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Where Are You In The Financial Planning Life Cycle?
Where are you in the financial planning life cycle? Are you a student? Single? In a relationship? Do you have a young family? Maybe a growing family? Perhaps you’re entering retirement or maybe you’re starting to consider your legacy for the next generation.
The financial planning life cycle is a quick way to visualize the different financial needs a person will experience throughout their life.
Depending on where you are in the financial planning life cycle your financial needs will change. The financial needs of a university student are vastly different from a new retiree.
Knowing where are you are in the financial planning life cycle will help you anticipate your future financial needs and ensure you’re setting yourself up well for the future.
Knowing where you are in the financial planning life cycle will also help you ensure you’re not skipping anything today.
Hobbies That Make Money – Earn Extra Money To Go Towards Debt, Retirement Or Fun Stuff!
Having a hobby is great. Hobbies are an awesome way to enjoy something you love, meet other people, and learn new and interesting things. What can be even better is having a hobby that has the potential to actually MAKE money.
Some people only choose hobbies that have the potential to be profitable. They get to do something they enjoy with the added benefit of possibly making some extra cash on the side.
That extra cash can be put towards all kinds of financial goals. Paying down debt. Saving for retirement. Saving for a special vacation. Or just fun stuff in general.
Over the years I’ve had a number of hobbies that would make extra money. In total I’ve made over $50,000 from my personal hobbies. Some are more profitable than others. The important thing is that they’ve all been fun. This extra money has gone straight into investments where it can grow further thanks to the power of compounding.
The Simple 50-30-20 Budget
I like simple.
Simple is easy. Simple is efficient. Simple means I can spend more time on what matters.
When it comes to budgeting, I want things to be simple. I love personal finance but I don’t want to spend hours budgeting.
The problem with budgeting is that it’s pretty easy to get lost in the weeds. It’s easy to start tracking every transaction and then budget for it. It’s easy to get lost in the nitty gritty of budgeting and forget what the true purpose is, to manage your spending.
If you can manage you spending with a three-line budget then that works, right?!? It serves its purpose. Why go into more detail?
The 50 30 20 budget is the simplest budget there is. You split your income into three categories. Essentials, 50%. Personal, 30% Saving, 20%. That’s it!