What does a secure financial future really look like? We all know about ticking our life goals off a bucket-list, but what about our financial dreams? Surely these are just as important as life indulgences but less people seem to be as focused on their financial goals. So let’s explore some goals you might like to achieve in your lifetime of spending, working, and investing.
Debt must go
It is time to pay off your debt, whatever stage you are at in life; it is always time to get rid of it. You may be shocked by how many people get caught in debt cycles which see income coming in and straight out again instead of getting a chance to spend it on things that matter. Consider budgeting your money and debt consolidation so that you can get rid of that tax, credit, personal debt, or mortgage sooner rather than later.
There are debt calculators available to find how long your debt will take to pay off, and you can begin working on a plan to pay it off. There are also many financial solutions to start paying off these debts depending on your personal financial situation as well such as debt consolidation or debt-snowballing methods, however make sure you do your research before to see what is right for you to free your income.
Own a home
There are many other investments which you can make, however owning your own home can offer a stable source of wealth. It can help you impact your income, reduce your living expenses (such as rent) and add to your pay packet if you decide to rent it out.
Get a secondary income
The goal of earning part of your income, with very little or no effort is a great thing to strive for. It could be something like an invest property or income from a hobby which you enjoy. This extra money if earned regularly can help you achieve other financial goals such as paying off that mortgage or debt sooner. Just $100 per week for example can slash your 25 year mortgage to 17 years! (Based on a $350,000 mortgage, at 7.5%).
Stash the cash
If you begin to earn more money by getting a pay rise or create a passive income, it can also be a good idea to put some dollars in a fund which can be used in case of an emergency.
If you have a safety net or buffer it can add confidence to your dreams and goals as well as creating a limit to how far you can fall if things don’t work out as you planned they would.
If you begin to tick off the things on your financial bucket list, it can give you the confidence and freedom to do the other things in life you have planned and can defiantly be worth the effort.
Source: Yahoo Finance