“Each moment we act in favour of our future, we are living our individual legacy”
Building wealth relies on proper financial planning, to clearly define future financial goals. The process of creating wealth starts with “seeds” of wealth which will then help build wealth-creating assets such as property, investments and anything that has a monetary value that can be passed on from generation to generation. Central to this process is the financial advisor that will help to guide the process. Besides assets that we can pass through the generations, we must also need instil certain values, habits, and financial education in our families. It’s not only what we leave for our loved ones that is important, but also what we leave in them to sustain the legacy. Wealth gives us more options in life; therefore, we need to have a clear financial plan.
Creating Integrational Wealth requires the following:
- Educate yourself about money.
- Get a financial advisor to guide you.
- Manage your personal finances by focusing on the following:
- Have a budget plan
- Think about savings and investments
- Plan for your retirement and estate
- Manage risk
- Manage your debts
- Manage your credit
Set Financial Goals
Financial goals can be set as short term, medium and long term:
- Short-term financial goals are six months to five years.
- Mid-term financial goals is five to ten years.
- Long-term financial goals are more than ten years.
Write down your goals, something special happens when you put a pen to paper and write down your goals.
See below the steps to be followed when setting financial goal:
- Make the goals specific.
- Make the goals measurable.
- Give yourself a deadline.
- Make sure they’re your own goals.
- Build up an emergency fund.