Planning A Financial Future

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Lately, I have been thinking a lot about the future. Where will my family be in 10 years, 20 years? What do I want my future to look like? Then I get thinking about where I was 10 years ago. Sadly, I am not as far ahead as I had dreamed I would be. Until recently, my family was in a bad situation and was trusting the advice of someone who did not have our best interest in mind. Now, we have 5 children, 2 of whom are in high school this year. University is not far away, and I am stressing about how we can give our children the future we did not have. I want to be able to travel, to help them with school, and to take care of my disabled daughter.

There are couples I know that have already been in retirement for a while and still have a mortgage. There are others, who have their home paid off and are living enjoying their financial freedom. I want that future. I want a future where I can help my children and not worry about how the bills will get paid. That being said, I also want to enjoy my life now, not think about every penny. Yes, I have made mistakes, but I don’t want my life to determined by them.

So, this leaves us in a place where we need a plan.

The first step is to eliminate our debt. Living pay check to pay check is a reality for many families, and it is no fun. How can you plan for the future when you are watching your money go to interest every two weeks. This is a hard one, and it can be enough to discourage many. Don’t give up! Find a picture of your dream house or dream car. Whenever you get tempted to spend money, take a look at that picture and ask your self, what do you want more? Immediate satisfaction, or long-term freedom.

Look into retirement plans. Don’t count on the equity in your home for your retirement. You can not see the future. While housing prices go up, they can also go down. If the market is not good when you need it, where does that leave you? A well-rounded plan accounts for the unexpected. Check with your employer to see if they offer a program where they will match your investment. This can help your savings add up.

Talk to a financial advisor. The best plan you can put in place comes from someone who knows from experience. Investment properties, stocks, bonds, it is a labyrinth to manoeuvre through and having someone who knows can make all the difference in the world. Chase Rubin is a great example of someone who trusted their instincts and had it pay off. Shop around, and find someone who has the training and experience, but also understands your needs and goals.

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