This is a exercise for all of you who is reading this blog! I hope you take away something from this.
Being pretty direct, but is your current investment strategy? Wait, hold on, why don’t you answers the following questions in your head for me.
What are your long term financial objectives? For example, are you looking to buy a house, starting a family, buying a car, investing in school or starting a business, etc.?
If you answered, yes you have financial objectives such as all of the above, then what is your timeline of achieving those goals? 1 year? 5 years? 10 years? etc.
How much money do you need to reach your financial objectives and are you on track? For example, what will be the cost of the house you wish to purchase and what is the payment structure and what will your mortgage be? If this is not your financial goal, then do you know exactly how much it will cost to reach your financial goals?
What are you doing to stay on track of reaching your financial goals? What are the obstacles? For example, do you have an investment strategy or savings plan? Are you living pay cheque to pay cheque and having trouble saving? Is your income stagnent and you are not earning more?
What can you do to reach your financial objectives faster? Do you need to increse your salary? Do you need to upgrade your skills to start a side hustle? Are you going to invest in stocks and ETF’s to create a dividend strategy?
If you answered, no to having financial objectives and you just don’t have a financial strategy. You are just living pay cheque to pay cheque and enjoying each day as it comes then I just want you to think of one thing. Do you think you will have enough money to cover your expenses and health care cost after the age of 65 when you retire?
If the answer is no, then you need a good investment and retirement strategy.
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