Strategies For A Financial Goal Without Any Defined Action...

A financial goal without any defined action plan is just a wish or may be day-dream. Therefore, the next step is to devise possible strategies that will help you to achieve the set financial goals. These strategies or action plan could be self-change, acquisition of additional knowledge and skills, and cooperating with people and institutions whose support you will need to achieve your goals. Just as there are more than one ways to get from your house to a remote city, there is also more than one route you can take to achieve financial goals too. Additionally, you should note that one financial goal may impact another goal. For example, the goal for higher education may reduce the available cash for savings and investment. For financial planning purpose, action plan can be grouped into 3 categories: †¢ Increase your means – anything that could increase your earnings †¢ Stay within your mean – discipline with your spending habit †¢ Saving and investing in the right products and on time. Using Isatou in our case study, she may consider the followings action plans: †¢ Increase her monthly savings amount to 20% or 25% of net income. †¢ Move some funds from her savings account to a high yield bond or money market investments such as treasury bills. These products pay higher returns than bank savings account. †¢ She could sell off her car and invest the proceeds. †¢ Consider additional sources of income to increase her means. Be creative, but if you have no ideas, then read over 40Show MoreRelatedBaldridge680 Words   |  3 Pagesplanning is applicable for any type of business entity or organization. However, people tend to think that it is only meant for large businesses. 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