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Tuesday, June 24, 2008

Financial Priorities

Establish Financial Priorities

From The Hoss's Mouth

The Hoss says; establish financial priorities for you and your family. This is an absolute must for financial success.

Any financial money magazine you read or any financial adviser you talk to will almost certainly relay the same information: The first step in any successful financial plan is to establish your financial priorities, or in other words, figure out what you are saving for. The Hoss says, be sure to include your spouse and other family members at this stage. It is much easier to obtain your goals when the whole family has input and is committed to achieving the agreed upon targets.

OK, don't worry. I know this is easier said than done, but The Hoss will provide you with suggestions to help you achieve this lofty goal.

First, make a list of everything you and your family members need or want to make them feel happy and secure. Let The Hoss help you get started with some goals common to all family members:

  • get out of debt
  • college education for the kids
  • buy a house
  • retirement fund
  • planning a vacation
  • save a little each month
  • purchase household appliances
  • buy a car
  • start a business
  • rainy day fund

Hoss Cents Free Financial Money Magazine Success Tip.

List your financial goals in order of priority

The Hoss says, now that you and your family have identified your financial goals list them in order of priority and break them down into three categories: Short-term, Intermediate-term and Long-term. Financial advisers differ on the recommend time frame for these goals. Look at all the circumstances and decide what makes the most sense for your family's situation. The Hoss provides examples below, but be flexible and adjust accordingly.

Short term goals - A year or less.

Intermediate-term goals - One to five years.

Long-term goals - Five years or more.

Hoss Cents Free Financial Money Magazine Success Tip.

Write your goals down.

The Hoss suggest using the KISS principle (Keep It Simple Silly). No, The Hoss is not calling you silly, but he is suggesting you keep your goals simple and realistic. If your goals are too complicated or unrealistic, you may be tempted to abandon them. Writing your goals down will help you and your family stay on course. Do not overlook this tip. It is extremely important for you to have a document to refer to in order to measure your success. Remember; do not be too rigid, as unforeseen circumstances may cause you to adjust your goals. This is a reality of life.

OK, that's enough for this post. What you have achieved here is in reality the first step in budget planning. Next edition of the Hoss Cents Free Money Magazine will deal with the remaining steps in building a budget to achieve your financial goals and priorities.

Stay on track,
The Hoss

Next Hoss Cents Free Financial Money Magazine Post: Creating a Budget
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