Lesson 1 - Financial Planning - Part 7

Planning and Goals

Retirement Planning

How much do you need to retire?  One of the most often asked questions someone or yourself will ask.  In order to answer that question we must estimate your future consumption of Goods and Services when you are no longer apart of the work force.  There are plans in place now such as Social Security, and maybe a decent 401(k) through your employer and if you’re lucky enough to have a pension.  We must plan for one of the most important parts of our lives, what life style we will live after we are done working.  We will discuss more about Retirement Planning later on.

Estate Planning

We all will face this problem sooner or later, how do we minimize our exposure to taxes when we give our wealth away.  Having a proper will and a sound tax strategy are essential to distributing your wealth to others.  We will talk in more detail about Estate Planning in a later lesson.

Career Planning

Deciding on a career is an important decision in your life now and throughout your career.  To most a career is not only important in terms of how much money we earn but our career is also mentally and emotionally important too.  If you are in your early life-cycle, it can be reasonably expected now that you will change in and out of different jobs.  Some 25 year olds have had more than 5 jobs at this age already.  It’s important to note that a few decades ago, this was far from the norm, some people might have had only 2 or 3 jobs in their entire career.