The great self-improvement author Alan Lakein once said, Planning is bringing the future into the present so that you can do something about it now. Considering the same quote with finance, financial planning would be bringing future financial problems to the present so that you can do something about it now to make your future more secure. Financial planning is the process of making smart, calculated decisions about money that help you achieve the goals you set for yourself.
Now, there are several types of financial planning ranging from children’s future planning to tax planning to even retirement financial planning. This article is going to focus on financial planning tips on a more personal level.
How to develop a financial plan
- Set your goals for the short-term and for the long run: For goal setting, follow the SMART approach-
S- specific
M-measurable
A-achievable
R-relevant
T-time bound: This is the most important parameter of all; you should be able to set yourself deadlines to accomplish individual goals, because without these you will be stuck, making no real progress.
Habits are the building blocks of life, so find out what habits you need to develop to attain your goals. It could be something simple like, “I’m going to carry a little diary with me in which I will note down everything that I purchase.” This sounds mundane but overtime you will hold yourself more accountable for the money you spend, and you will subconsciously develop tendencies to spend wisely. - Note down your assets and liabilities: Assets are anything that create an inward cash flow. Rising stocks, booming real estate, etc. are all assets. Liabilities are anything that suck cash out of you. Risky investments with poor return-potential are liabilities. It’s crucial that you become well aware of your assets and liabilities and look to turn your liabilities into assets. You might inflict some short-term losses in doing so, but the key to financial independence is racking up assets. Always work on paper, making decisions mentally are not quite as effective as systematically working on paper.
- Assess your current financial situation: The difference between your assets and liabilities is what’s called net worth. Think about how much far from your goals is your net worth. Try to understand where you are standing and where you want to go.
- Make mini plans to achieve each of your goals: For example, “To retire before I turn 50, I need to have earned x amount of dollars in y amount of years.” After making plans, think of the most efficient ways you can implement your plans. Planning is just a fantasy; execution is what makes that a reality.
- Monitor your plans regularly: This is the most critical step of all. You have to review your activity every month or every six months and find out if what you are doing is taking you towards your goals. Develop a flexible mindset to keep changing your approach until you find yourself heading towards victory. Failing to get feedback from your actions will turn out to be disastrous. You will have spent a lot of your most precious resource: time. Do not believe in failure. There are only victories or lessons. There’s no such thing as failure. Always look to learn from your mistakes and keep moving forward.
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Top 3 Furniture Pieces for Your RV
Read moreIf you travel often, then you probably miss that homely feeling of sitting in your living room and enjoying a movie or enjoying the soft breeze while sitting out on the porch. With an RV, you can fulfill your dreams of traveling while living within the comfort of your home. Have a look at some of the exclusive deals on RV furniture and get closer to fulfilling your travel dreams.
Thomas Payne RV Dual Reclining Sofa with a Center Console
This theater-seating sofa comes with two recliners and a center console. Just kick back and relax in your RV or camper on this plush sofa. The center console has two cup holders and a storage compartment which you can use to store remotes and other small items.- The theater-seating sofa is reclinable which allows users to relax in their RV or camper.
- Integrated footrests let you prop your feet up. You can release this with a handle located between the seat cushion and armrest.
- Seats, backrests, footrests, and armrests are all padded to give optimal comfort.
- The recliner comes with PolyHyde Euro-leather vinyl upholstery and a polymer coating, which is a low-maintenance material that is easy to clean. The classic and high-contrast stitching offers a stylish look.
- This product is available on eTrailer for around $1,248.99.
RecPro Charles 36″ Corner Wedge RV Furniture
Give your RV a sharp new look with the Modular Corner Wedge from RecPro. Fill that clunky corner in your slide-out or living area with this new padded luxury item that will bring your whole modular piece together.- It provides a plethora of padding for those who have relaxation on their mind. This Corner Wedge is double-stuffed for your comfort.
- This Corner Wedge is engineered to work with a modular seating line, covering that extra space in the corner of your RV.
- This piece of RV furniture comes in four colors that have been selected to mirror or match most of the shades of RV interiors available in the market these days.
- The fill of this RV furniture item is 100% polyurethane which gives optimal “bounce back” even after years of use.
- This piece is available on the RecPro’s official website for around $299.95.
149-68 Trifold Sofa Sleeper – Beckham Tan
This Tri-Fold Sofa is an industry perfected sleeper sofa.- It’s an all-in-one sleeper sofa that comes with a mattress.
- It comes with 4-Step Transition which provides ease of use and functionality.
- You will not need an extra or spare mattress.
- Unlike beds, this threefold sofa mattress has no support bars.
- Now your guests can have a comfortable sleep when they come over.
- The entire frame is made of lightweight aluminum.
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Safety features of the Chevrolet Silverado 1500
Read moreThe 2020 Chevrolet Silverado 1500 is one of the most powerful trucks in the light-duty pickup truck category. It is a full-size pickup truck that has a powerful engine, and the handling is balanced as well. Some of the positives of this automobile include its best-in-class towing capacity, efficient fuel economy with the all-new turbodiesel engine, easy handling, and ample room for passengers.
You can take a look at some of the safety features of this magnificent car below before making your choice.
Safety features of Chevrolet Silverado 1500
Given the kind of power that the vehicle possesses, safety becomes all the more important, and luckily for us, the truck comes with a host of safety features that make it one of the most reliable vehicles that you can buy. Some features that we absolutely must talk about are mentioned below.
- Anti-lock braking system: This system is one of the most popular features among car enthusiasts. The technology enables to maintain wheel lockup and steering control even after hard braking on slippery surfaces, there is no sudden thrust, and the vehicle can stop at ease.
- Stability control: Stability control is another important feature, especially in high-power vehicles. This feature allows the vehicle to judge whether it is being driven beyond handling limits. The vehicle automatically reduces the power of the engine and applies low- pressure brakes if needed. It takes into account the kind of terrain that the vehicle is being driven on and automatically adjusts settings accordingly. This prevents the driver from losing control.
- Dual-stage frontal airbags: Front-impact airbags have been provided to safeguard the driver as well as the passenger in the front seat during a frontal crash.
- Seat-mounted side-impact bags: During a side-impact collision, one’s torso is kept safe by the side impact bags, which is one of the standout features of the 2020 Chevrolet Silverado 1500.
- Blind zone alert: There are blind spots in every car and this important safety feature on the Chevrolet Silverado 1500 alerts one of the vehicles in a side-blind zone.
- Cross-traffic alert: This feature alerts the driver of the traffic present on the immediate right and left lanes as well as in the front and at the back. This way, the individual gets extra security while driving. This feature is only an added advantage and should only be used in addition to absolute concentration and caution for the driver.
- Four-wheel antilock disc brakes: Coupled with ABS, this allows the driver to steer to safety with ease when there’s a need to apply sudden brakes.
A few of the new features that have been added to the 2020 model include an optional 3.0L Duramax Turbo-Diesel I6 engine, a 5.3L EcoTec3 V8 engine with DFM offering 10-speed automatic transmission, availability of 6.2L EcoTec3 V8 engine. Further, it also comes with an advanced towing capacity of 13,400 pounds when equipped with the 6.2L V8 engine, which is a major upgrade. In addition to all these, the safety features mentioned above make this car an absolute steal.