Having the end in mind is an important thing when we commit ourselves to something and For those of you committed to your journey of financial freedom, “the end” in mind can be so many things be it money, comfort, being debt free, having a baller lifestyle but no matter what your goal is every person has a common path through life when it comes to money. A guideline that matches money to where we are in life. Those are called financial life stages. And its important to understand those so you can literally have the end in mind from wherever you are in you life today.
Financial Life stages shows you what to expect and if you understand them you can take action in your financial plan and actually plan for things way before you need them to happen and we all know that money compounds with time so taking those actions early will definitely pay off. So this series will cover all three financial life-stages that people go through so be sure to check out the other 2 videos in the series.
Money Talks with Nabeel Khan where we start a real conversation about anything money for you to build the right mindset habits and education in your journey to financial freedom!
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Life stage Stage 2
Accessing your assets and Preparing for retirement Age 45 - 65
In this life stage you are likely to see your higher earning years and naturally you higher spending years with things like nicer cars and homes and living life with children and their expenses but you are likely to also be well into owning a few assets in this time and have built up some nice savings and equity in your homes or even maybe you’re into a business. This is the time when your decisions determine your transition into retirement and when that time can become a reality.
Common Goals in this life stage are:
Assess funds for retirement from Assets and investments
Identify shortfalls in retirement income
Accessing Provisions for medical contingencies, life insurance and other insurances
Accounting funds for children’s further education
travel leisure and lifestyle
Identifying business opportunities and creating additional incomes
Accessing your will and
Preparing an estate plan to minimize taxes and manage the transference of your wealth and wishes
The takeaway from this is the importance of reviewing your financial plan regularly enough for you to understand the strategy in your financial plan. At this stage You’re likely to have seen a few recessions and if your understanding of your strategy isn’t there you’re likely going to hurt your goals by making emotional decisions in your investments and what’s the point in a plan if it cant be followed.
now i said this in part one and ill always say it, your future is dependent on your action and if time is your excuse then find a professional who will guide you through proper advice because letting things slide in this life-stage will cause problems for you quickly and affect you badly in life-stage number three.
I’m interested to know if this helped you? Let me know in the comments below!
QUESTION — Have a question about Financial Planning, Savings, Investing, Wealth Habits, Money Mindset or Anything Else? Post in comments section of this video!
Music by: NoCopyrightSounds - Halcyon - Runaway (Feat. Valentina Franco) (Heuse Remix)
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DISCLAIMER: This channel is hosted by me and I am licensed to give advice but this channel and what we talk about is not constituted as advice to you. Reason being in order to give advice I need to understand where you are in your life and conduct an analysis before I can give you advice so if you would like my advice go and visit my website www.mrnaby.com and send me a mail and we can set up a Skype session!
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