Top 10 Financial Goals everyone must have and why Travel should be a part of it
Gustav Flaubert describes the goal of our life in one sentence when he says, “Travel makes one modest. You see what a tiny place you occupy in the world”. Travel as a mode of experience is rising as a habit among the people. Travel is invariably a costly affair if you fail to plan your financials properly and may prove to be disastrous. Here are the top ten financial goals everyone must have and also travel as far as this world can go without falling peril for the financial crunches.
1. Plan your finances and set a saving goal for the year:
Assess your income sources carefully and examine whether you are getting the worth of your hard work. If you answer is yes, and you are satisfied, and your hands are tied and weighed down by the limitations of life and your profession, then plan out your finances and set a saving goal for the year. Explore other income opportunities you can take up without putting yourself under the boulder. Stick to the saving goal, assess your savings and expenditure periodically, and review the saving goal and push to save more. Before planning to spend money, ask twice is it worth to spend and how important and urgent it is to spend money on what you planned for. It is also advised not to push yourself too much and allocate a separate fund for refreshing and recreating yourself occasionally to keep you going.
2. Prepare to meet the emergencies with a fund dedicated to it:
Society and life always present surprises. Not all the surprises are sweet, and sometimes emergencies might push over the cliff. The emergencies might be of health emergencies, family emergencies, and emergencies presented by the friends and obligations. Expect the worst and be prepared to mitigate the situation and not to get yourself to be trapped in debt. Allocate a separate fund for meeting the emergency exigencies and save yourself the stress and turmoil. On the brighter side, if there are no emergencies, the fund can be used for your traveling and other investment plans.Nevertheless, it is also advised to allot a sum for an emergency fund.
3. Plan early retirement and plan it right:
It is desirable to work hard when you are young, and it is also important to plan your retirement early. What is the point of working hard if you are unable to enjoy the fruits of your hard work and follow your passion and soul? Plan your finances to create an income source for your retirement and plan them in the areas where they are safe. Estimate the amount that needed to spend your retirement peacefully and hustle free.
4. Make budget-friendly trips:
Traveling not only rejuvenates your soul but also gives different meaning and perception to your life. It is important to undertake trips occasionally, but it is seriously advised to make them budget-friendly, if you intend to travel often and far. Budget-friendly trips don’t mean to put yourself in the discomfort; however, at the same time, it also does not necessarily should make you enjoy the luxuries you do not need them.
5. Keep track of your expenses:
No matter how small the expense, keep track of it. You should know where the money goes. This will allow you to revisit and question yourself where did you fall short in your saving goal and where is your money leaking through your fingers. This will also help you to avoid unnecessary expenses and become financially smart.
6. Know your strengths and passion and try to make money out of it:
The whole human beings can be categorized as those who follow the herd and those who follow their passion. It is important to follow ones passion and do things which one love to do, as it gives the immense, immeasurable happiness, which keeps the stress away. It is also advisable to work ones passion at the same time make money.
This should be defined as a dream job. The passion makes you excel and make you achieve new heights in your profession.
7. Explore the options to invest and plan your stable retirement income:
Along with the savings for the retirement, it is also advisable to invest the fund in order to get some stable income at the retirement. This will also allow you to travel extensively in your retirement. Mutual funds and share market with fewer risks is also an option one should explore. Alternatively, coming up with innovative and creative start-ups which will ensure minimum income sources at retirement.
8. Include your partner in planning the finances:
As it is more fun to travel with your life partner, it is also advisable to take your partner along your financial journey too. One it provides you some assurance and second opinion on the decisions you are making in your financial plans. Second, it also gives you another option of the source of income if you partner also happens to have a similar plan and orientation to include you in the financial matters.
9. Know your place and do not put the eggs in crusher:
It is an adage to say ‘do not put all your eggs in one basket.’ However, it is also important that one should not unknowingly put the eggs in the crusher. As one plan their finances, it is also important to not to be too ambitious and venture into the areas which one is not familiar and loose the hard earned money leading to make the life and the financial situation hell.
10. Insure yourself to insure your future:
It is also advisable to opt for various insurance plans such as pension plans and health insurances in order to save yourself from the financial crutches and lead a smooth and peaceful planned life. It is vital that the planning to should start early and gradually progress to be a long term venture to reap the benefits when you want to hang the boots and relax. It will also make sure that you are following the passion of traveling.
By following the above ten financial goals, one can ensure that they are traveling plans are on and exploring the world better. Some even choose to make their traveling plans as a source of income too, which is also advisable as emerging creative plans to earn money. Travel the world while traveling in the well planned, insured, income assured financial journey.