What I know is I have the power to control my finance situation “NOW” and my experience is what this blog is all about.
If you are new to my site and may be interested on how to put structure in your finance life to support a long term vision, then you may want to check this out. I am exposed to the world of understanding numbers, forecasting and graph analysis in my line work and this blog is my haven. My goal is to share some tools that keeps me aligned and focused in my day to day life. I am not a financial guru - -I am also a beginner and what works for me may not work for you
When I first started, I was clueless in handling finances and investing is a low priority in my mind. I wasn't motivated as I have no idea where to start. A simple excel format helped the trick. Then I start day dreaming ..where will I live 10 years from now, which country will I shop etc etc - - and my saving madness came to life! And that's how I started placing all my money in long term investment - -401, Roth , stocks..you name it..that's why I have no money in my wallet now.
Then, I printed my sheets and placed them in a binder rather than working on an excel file in my computer,I used the tracker like I will use my daily diary. I kept the binder in my bedside table and diligently mark the columns before I go to sleep. My motto: If I can see it..I will be motivated to do it! I tracked my progress for 8 months until I got the habit of diligently monitoring the money flow! At that time, I knew I was ready to go back to excel reality.
Click on the links and feel free to use my personal tools in attempting to analyze my current situation and measure your progress regularly
HOW TO START A FINANCE PLAN
STEP 2: SET LONG TERM FINANCIAL GOALS to include the time you would like to retire and the money you anticipate you need
STEP 3: PREPARE A PERSONAL BALANCE SHEET identify the traffic of money flow (asset versus liabilities)
STEP 4: DEFINE EXPENSES: Weekly, Monthly budget setting and tracking to help you understand where the gaps and opportunities in managing your expenses
STEP 5: SAVE MONEY BY USING TRACKER SHEETS: Weekly, Monthly and seasonal trackers to help you stay focused on your savings goal.
STEP 6: PLAN FOR CONTINGENCY: Find out how much money you would need in an emergency and build an emergency fund so you are not forced to cash in your investments.
STEP 7: RESEARCH,RESEARCH AND RESEARCH: How many times have they said that knowledge is power? Keep yourself informed and abreast of stock market situation.
STEP 8: BUILD YOUR ASSET: Everybody can save. You just need to start from somewhere
STEP 9: AVOID CREDIT CARD DEBT: Do not join the growing bandwagon of people that are unable to pay credit card debts. Eliminate card debt if you can.
STEP 10: PRIORITIZE SAVING VS SPENDING: You do not have to give up on occasional splurges..just learn how to find ways to have fun and still save!
My biggest fear is the thought of seeing myself mopping floors at the age of 60. There is no excuse why I should NOT continue sleeping in a comfortable bed, IF I PLAN, INVEST and SAVE - -who knows....10 years down the road..I may be opening a new blog on how to splurge and spend my accumulated wealth from some exotic place under the sun somewhere ! I wish....
