it correctly and incorrectly.
10. Don’t give your tools away.
Money is a tool. This tool can make more of itself though. You can use it to have fun now or use it to have a lot more tools in the future. Money by itself means nothing except as a way to prove someone should lend you some of their tools because you’ve shown you take good care of your own.
Cash is King
And…how can I leverage what I do so im not just trading time for money
…thats my current thinking focus
It’s hard to give specifics advice without you disclosing your current circumstances and your future goal. The best people can say with the info you gave is to save? But I mean you always be saving 99% of the time anyway…
I like to leave nothing on the table and track everything on a spreadsheet. Every dollar I earn has a purpose, and anything left over goes into savings. If I find myself spending too much money on crap, then I reconsider how much money goes into crap and try and boost my savings as much as I can. It’s not a perfect system, but it works.
Start with saving 1000 dollars and then save to 3 to 6 months of your bill expenses . After that I recon just see what is you goals! Do investing or have someone do the investing for you. A good base line to start investing is 100 to 200 $ a month. But as I said depends on your money situation.
https://moneykingnz.com/4-steps-to-create-an-incredibly-simple-long-term-investment-portfolio/
Just because I have money, doesn’t mean I have money to spend.
Having goals is one thing. Having a plan for how you will achieve on those goals is another thing.
Be disciplined, set yourself rules and boundaries with money, let yourself have some freedom – but incorporate that into your strategy and let yourself be comfortable with the rules you create.
If I have $600 a month left over after all my expenses, I could decide to lump that on my mortgage, save it, treat myself, or balance it in three lots of $200 in all priority areas. For me, what I do depends on what I want – I’ve worked hard to structure my finances and life to allow me this flexibility – and I am by no means wealthy. But I make do with what I have.
There is no hard rule other than what you set for yourself.
If you don’t have any goals specifically, that’s one place to start. Big or small.
I wanted to have a buffer of $2000 as my minimum balance for my daily spending account. For some, this might seem excessive but for me, it’s psychological. I have this and it took around 6 months to slowly build up.
I feel less likely to spend impulsively when I have a certain balance to maintain. It’s a safety net comfort.
That’s just me though. And just because I have money there, doesn’t mean I have to spend it.
See money as time. The more you invest it, the more time you will buy it back from your day job in the future.
The more you buy starbuck, the more you pee it out.
Here’s my suggestion…
1. Read “Happy Money” by Ken Honda. The book offers insights and practical tips on how to cultivate a positive relationship with money, emphasising concepts such as gratitude, mindfulness, and generosity. It changed my life and attitude towards money.
2. Download a budgeting app and meticulously record all of your expenses for a month or two. This will give you insights into your spending habits and where you may be wasting money (its amazing how much of this exists without us even being aware of it)
3. Set your budget and goals based on the things that are important to you. For our family, healthy eating is non-negotiable and having a bit of guilt-free spending every month too. Include an envelope for saving and monitor your budget as you go.
4. Adjust/Reign in spend as you go. This will become easier as you become more familiar with spending habits and where your money is going.
5. Do the long game. Growing wealth and financial security takes time but it doesn’t need to be difficult! 😊
Hope this helps!
Hey what nice surprise to read your suggestions. Especially the book. It was a pleasure to read your well structured and articulate post. Thank you.
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