Personal Narrative: My Financial Goals

As I begin my personal financial plan, I will start with my goals for different points in my life. This will outline the overall plan for getting my finances in order. Even though I may not have enough time to complete my goals, completing my goals are important because of financial well-being and being able to retire comfortably.

This section was a very useful tool, creating my financial plan. since I have a lot of Financial obligations established at this point in my life. I have several expensive since I own two rentals and my own primary home. I also established a little bit of debt for books but I have no tuition debt establish due to my schooling. I have one credit card with a high balance that I would like to rollover to lower interest loan. Although before my illness my credit score used to be at 728 but due to my illness I filing bankruptcy. I have a low credit score and I know to establish a higher score. I will have to wait till the bankruptcy drops off my credit score in 2018.

And before you know it, if you are not careful or have budget your money you could get back into debt again by spending on those credit cards you fully paid off. Some discipline is required if you plan to consolidate debt and reduce your monthly payments.

Saving for your retirement is essential if you are serious about personal success. Let's face it; nobody knows if the Social Security system will still be intact when they retire. One of the most important success secrets for your financial well-being is to have a serious plan for your retirement. You simply cannot neglect having the financial wherewithal to take care of yourself in your Golden

When your credit balance is high compared to your limit, your credit score can be in jeopardy. Being debt free allows you to raise your credit score again. Paying off debt will also give you the financial security that you want. In reality it keeps you from making your own money. What your spending on repayments could go towards your child’s tuition or for a rainy day. Also once you become debt free you can start spending your money on things you actually want. Unfortunately, this is usually why people tend to get even more in debt than they were in the first place. Since they can’t afford to buy things because of the debt, they use even more debt to purchase it. Debt also comes with a lot of stress and once you start paying it down it can reduce a lot of it. Most people worry about how they are going to cover all their debt and a lot of stress isn’t healthy. Going on about the stress, once you repay your debt you will also reduce bills in the mail that can cause a lot of stress for most individuals. Once you are debt free there will be less bills and expenses to worry about. Also another thing to think about is your mortgage or car. You don’t necessarily own it and once you become debt free you can

There are some cases where consolidating debt isn't really worth it. If you have debts with low interest rates, it's probably in your best interest to keep paying them. Putting them in one place will extend the payment period, meaning you'll pay much more in interest over the long term.

In general, debt consolidation is definitely the answer for those needing help with their debt payments. Creditors can be intimidating, and sometimes it is best to have professionals deal with them on your behalf. You will not only learn better money management, but you will be paying down your debt. This in turn will result in greater tranquility and freedom.

If your debt situation is particularly severe, you may be asking yourself, "How do I get rid of debt"? Well, the first thing to do to get rid of debt is to admit that you are facing a serious problem that needs your full commitment in order to resolve it. Next, follow these 5 steps to being debt-free:

Picture years down the road, you are trying to get ahead in life, but debt continues to drag you down. A family to provide for and someone is constantly breathing down your neck to pay your debts. Can you imagine the sudden relief, of your debt being paid, every hard-earned penny being your own, and finally your family having enough food on the table.

The first step in creating a retirement plan to last at least 25 years is to set short term goals, understand good debt versus bad debt, and how to prioritize paying off debt to allow the additional income to be saved for retirement. Bad debt, such as personal loans, car loans, and credit card debt carry high interest rates, and do not represent a future investment; bad debt loses value over time. Good debt, or debt with a low interest rate, can be viewed as a future investment. This type of debt includes mortgages, business loans, and student loans (Von Tobel, 2014). Paying off bad debt first reduces high interest payments, which then can be applied to an overall retirement savings plan. Approximately 50% of credit card users carry a month-to-month balance, and are required to pay accrued interest charges. According to Ghilarducci, actual credit cards should stay home, in a hard to reach place to be used only in the case of an emergency. While it is critical to pay down credit cards, high interest loans, and avoid carrying a balance, it is also important to make solid financial decisions pertaining to good debt. Paying off a mortgage in 7 or 15 years will raise the current monthly payment, but will save money overall by qualifying for lower interest rates, and

It is time to review all your debt and plan out a strategy to clear it off. The most helpful tip is to start with the highest interest rate debts first. This doesn't mean you liquidate your entire assets to restore your credit. A bird in basket is better than two in the bush. So, you know you have cash in the bank or safe in case of any emergency or money crunch to survive on.

Become more aware of your finances. Figure out how much money you are taking home and subtract the amount you are spending. This is your savings rate. Maximize it.

The tough thing about debt freedom is you want to use cash. When you use cash you feel it more. Your brain registers cash leaving your hand. You don 't feel it when you use your debit or credit cards. Just try it and see. Dropping $995 cash on a business opportunity, $4000 on a flat screen, or $25000 cash for a new car will have you investigating your purchases more.

When I talk about financial, my expenditure is little higher than my income. Therefore, when I did my “smart goal” assignment, I set my financial goal. From that day, I reduce 200 dollars from my monthly budget, and I have been evaluating my expenditure every week. My short-term goal is to cut off the unnecessary expenses, and my long-term goals are to know how to live with my income and reduce financial stress.

Another goal is to have money and no debt, so if something happens I can pay for it. I will achieve this goal by getting a good paying job and being smart with my money. Also, I will achieve my goal by making smart investments. Later on in life, I would like to get married and have kids. I would also like to have a nice