As I think through where I want my life to be financially, both now and in the future, there are a few statements that fit with the now category. One is to begin paying back my student loan debt. That way I will be able to save myself from having to pay more for interest on the loans. Another statement is to start saving money for a good car. I realized in my financial plan how expensive taking a taxi to work would be and now I know for certain that I need to be able to buy my own car and the necessities that accompany one. Thirdly, I would like to start giving more money to the church on Sunday mornings. I have also thought of statements for the future. One of these being to save money for a home. This is important to me because I want my children to have a nice home to grow up in. Another statement is to finish paying of my college debt; however, I hope to …show more content…
Just by going back and comparing the amount of time I spend in each category, the average of one hour a day compared to about three to five a day I spend on homework does not show the relationship I claim to have with Him. Actually putting enough time aside during the day to spend with Him or in the word is a difficult task, especially right now when finals have finally arrived. I know for myself, I tend to become so obsessed with completing my homework and earning a good grade, that I lose focus on what is most important, and that is my relationship with Him. I need to become more willing to give Him total control of my life in order to release my need for having a handle on everything. Also, the time I spend with my friends could be decreased a bit. I know that having relationships with those around you are vital in any life, but at the same time, what is the use of having earthly relationships if my relationship with the Creator is dwindling. I need to find the balance between the
My sister shared her testimony with Janet and how Financial DNA got her to understand her finances, to assign goals for money and live in victory. I asked Janet what where her goals? Janet expressed she wanted security, resources, and the ability to take care of herself. I informed Janet that she was in the early earning stage in life. Furthermore, Dr. David Murphy (n. d) in his lecture Introduction to Financial Coaching gave financial insight for early earners to consider as priorities. Dr. Murphy asserts, “Pay off student loans. Learn to manage money and budget. Lastly, short and medium term savings objectives” (p. 6). Janet disclosed she wanted to purchase a car but needed a down payment. Out of curiosity and to have a better understanding of Janet, I asked what kind of car did you plan to buy? Janet said “Lexus, Acura or a BMW”. I asked her did she think a thousand dollars would get her in those cars? She said, “the ad says $1000 everyone drives”. We needed to set some goals and prepare a financial statement to evaluate her finances. It was time to pray, Janet mind and spirit need calming and plan. I asked Janet to read aloud Matthew 6:25-34 and let focus in prayer on the kingdom of God and that God will add all things to you. Additionally, we need to pray for discipline, revelation and take every thought captive to obey
The book “Crazy Love: Overwhelmed by a Relentless God” by Francis Chan is book for those who want more from their relationship with Jesus. He wants us to really think about our relationship and see whether or not we are giving off good or bad fruit, what can we do to really deepen our relationship with Jesus. Coming into college I had no idea what to expect, but I knew one thing, that I was not going to lose myself and my faith to college and my social life. In life we do not really have control of the many things we do or the obstacles that we face, but this, my faith, I did. I decide whether my faith and my relationship with Jesus was going to exceed or was I going to fail him. But as the weeks went by, I saw myself distancing from the one thing that made me happy, that fulfilled me grow darker and slimer by the days. I want to get out of this rut, this place where I am not happy that even when the sun shines my days are dull and full of darkness, this is why I need to fix my relationship with God. I need to
Based on your Daily Spending Diary, describe actions that you might take to identify and achieve various financial goals.
The goal could be saving for your child 's education, buying a new house or a regular pension after retirement.
In addition, I will practice what we have learned in class this semester. I will follow Dave Ramsey’s five foundations to financial success. As soon as I get out of college I will start saving as much as possible to start a three months of expenses emergency fund. Next, I will attack debt with all I can using the debt snowball method, paying off my smallest debts first and then contributing that money to bigger debts until I am debt free. Next, I will save and pay cash for all major purchases such as a car or a house. I will never pay for something unless I can pay cash for it. However, if I do need to get a house mortgage I will finance it with a fifteen-year fixed rate mortgage. This way I will never go into debt trying to pay for something. I will be able to save more money while still having nice things. Finally, I will
There may have some short term goal and long term goals depending on the time frame we set out. Setting a financial goal should be serious and a realistic goals because we could fall out with every goals if we have no outstanding set of goal. For example; I want to become a network security but I have no financial support or set of goal, I would not make my dream to come true. The finance follows everything that we do in order to success. Without a financial goal, it is like climbing on a tree without ladder. During my short term goal, I decided to save money as much as I could to support for myself. I also could get help from my families but I do not want to rely on them. I only accept their support for activities such as taking vacations. I decided to save money for my college and retirement plan by myself since I could able to work on full-time or part-time jobs. Financial goal also require prioritizing times and managing skills. As for myself, I need to know where the money come from and where it going in order to track my financial goal. I have to decide which is important or urgent, do I want or needed. I would not care if something that I do not seriously need for anything that doesn’t relate to my goal. I always have to figure out an accurate amount of money I spend and talk to my family if I need help. I could also go and talk to the Donnelly Financial Aid Advisor to let me know how my financial aid will reflect on the classes that I would take. I also set my retirement plan as a long-term goal, so I am going to start before reaching my short term goal by little as little. I believe I would be able to save money for retirement of the next fifty years if I save day to day or month to month
From my limited experience I know not to buy things I cannot afford and never borrow money for those things. I work at a dealership, and see lots of people buy 60000 plus cars that drop 10% of their value as soon you “own” it. Or just look at how America works we can buy things with money we don 't have and pay it off later if we have the money. I 've had a job since I was 15 and the longest time without one has been 3 months. One way to have financial freedom is to save a lot of your money. This has been a goal in the works for a while. I 've been saving 60% of my paycheck and i would like to up it to 70% for the fact that I live at home and have no bills. this is the time I should save money for the future. I 've been spending money on things i don 't really need and i 'm going to try to focus on only spending my money on gas, food and bills. This is just for the time i 'm in college, I know later in life you have to spend money for a house, emergencies and pleasure etc. At least this way I have a stepping stone into that instead of starting in my
Personal financial planning eventually leads to secured retirement years; this is the purpose to plan for the future. With a volatile and erratic economy, and social security benefits undetermined in regards to having enough money to comfortably survive after retirement is critical. There is no magic ball to tell us what the coming years will bring; this is why it is up to each individual to have their own financial lives under control. Having a concrete financial plan now will secure an increased comfortable future.
Financial planning can often be complicated based on each individual's needs, desires, short-term and long-term goals. In each of these individual and deeply personal situations, multiple variables must be considered before substantial recommendations can be made to develop a comprehensive financial plan (Kapoor, Dlabay, & Hughes, 2014). However, by utilizing the six key fundamental steps of financial planning, including, 1) assessing and acknowledging the current financial situation, 2) establishing attainable short term and long term financial goals, 3) recognizing financial options, including saving, spending and sharing funds, 4) assessing and analyzing each alternative and its' consequences, and 5) developing and executing the most reasonably
You would think that when I decided what to do with the rest of my life, it would be some profound moment when something huge took place. Nothing dangerous or crazy happened, but my heart was changed. Suddenly, everything made sense to me and I knew what journey I was going to take and why I was going to take it. The funny thing about all of this is, it was one kindergartner who opened my eyes. One five year-old who showed me what I’m destined to do for the rest of my life.
People, in this case boys, with ant-social behaviors persistently disregard and violate the rights of others (Comer, 2014). Their future is bleak, if not treated, with many ending up with substance abuse problems and incarceration. So while treatment is difficult and often unsuccessful (Comer, 2014), I feel there is hope if they can come to believe in a positive, productive, future self. Brainstorming could be a way to bring about the motivation that will be needed for them to obtain an expanded view of the future and themselves.
Figuring out where you will be financially years from now is hard to imagine. There are always what you plan, and then there’s things that just happen that you would usually rather not have of. You can always make goals and things and hope that things go alright and end up close to what you expected.
The future is always uncertain. However, having a financial plan for the future can save a person a lot of grief. More importantly, it can help tremendously for that young adult who is fresh out of college, and at the beginning stages of life; for the young adult who is preparing to attain his or her Doctorate, and will be living, most likely, completely on his or her own.
This paper is supposed to be a reflection of my past and a glimpse into my future. I have a really hard time talking about my past because I don’t recall much of my child hood. I have managed to block out a lot of the memories the bad along with the good. I am not sure why but when I started blocking memories it also took the good along with the bad. So I will tell you what I can remember and what I have been told about my childhood. I will also tell you what my future holds for me and how I plan to reach that goal.
Personal financial planning is important because it helps you prepare financially for the future. My first short-term financial goal is to have an 8-month emergency savings account. This class helped me understand the important steps needed to achieve my financial goals. “Successful financial planning requires specific goals combined with spending, saving, investing, and borrowing strategies based on your personal situation and various social and economic factors, especially inflation and interest rates” (Kapoor, Dlabay & Hughes, 2012). First I evaluated my spending habits. This allowed me to see where I was