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Planning for the Future Now

Mar 27, 2008
Something I've noticed, after having sat down with so many families, is that most of them were completely in the dark when it came down to their finances. They were so concentrated on their present circumstances that they forgot they had control over their financial futures.

We can't always live in the present just like we can't always live in the past or the future. There needs to be a balance between the areas to which we dedicate our thoughts. When talking about the past, all you need to take from it are the lessons that you learned. The present is your life lived on a day by day basis. The future is what all of your present actions should be aimed towards.

The same mentality should be applied to planning out your finances. What past actions have you taken and are you happy with the results that they've given you thus far? If not, what current actions are you taking and are they any different than what you've been doing? How do you want to live your life in the future and have you adjusted your present actions to get you to your goals?

Many people are completely unaware that their current situation is the result of their past actions. So they continue to do the same things and follow the same patterns expecting to get different results.

To plan properly, you must first look at what your exact situation is like right now. Are you in any debt? What are your liabilities? Do you have kids and if so, do you plan on sending them to school? Are your wife and kids protected in case you're not around anymore to pay for the rent or the mortgage? Are you making enough money to get yourself out of debt and pay for all of the necessities?

Be willing to answer all of the above questions with honesty or be prepared to deal with them later on in life when they've gotten more serious. If you see that there are any areas where you need help, the next obvious step would be to seek help.

In regards to debt, the first step is to provide your family with the protection needed to cover all of your liabilities such as the mortgage, credit card payments, etc. so that they are all accounted for if you're not around. Then you must concentrate on getting rid of all of your bad debt. Only then will your income actually belong to you and not the creditors.

The next step should be to make sure that you are preparing you and your spouse for retirement. At the same time, you should think about whether or not you need to put any money aside for your children's college tuition.

We all wish that we could take care of all of these matters without reaching into our pocket, but just like anything else, a certain amount of income is necessary for achieving your financial goals. Are you making that necessary income or do you need to find a way of making extra?

Many people can and do honestly say that they're not making enough. However, when they do want to make more, they either think about getting another degree or getting another job. Christopher Columbus said, "I didn't discover America for you to go out and get a job."

The main goal is to start a part-time business that will not only allow you to make more money, but will ultimately allow you to supplement your job income. Then you can quit your job and devote all of your efforts to growing your business and creating a substantial income for yourself.
About the Author
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