Financial Planning Now to Avoid the Risk of Being Broke Later

It’s scary to think of not having enough money at any age, but even scarier to think of being broke after you’ve retired and can’t work anymore – but some planning now can give you a brighter future. (Sorry for stating the obvious.)

Money: Master the Game
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You have choices here – you can hire a financial advisor, you can do research and apply your best common sense, you can flip a coin to choose your retirement savings strategy (but you shouldn’t actually do that) – you can leave it in God’s hands and see how it works out – or you can make a plan.

Financial Planning for Your Future

According to NAPFA, the National Association for Personal Financial Advisors (which can help you find a CFP, or Certified Financial Planner), two out of five people surveyed rated themselves poorly in regards to understanding personal finance.

This lack of financial understanding leads people to retire later, to be underwater with mortgages, to have ZERO DOLLARS saved for retirement, and to have no kind of budget whatsoever.

Ignoring the need for financial planning does not make the problem go away, however. It only serves for stress and depression to build up in the individuals who have foregone this type of monetary exploration.

Financial Management

Whether you have a lot of money or you are struggling to get by, financial management is going to play a big role in your future. If you take control now, your future will be better.

(I know I kind of said that already, in different words, but really, it is so vital it cannot be over-stressed.)

How to Save Money for Long Term Investment

If you feel like you don’t have enough money to get by, saving money is, of course, the farthest thing from your mind.

The thing is, things like saving and contributing to causes, instills in your subconscious mind that there will always be more, and then, you start to find more and more that you can save, and you start to feel better about yourself.

And, as Anthony Robbins said, “If you won’t save a dime out of a dollar, you won’t save a million dollars when you have ten million.”

Personal Finance

Personal Budget Guide
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If you don’t know where to start on this life changing part of rewriting your life story, pick up a book on personal budgeting, or look for money management games you can play to explore the process of taking control of your financial destiny.

7 thoughts on “Financial Planning Now to Avoid the Risk of Being Broke Later

  1. Trying to get my financial life in a better place, build credit, and start saving money. I am a 52 yo male. Retired from being a professional mover with my own business. Have started a new job with Uber but may have to get another job due to high gas prices and reduced business in Baltimore, Md due to the recent rioting. Really enjoyed reading the blog so far. Please point me in the right direction. I have depression, diabetes, etc. My credit in so low I don’t even have a credit score. Used to make decent money moving household goods. Please help. Sincerely, Kevin.

    1. Hi Kevin,

      First, thanks for visiting my website and telling me about your situation and leaving your question.

      It looks like you have so much going on – it must feel like everything is against you – at least that was how it felt for me when I had similar struggles.

      The job with Uber sounds like a great start, I don’t know much about the company, but I’ve read the drivers don’t always make as much as expected due to the fuel costs you mentioned and maintaining the vehicle. I’d say give it a fair try and stay positive about it, but at the same time, be open to a side gig, and keep your eyes open for opportunities – they can come from the most unexpected places.

      You mentioned your credit score, but you didn’t say if you have a lot in collections – if you haven’t already done it, you can get a free copy of your credit report – it won’t tell you the score, but it will let you see each debt that is dragging down your score.

      I picked the smallest bills to pay off first when I was dealing with mine, and then I checked my credit score weekly on CreditKarma – I found it inspiring to watch my score go up bit-by-bit.

      I think that ties into helping a tiny bit with the depression part – because it gives you a measurable result – you can do these small things and see the results.

      If you’re struggling with diabetes, you need to put some extra attention there, too, because no one can feel good about life when they don’t feel good – I don’t know a lot about diabetes, but I know people who have it, and I know it can be brutal, and maybe just like the debt, just pick a place that’s easy to make a change, it might not seem like enough, but a positive change is still a step in the right direction.

      Really, just asking for help is a positive thing, and you should feel good that you asked – it can be so hard to swallow your pride and ask for help, but recognizing the problem, and looking for the way out is the first step to rebuilding your credit and your life.

      I don’t know if anything I said here will help, if it doesn’t, you’re welcome to give me a little more information, and I’ll run any ideas I have by you – to see if they’ll work for your situation.

      Laure

    1. Thank you for visiting my site and taking the time to leave a comment. I visited your site, too, and think it’s really, really nice.

  2. You offer some great tips and I totally agree that we shouldn’t put off financial planning. I think it’s intimidating sometimes and so, people put it off.

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