Financially on Track?

Of late, we have been inundated with news that may significantly affect our financial well being.  The headlines tell of uncertainties in the global economic recovery, volatility in the global equities market, rising interest rates, rising inflation rates, removal of government subsidies, etc.  You can't help but wonder:
Are you saving enough money for your loved ones should something happen to you?

To see whether you are on the right track, first, you need to know where you are going...

"what are your financial life goals,
when do you want to achieve them,
how much will your goal cost,
how will you achieve them as well as
what are the indicators that determine if you are on track to achieve your goals."
~~ Tang Wee Hen, financial consultant coach with Harvest Gold Resources Sdn Bhd
extracted from Personal Money, August 2010 edition.

"Come up with a written financial plan, then review and revise it on a regular basis."

A clear, firm goal is required and it needs to be written down.  Studies have shown that writing down the planned action increases the chances of follow-through.

We constantly ask ourselves what the most important things to us are, not just in the present, but also in the foreseeable and imaginable futures.

We need not only focus on return of investment, wealth accumulation aside, we need to work at being a person with good values and to cultivate a good relationship with those around us.

Imagine this:
Assuming that a man works hard all his life to accumulate wealth, and he seems to be well on track financially.  however, he has no time for his family.  Eventually, his wife leaves him and takes the children with her.  She remarries and also has custody of the children.  Therefore, all the funds that this man has have become meaningless in a sense.

extracted from Personal Money, August 2010 edition.