When you think about your financial goals, I’m sure you don’t think about writing out a manifesto. Well, I am a little different, I like to do things in a grandeur fashion. What I do is make not just my financial goals, but ALL of my goals into a manifesto of sorts. That just ensures that I strive extremely hard to make them happen. It shows my financial view of actively making sure my family is financially secure even after I am gone. Today, I would like to share mine and my husbands 2017 Financial Goals Manifesto with you and encourage you to craft your own.
Continue to save for our grandchildren’s education
The cost of education continues to climb, and students are graduating college facing mounds of debt. If college is a choice for our grand children, we vow that our fourteen and counting grands will not have debt upon graduation. As education is important to us, the patriarch and matriarch of this family, we will use strategic, necessary financial finesse to ensure that any of our grandchildren who choose college as their path, will have the means to attend the college of their choice, without financial worry, stress and strain. Do you have any loved ones that may want to attend college? Are you saving for them? If not, now would be the time to start. Saving $50 per month from the day a child’s born could give you $20,000 by the time he or she turns 17, assuming a 7% return on investment. However old your loved one is, if you want to help fund their college education, start saving. It is never too early, or too late, to start saving for your child’s college.
Plan for early retirement.
My husband and I don’t plan to work until death. We would like to retire early and enjoy many years of fun, travel and relaxation. We are retirement conscious and we know what it will take for us annually and have given account for inflation. Our children will not have to fund our retirement. All unnecessary spending has been eliminated. No manicures and pedicures for me, unless it is a special occasion, I do my own mani pedis. I have began sewing in order to revamp my wardrobe, so that, shopping is not necessary. Have you begun thinking about retirement? Your place of employment does not offer retirement savings? Why not open an IRA or a Roth IRA?
Create two more streams of income.
Generating multiple streams of income can have a major impact on your finances. Even an extra income of $500 each month could go a long way to paying down debt or increasing your investments. We often hear about the importance of diversifying our investments, but diversifying our income streams is just as important, particularly in difficult economic times. We both have an extra stream of income, but this year we vow to create two more. While increasing our income and contining to curb our spending, therefore, living like others won’t now affords us the opportunity to live like others can’t later. Do you have a gift or talent that you can turn into extra income? If so start now and watch your savings grow.
It is inevitable, we will all ride the lighting bolt one day. Last year, our family suffered great loss and it made my husband and I look at our own mortality. My husband and I questioned if we have enough to do what needs to be done when the time comes. We don’t want our loved ones grief compounded by us not being prepared for something we know is coming. It is imperative to us that even though we are gone to the great beyond, their financial well-being was thought of. This year we will review and increase, if need be, our stock portfolio and life insurance. This will ensure that our financial house is in order upon our demise. While we were fortunate that our loved ones made the necessary preparations, in today’s society more are not prepared than are prepared. This is evident in the number of go fund me accounts seen to help raise money to bury someone. It is important to us that we leave wealth behind for the next generations. Have you thought about what your family will do in the event of your demise? Plan today so they won’t be left with grief and empty pockets to remember you by.
What are your financial goals this year? Share them below, you never know who you may be able to inspire by doing so.