By this time, you already know the basic foundations for you to achieve financial freedom at your own style.

To give you better views and understanding about the different aspects of a sound financial plan, I will share to you the updates or posts you can expect from the blog moving forward.

Monday to Thursday! Its Q and A Days!

From Monday through Thursday, I will try to answer the specific questions that you will asks about managing your funds or your financial plans i.e budgeting, investments and portfolio management just to name a few.

Friday – Our Portfolio Day!

To better appreciate our understanding in the financial markets, together we will start building up a portfolio of invesments. Every Friday, I will update you about the developments and the strategies we will make to achieve the goals we will set in!

Saturday – Special Fundamanetal and Technical Analysis Day!

We will be analyzing the financial market, specifically the bond and stock markets, and will try to predict or project the trends using fundamental and technical analysis.

Sunday - Special or Free Posting Day!

This is a free posting day! I will post something or everything under the sun except showbiz news, haha! Whether related to cars, sports, gadgets and other matters!

Hope the schedules above will help you enjoy your journey towards financial freedom. For questions, just post it on the comments section, or reach me through email and facebook account at mjinoncillo@yahoo.com.

Step 2! Make your Financial Plan!

In my previous post, we learn the importance of  Budgeting, which is the first step in achieving your financial freedom.  I believed that by now, you already assessed and made your own budget to fit your style!  

Just bear in mind and take this as a friendly reminder, you should stick to your budget for you to be a Millionaire! Like? Hehe!

Let's go to the second step in achieving your financial dreams.

   

Throughout our lives, we need a plan to achieve our goals.  If we don’t plan, we are open to mistakes and may lead to misdirection.   

So, how can we avoid it?

 

Have a financial plan!  The financial plan will serve as the blueprint and guidance in achieving your financial dreams!  Here are the steps to have a sound financial plan:

First, Identify!

You must first identify and write down your goals.  Your goal is dependent to your age and personal preferences.  For example, for young professionals, their main goal is to save and accumulate wealth while for those in the mid 30’s to late 40’s, their main goal is to pay home or car mortgage, or to support their child’s college degree.  

Next,  break down your goals!

After you identified your financial goals, you must categorize them based on the time you want the goals to achieve.  In personal finance, the three (3) main categories are as follows:

·         Short Term – you want to achieve this goal about 3 years or less.  This may include saving for a vacation or paying off a personal debt;

·         Medium Term – you want to achieve this goal around four (4) to seven (7) years.  Example of this are saving for a down payment for a house and lot or for a car, or saving for your child education; and

·         Long Term – you plan to achieve this goal around eight (8) or more years.  The best example of it saving or planning for retirement.

Next, educate yourself!  

I encourage you to read books, blogs (like this one! Hehe!), magazines or attend seminars if given a time.  By educating yourself, you will not only add value and learn but also will help you to make successful and sound decisions that will lead to the success of your financial plan.

Lastly, evaluate and monitor your plan!  

You should review your progress daily, monthly or at any point in time you are comfortable with.  By doing this, you will be able to monitor if your plan needs some adjustments or needed re-evaluation to your approach to achieve the plan.

The above steps are just the basic foundation for a sound financial plan.  The most important thing is to do it NOW! START NOW!  Why? Even if you have the best financial plan in the world, if you don't start, you will not achieve your goal.  Always remember, that the best asset to achieve your financial goal is TIME!

 For comments, questions and topics you want to discuss, just hit the comment box below.