The Importance of Financial Goals

Posted By: Dr. Frugal in Saving on 06/04/2007 at 20:42:38

Many people go through life without any sort of plan for their financial future. The road to financial freedom can potentially lead to a complete dead end or, better yet, your destination. Specific financial goals and written plans for the achievement of these goals will help you focus your efforts and the end results.

Goals keep you moving. If you haven't already started planning for your financial future, now is the time to begin and it doesn't matter what your age is. Starting early will ultimately lead to having to save and invest much less time and money. As if that wasn't incentive enough, take a small example: investing $5,000 at age 20, assuming 7% a year will yield $115,000 come retirement time. If you invest it at age 40, your investment will return less than $30,000. Feeling motivated yet·

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