Achieve Your Financial Goals Forming Your 10-Year Plan
Pursuing long-term financial goals will require a carefully prepared 10-year plan and some help from Carolina Title Loans, Inc. Thankfully, you’ve come to the right place to understand what it takes to achieve your financial goals by pursuing that long-term plan. In this guide, you’ll learn a step-by-step process for preparing your personal finance plan, pursuing your long-term financial goals, and using title loans to achieve them .
How Do You Pursue A 10-Year Personal Finance Plan?
As you can imagine, forming a 10-year financial plan and achieving your goals requires a lot of commitment. So, you’ll want to know how to do it correctly to ensure that you don’t burn yourself out and give up along the way. Here are the 5 steps to pursue a 10-year personal finance plan:
Step 1: Set Your Life Goals
The first step to any plan is to know where you’re headed. In this case, what you’ll need to figure out first is the life goals that you want to pursue.
Start by imagining the kind of lifestyle you want to have at the end of those 10 years. Then, be honest with yourself about the kind of lifestyle you’ll accept in the meantime as you sacrifice towards those goals.
Setting your life goals also involves important financial milestones throughout those 10 years. Some of the common financial milestones that people plan for include:
- Marriage and starting a family
- Purchasing a home or a car
- Traveling the world or enjoying other major life experiences
- And more!
When you set clear goals like these, you’ll set the foundation on which your 10-year plan will rest.
Step 2: Prepare A Budget
Nobody who achieves a goal does it accidentally, especially when they’re working on something long-term like a 10-year financial plan. That’s why it’s crucial that you prepare a budget.
Budgeting is simply a way for you to give every dollar that you earn a clear job. Plus, it’ll help you plan in advance how much of your money will go towards your long-term goals.
Building the perfect budget takes time, so be patient with yourself. After all, you’ll need to balance between enjoying your life in the present while still building towards your 10-year goals.
Step 3: Track Your Finances
Once you have a budget in place, you’ll want to test it by tracking your finances. That way, you’ll learn whether or not your budget is something you can live with comfortably.
When you track your finances long enough, you’ll be able to identify which parts of your budget might need adjusting. Tracking also helps you find out where you’re wasting money that could otherwise go towards your long-term goals.
Step 4: Build An Emergency Fund
While budgeting and tracking are incredibly important parts of your financial plan, the fact is that you can’t plan for everything. Sadly, there are plenty of things outside of our control, such as emergencies.
Financial emergencies can and will happen along the way, and they could destroy your entire 10-year plan if you’re not prepared for them. That’s true even for people who are experts at planning and budgeting.
For example, your home might suffer severe damage due to a storm. Fixing major parts of the building, like your roof or garage, could cost you a lot of money and put your 10-year plans on hold indefinitely.
That’s why you’ll want to build an emergency fund along the way. Having money set aside for a rainy day will help you resolve the emergency faster, hopefully without risking your long-term goals.
Step 5: Have A Backup Plan
As you read above, your 10-year plan faces many risks that you can’t plan for. Worse yet, those emergencies could be severe enough to wipe out your emergency fund and still require more money to resolve.
For that reason, you’ll want to have a backup plan of knowing where to borrow money quickly and easily when you need it the most. Two reliable examples are title loans and installment loans.
If you own a car, you could unlock a significant amount of emergency cash by using its lien-free title as collateral for a title loan. Depending on how much your car is worth, that could mean getting anywhere from $601 to $15,000 in quick cash to resolve whatever emergency threatens your 10-year plan.
If you don’t own a car, you could get up to $1,500 through an installment loan instead. That’s an unsecured loan, which is just as hassle-free to apply for as a title loan. Whichever option you choose, it’s important to understand how they work and keep them for when you need cash the most.
Get The Fast Cash You Need!
When the time comes that you need quick cash to protect your financial goals and 10-year plan, you can turn to Carolina Title Loans, Inc. to get the help you need. You can start by filling out and submitting the online form with your contact information.
Soon after that, a representative will call to brief you on the application processes for title loans and installment loans, whichever one you prefer. Then, they’ll guide you every step of the way until you complete your application!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.