Personal Finance Planning Throughout Your Lifetime

by The Smarter Wallet on October 22, 2010

In the mock graduation address by Mary Schmich, Advice, Like Youth, Probably Just Wasted on the Young, she talks about interesting 40-year-olds who still hadn’t figured what they’re supposed to do in life. While “being interesting” may seem good enough, we’ll have to face it: you won’t be able to feed yourself, pay for your medications, and basically live out your golden years comfortably without a plan, much less without considerable funds to shore up that time in your life. Here is our list of resources that can help you plan your finances to suit every stage in your life.

Personal Finance Planning Throughout Your Lifetime

Before you start on the groundwork, you should know what you’re aiming for. While you probably have a good idea how much it takes to retire in the US, do you realize how much you need to retire in other parts of the world? If you’re not the type to read up on other nations’ current events, OneMint can give you a perspective on how retirement is in India with his Poll results: How much money do you need per month to retire in India today? While it may not be what you need to know, you can still base your financial and savings plan on the ideas he put forth. Maybe we under-project the value of what we truly need for retirement. Are we too scared to finally confront that number, believing we may never reach it? If that’s the case, then get over it. We need to be realistic with how much we need, not be overwhelmed, and just work on our end. The key is to save as much as we can and invest wisely, so that by the time we retire, there’s a good chance that we’ve already managed to hit that figure.


Now that we see what we need to reach for on the horizon, let’s go back to where we can start: at the point where one’s financial habits may begin to break down. We may think that we can live it up during college, using our parents’ money. Or we may not think about our finances and just depend on loans, not realizing that in the future, we will reap what we sowed. Young adults nowadays are struggling to get out of debt, having racked up a sizable amount of loans from student loan programs.

There is a way to avoid that — there’s no other way to put it — yoke. Start from where you are, and learn Personal Finance 101: How to Graduate From College Debt-Free. This article shows you great insights on how to train yourself to spend and save wisely.

After graduating from college, it’s time to strike out on your own and move out of your parents’ home completely. Here is a primer on Bartering for Better Rent. Yes, you may! It may sound unconventional, but it sure is worth it to have a shot at deferring some of your rental fees for some chores you could do yourself!

Then as you throw yourself completely into adulthood, you realize that there is no shortcut to making money. You have to work hard and save as much as you can, in a mercenary way. Especially if you hope to retire happily. Here are 6 Ways to Make the Most of Your Money. In light of pursuing financial wisdom, maybe it’s also time to consider investing.

But in your race to ensure a comfortable life in your golden years, don’t forget to learn How To Live A Balanced Life. There are things in life that are more important than money and possessions. Understand that things and pleasures are temporary. Relationships are what make life worthwhile.

It pays to plan. It pays to make sure that your retirement is secure. It pays to be wise. So think about how you want your retirement years to look like. Then think about how to reach that goal. And when you see what you need to do, go out and hit your goal. It may be scary, it may be a bit overwhelming, but it’s definitely worth it.

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