Carl Richards, author of The One Page Financial Plan, knows the financial mistakes–including the ones he has made–that people make. Based on his experience as a financial planner, he provides 10 tips to help people get what they want from life. Note: An explanation and examples to illustrate each tip are provided in this article. His tips are:
- Ask why money is important to you.
- Guess where you want to go.
- Know your starting point.
- Think of budgeting as a tool for awareness.
- Save as much as you reasonably can.
- Buy just enough insurance today.
- Remember that paying off debt can be a great investment.
- Invest like a scientist.
- Hire a real financial advisor.
- Behave for a really long time.
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You may want to use the information in this blog post and the original article to
- Illustrate how each tip provided in this article could affect an individual’s financial plan.
- Encourage students to read the entire article to help determine what’s really important in their life.
- It’s often hard (or maybe close to impossible) to determine what you value and where you want to go in the next 20 to 30 years with perfect accuracy. Still, experts recommend that you establish a long-term financial plan. What steps can you take to make sure your plan will meet your future needs?
- Why is it important to evaluate your plan on a regular basis and make changes if necessary?