If you could have the chance to triple your net worth, would you take it?
Research has shown that, on average, people who create a financial plan end up with three times the wealth of those who don't.
So consider taking the time to do some financial planning.
Here are 5 simple steps to get started:
Identify your important goals and give them each a deadline. Be honest with yourself. It’s better to set a modest goal that you can accomplish than set a goal that’s so unrealistic you give up along the way.
Come up with some ballpark figures for how much money you'll need for each goal.
Review your finances. How much money have you saved, and how is it invested?
Think carefully about the level of risk you can bear.
If you want to take a big risk and it doesn’t work out, will you still be able to pay your bills?
And 5. Look at what kind of returns your investments have generated over the long term and ask yourself—if they continue to perform in line with long-term averages, will you be on track to meet your goals?
And that's it.
If this still seems overwhelming, it's OK to ask for help.
A Certified Financial Planner can walk you through the process, and they can check in with you periodically to help you stay on track to reach your goals.
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