These days, most people I know don’t have a financial plan as well investment plans. We spend a lot of time planning for other aspects of our lives, such as our careers, marriages and having kids, but many of us fail to build a plan to achieve our financial goals.
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If you would like to stop wondering about whether you’ll ever realize your financial goals, and build a plan to actually reach them, I can help. Read on and I’ll not only show you how to build a proper financial plan with good investment strategies and opportunities.
Talk to your spouse
Most couples never talk to each other about their financial goals. If you’re in a relationship, before you roll up your sleeves and dig into the numbers, talk to your spouse about what you want to accomplish. Have a brief conversation about goals, values, and what kind of lifestyle you want. A person who is a long time at home as a housewife could do with a business like forex trading, because it can serve your home, your children and also earn money without leaving home. Forex trading is the best lucrative home based business in the world with nearly all house wives in Japan and other countries already taking part.
Figure out your current financial position
Before you start worrying about where you want to go, you first have to figure out where you are now. When you subtract your liabilities from your assets, you get a number that represents your net worth. Your net worth statement is an important tool that charts your financial progress over the years. For instance, if your net worth is going down, you’re eroding your wealth and making it harder to achieve your goals. If it’s increasing, you’re on your way to getting richer and achieving your financial goals. You can grow your income as well as net worth by taking part in this lucrative business investment by getting a copy of the book INVESTMENT GUIDE (FOREX TRADING).
Track your spending
The key to building a strong financial plan for the future is to understand how much you spend and save right now. This is called tracking your cash flow, and it can give you a sense of control and confidence that makes it easier to make financial changes in your life.
Personally, I’ve kept a small journal tracking my spending for years because it helps me modify my behavior if my spending gets out of control. It’s not always easy, but it works.
The part most people dread is taking a really close look at their expenses. But don’t put it off. Successfully managing cash flow is your key to financial control.
The point of the exercise is to find out whether you finish each year with a cash surplus or a cash deficit. This number will tell you a lot about your general financial shape. A surplus means you’re living within your means, while a deficit shows you’re spending more than you make. If you have a deficit, you will have to cut your expenses (or increase your income) to achieve any financial goals.
What do most people find after doing this exercise? They’re shocked. It’s a very revealing exercise, mainly because if you have a family with two spouses with debit and credit cards, it’s hard to really see the complete financial picture unless you write it down. This awareness allows you to set up a system for the household.
A good way to approach this exercise is to start with your regular monthly after-tax income and subtract the bills that don’t change month to month, such as rent or mortgage payments. If you don’t know the exact numbers, put in averages for things like groceries, gas or children’s activities. Then add in expenses that only come up a few times a year, such as travel, car repairs and gym fees.
Adjust your spending and Invest in trading the Forex.
Look closer. Are your expenses higher than your income? If so, you’re living beyond your means. You’ll need to adjust your expenses accordingly so you don’t go further into debt.
This is not about punishing yourself or laying blame. If you’d rather eat out four times a week than buy a cottage in 10 years, that’s your choice. But you owe it to yourself to be honest about what you’re doing so you’re not wondering why you can’t reach your financial goals.
If you decide to cut back, there are some less painful ways of doing it. Consider renegotiating your mortgage to a lower rate or cutting out one major expense completely. A close friend of mine cut the GHC 5,000 annual family vacation and substituted a couple of long weekends of camping instead. It saves his family GHC 4,000 annually and investing GHC 1,000 in forex market.
If you have a cash surplus, congratulations. You can start allocating money to meet your goals right away and more importantly get a copy of the book INVESTMENT GUIDE (FOREX TRADING). The need to exchange currencies is the primary reason why the forex market is the largest, most liquid financial market in the world. It dwarfs other markets in size, even the stock market, with an average traded value of around U.S. $4.9 trillion per day. Wow! So you see why it’s become the best most lucrative investments venture in the world. All you need is to get a copy of the book INVESTMENT GUIDE (FOREX TRADING) and trade your way to financial success.
Set your life goals
Financial goals don’t just happen. You make them happen. This step requires you to assess where you want to be five, 10 and 20 years from now and answer some big questions, such as where you want to live in retirement and when you want to stop working.
One tip is to visualize what your life will be like 10 years from now if you do everything right. The truth is when they picture their future lives, very few people see themselves in a speculatively GHC 5-million house in Vilagio, Trasaaco, etc. Most people’s goals are more realistic, such as keeping up their current standard of living in retirement (with maybe a few upgrades), preventing any financial disasters, and having the freedom to do the things they love, such as spending more time with friends and family.
Think of what type of life you want in the future and how you are going to organize your life right now to get it with the fast selling book INVESTMENT GUIDE (FOREX TRADING). Hurry and grab your copies (call 0246751535 or email gabbynanaoforiyeboah@gmail.com ) as soon as possible so you wouldn’t be left out in this great business. Your job is to structure your finances so you can achieve your vision.
Now, compare how closely your goals align with those of your partner.
Develop a strategy
Once you know where you’re going, you need a plan to get there. The usual route is to spend less than you earn and invest the surplus in such a way that you can get where you want to go.
One word of caution—if you’ve identified your goals but you’re in debt, you probably should address that debt before you start investing for the future. Even when people are not overspending and have debts that carry reasonable interest rates, I encourage them to work aggressively at paying those debts down.
Review your insurance
If you work full time, much of your insurance may be provided by your employer’s group plan. But is it enough? If you feel confident enough to do some basic calculations yourself you can find out.
Many workplace benefit plans include disability insurance, but if yours doesn’t, get enough to replace at least 60% of your after-tax income.
Then look at your life insurance needs. The general rule of thumb is to get enough life insurance to cover 10 times your income if you have kids under 10 years old (five times your income if you have kids over 10), plus the amount needed to pay off your debt. So if you make GHC 50,000 a year, you have GHC 250,000 outstanding on your mortgage, and two kids under 10, you will need GHC 750,000 in term life insurance.
At this point, it may make sense to have an agent review all your insurance policies—disability, life, auto and home—to make sure your coverage is adequate. But be careful. Do not be oversold on insurance by an industry that is famous for doing exactly that. Pay attention to fees, especially with life insurance. If you need more life insurance, chances are renewable term is the right product for you.
If you don’t have group coverage through work, you probably have private insurance policies for medical, dental, life and disability insurance. Consult an independent insurance agent for a quick review. If you need extra coverage, make a note of it so you can include that in your final financial plan.
Slash your taxes
Most tax planning is relatively simple. You’re probably doing a lot of things right already. To reduce the taxes you pay on your investment portfolio returns it helps to understand that the income tax system treats the various sources of investment income differently. Interest on bonds and foreign dividends is taxed at your full marginal tax rate.
For those with low to moderate incomes, paying off debt—including the mortgage—is the best tax-planning you can do. That’s because you don’t pay taxes on the capital gains on your home and there’s no tax on the return you get for getting out of debt. If, however, you’re in a higher tax bracket—earning GHC 85,000 a year or more—it may be worth paying for a couple of hours of an accountant’s time to see what mix of investment options is right for you tax-wise.
Create an investing policy
Every professional financial plan includes an Investment Policy Statement (IPS) that recommends how a portfolio should be invested. It puts in writing the rules that will make you a more disciplined investor. Having an IPS helps you to stick with your plan and keeps you from changing course when the market gets volatile.
A typical investment policy might specify that your portfolio should always maintain a ratio of 60% in forex market investment to 40% fixed-income investments. This ratio is determined by your time horizon and risk tolerance. The longer your time horizon and the greater your tolerance for risk, the higher the equity portion of your portfolio. As you near retirement and need the security of more stable income from your investments, the portfolio mix will usually tilt towards reputable investment like Forex market.
An IPS also states the expected annual returns for your portfolio—typically 5% to 6% per year—over a very long time period, such as 20 years or more. Your IPS might also note the volatility you should expect for a given portfolio. For instance, it could say that you should expect the portfolio to suffer a 10% drop in the short term at least once a decade.
If you have trouble with this section, you can always leave it for now. Once your financial plan is complete, you can consult a fee-only adviser to help you build an investment strategy that’s right for you.
Learning to trade in a new market is like learning to speak a new language. It’s easier when you have a good vocabulary and understand some basic ideas and concepts. For a more in depth introduction and guided steps to achieve greater returns in the forex market, Hurry and grab your copies of the fast selling book INVESTMENT GUIDE (FOREX TRADING). (Call 0246751535 or email gabbynanaoforiyeboah@gmail.com ) as soon as possible.
Write up a will
Every adult who owns assets and has a spouse or children should have a will. An accurate and up-to-date will is the only way to ensure your assets will be distributed the way you want them to be. If you don’t have one, you’re letting the laws in the province you live in make those decisions for you. And if you hold the belief that your spouse will automatically inherit everything—you’re wrong. In most parts of Ghana children trump partners. Without a will your husband or wife will get a predetermined amount of your assets—the rest goes to the kids.
If you have an updated will it should be filed with your financial plan. If you don’t have one, hire a lawyer to draw one up for you.
A typical financial plan has five main parts. The first outlines where you stand right now, that’s your current situation. The second contains your top financial goals, or where you want to go. The third is a simple net worth statement. The fourth lists the steps you must take to achieve your goals. It includes your income and expenses, an overview of your insurance, a section on retirement planning, and a section on estate planning. Finally, the fifth section—usually a separate document—is your Investment Policy Statement, which lays out how your portfolio is to be invested more particularly in forex trading.
Author: Gabriel Ofori Yeboah (Author) Investment Guide (Forex Trading).
Fund Manager, Investor, Broker, Underwriter, FX Trader, Consultant–(Investment, Financial Analyst, Banking) and business Analyst.
Email: gabbynanaoforiyeboah@gmail.com Tel: 0246751535
