Financial planning tips

It is fine to be optimistic and even ambitious with financial goals, like saving even as low as 20 to 30% of disposable income, but avoid failure by choosing too difficult or near-impossible goals.

Make a plan to achieve these financial goals. A real, concrete plan with measurable parameters such as saving some amount of money in a week or investing some percent of every paycheck in a stock or bond fund is the best idea.

Put this plan down on a paper and refer to it on a regular basis to keep track of the results. Try the plan for at least six months. If the goals are not met (or at least some significant progress) after six months or it is not working for whatever reason, then consider changing it.

Do not take money taken directly out of payroll for investment purposes. Most people will spend cash more readily than making a credit card purchase, so not having cash around helps keep your budgeting and prevents impulse spending.

Consider a financial adviser or a financial planner. They are paid professionals who are trained to analyze individual financial situations and offer advice to help people achieve their financial goals