We’re excited about your decision to take the first step towards one of the greatest satisfactions -- being debt free, by allowing Federated Financial to assist you in your goal. Federated Financial is a full service Debt Consolidation Company that specializes in obtaining the optimum debt repayment program for our clients, and in counseling and education for consumers and the general public. Our repayment programs are individually tailored to get you out of debt, and our education and counseling efforts will assist you in using credit wisely. Soon you’ll discover that gaining control of your finances is possible. Our detailed instructions and user-friendly worksheet exercises will guide you every step of the way. We feel that with proper planning and through utilizing the steps outlined, you and the members of your household will soon be able to feel confident about living within your means, reducing debt, saving for emergencies and planning for your financial future.
Here is an overview of important points of this lesson.
1. Narrow your objectives.
You may not be able to achieve every financial goal you've ever dreamed of, but you can achieve the most important ones if you identify them clearly in your own mind and decide which are most important.
2. Focus first on goals that matter.
To accomplish primary goals, you often need to put equally desirable, but less important goals on the back burner.
3. Be prepared for conflicts.
Even worthy goals can clash with one another. When faced with a conflict between goals of equal importance, you can sometimes choose by asking yourself questions like: Will anyone's health be affected? Or, which goal will cause the greater harm if delayed?
4. Put time on your side.
The most important ally you have in meeting long-term goals, like preparing for retirement, is time. The reason is that money placed in money market funds, stocks, bonds or mutual funds usually grows over time -- sometimes substantially!
5. Choose carefully.
In drawing up your list of goals, you should look for things that will help you feel financially secure, happy or fulfilled. Listed below are some examples that can help getting you started. Once your list is made, rank those items in order of importance:
- Buying a house large enough to accommodate you comfortably;
- Getting out of debt -- and staying out;
- Paying for your children's college education;
- Investing with the aim of becoming financially independent;
- Accumulating enough funds to retire without struggle.
6. Include family members.
If you have a spouse or significant other or children, make sure they are a part of your financial goal-setting process.
7. Sweat the big stuff.
Once you have prioritized your list of goals, we'll show you ways to keep your spending in check. Whenever you make a large payment or purchase be sure to ask yourself: "Is this taking me closer to my primary goals -- or leading me further away from them?" If a big expense doesn't get you closer to your goals, try to delay the purchase.
8. Don't sweat the small stuff.
Although this program encourages you to focus on short, medium and long-term goals, most of life is lived in the here-and-now. Most of what you spend will continue to be for daily expenses -- including many that are simply for fun. That's okay -- so long as you include it in your budget.
9. Be prepared for change.
Your needs and desires invariably change as you age, so you should probably re-examine your priorities as often as you see necessary.
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