Ecclesiastes 3:1
To Navigate means to plan, direct or guide yourself through a cause or path 1. Getting Started Season - when you begin to earn money. Build fundamental budget structure 2. Exploring and Learning Season - focus on paying off debts, making wise choices about your credit score, create space for short time/long term growth 3. Career Growth Season - you have found your feet and now moving to a senior management level. Build emergency funds and invest for retirement, buy cars and own houses 4. Family and Big dreams season - complex financial planning comes in here 5.
Principles/Rules of Navigating financial seasons
1. Long term thinking - the rule of compounding
2. Adaptability
3. Budget and good cashflow management
4. Risk management and wealth preservation
5. Embracing financial flexibility
5 steps to Set financial goals that stick
1. Access your current financial season
2. Set clear and specific + measurable financial goals
3. Create a budget and emergency fund
4. Diversify investments (money markets and mutual funds)
5. Review regularly
6. Avoid addiction
7. Celebrate milestones but not at the expense of your investment
8. Stay disciplined
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