Setting Financial Goals

The first step in personal financial planning is learning to control your day-to-day financial affairs to enable you to do the things that bring you satisfaction and enjoyment. This is achieved by planning and following a budget.

The second step in personal financial planning, and the topic of this section, is choosing and following a course toward achieving your long-term financial goals.

As with anything else in life, without financial goals and specific plans for meeting them, you will just drift along and leave our future to chance. A wise man once said: "Most people don't plan to fail; they just fail to plan."

The end result is the same and it is a failure to reach financial independence.

The third step in personal financial planning is learning how to build a financial safety net, which is like to having a retirement fund for when you are no longer generating any income.

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Ronald
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