Summary Essay Example | Topics and Well Written Essays - 250 words - 120

Summary - Essay Example The first step to financial freedom is developing specific financial goals that appreciate the difference between needs and wants; saving extensively and investing in ventures which assure financial security in future. One must clearly understand the difference between assets and liabilities i.e. assets bring in money while inabilities take out. Step number three is investing; after saving enough then train your money to go out, work and bring more for you. Taking up a life or long term disability policy especially to cover the bread winner is important in the financial security of a family. It is a safety tool that can get you out of some unexpected events and huge debts. Understanding taxes and fees is crucial as it helps one save on taxes and also on investment fees. Lastly is ensuring regular reevaluation and revision of the plan as financial decisions are usually dynamic and strategies must change with time. In conclusion therefore a secure financial future requires that we take timely and sound financial decisions such as setting specific & precise financial goals, understanding our assets and liabilities, knowing how taxes and fees work, and investing strategically. Regular reviews of the financial plan helps make priority changes that align the goals to ones current life position. It is thus extremely to track and monitor our financial goals for