Personal Financial Goals

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My personal financial plan began with outlining my personal financial goals, which are short term, mid term and long term. The most important part of creating personal financial goal is to figure out how much money do I have and how much money I can afford to spend. Creation of goal needs to be realistic, so it is very important to prioririze the goal and plan accordingly. Things with high priority needs more saving than things with low priority. I have more short term goals than intermediate or long term goals. It is also importamt to set the achievement dates to reach the goal. Saving for emergency fund and pay off outstanding credit cards are the first priority for short term goal. If I pay off my credit card debts first (very high interest rate), it will help me improving my credit score, which in-turn helps me getting loan at lower interest rate. so, it is very important to pay off thr credit debt card, which is only $1500 and other bills of $500. Going for vacation is not important and it is not priority so I will try to save money for that in the last. I do not have kids yet, so I do not need to save for their college. I do not have house either so I do not need any improvements. I am already married so I do not have to save for wedding but I do want to go to India, once in a two year because my paremts are there so I gave it moderate …show more content…

Most of the people do not think abpout saving money at earlier age and do not plan for their short and long term expenses. But, when I created my balance sheet, I realized that I have only $637,100 assets. House has the major contribution, which is $500,000, but I still did not pay off my house loan, so I can consider that as my debt too. If I do not consider house as my asset until I pay off the mortagage, I have only $137,100. I was very glad that I did create my own balance sheet and I realized that I still need to save and invest money in my mid term or long term

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