Financial Goals: Five Essential Ingredients
Before putting pen to paper and formulating financial goals, it is important to weave five key principles into your financial goals plan.
Here they are in brief:
1. Create Wealth
Find a way to greatly increase the value of what you do. Ask: "How can I be worth more to the company I work for?"
2. Maintain Wealth
Include in your financial goals a budget that allows you to spend less than you earn.
Invest whatever is left.
3. Increase Your Wealth
Compounding growth will really increase the speed with which you attain your financial goals.
Reinvest the profits from your past investments.
4. Protect Your Wealth
Build into your financial goals plan a strategy for protecting your assets. Search out expertsin your area who can give advice and make sure you are protected against litigation.[u]
5. Enjoy Your Wealth
Don't wait until you have accumulated a fortune before you start enjoying the proceeds of your financial goals.
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