Money Management 101: Beginner’s Guide to Financial Freedom
Post any questions you have on my facebook page! -ManOntheStreetFinance-
Follow this step by step guide to pack up your finances and take 4 concrete steps to achieve financial freedom.
You will get recommendations on steps to take if you answer the questionnaire that comes with the course.
In this journey, you will evaluate your own financial standing, understand what you want and create a strategy to get to your goal.
Step 1: Evaluate where you stand and what you want
Step 2: Understand your finances
Step 3: Optimise debt, spending and income
Step 4: Allocate your savings
If you want to retire at 45 or at 60, or if you simply want to understand how to go about money management, this guide will help you personalise your plan.
Background:
After 10 years in finance, I realised that investing and financial services are provided to those who can afford it. That leaves out most of the population. After years of reading, trying and making mistakes, I came up with a simple and effective method that everyone can follow to become financially free. Discipline and consistency are your best friends on this journey.
– Your decisions today will shape your tomorrow –
Steps to becoming Financially Free
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1
Course IntroductionCourse Introduction
Who will benefit from this course?
Things to prepare
Overview of the journey to financial freedom
Check out my channel for more practical examples
https://www.youtube.com/channel/UCGXTJWNxrdCsYw-wXKr-gCQ/featured?view_as=subscriber
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2
Defining Financial Freedom
What are the checkboxes for financial freedom?
Do you know how much you need to retire comfortably?
Practical Examples
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3
Understanding You and Your Money
Step 1: Understanding Yourself
Step 2: Understanding Your Finances: Spending & Income
Learn how to assess your financial standing
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4
Assessing Where You are Financially
Use the excel sheet attached to get your personalised financial report!
Recommended savings allocation
How much can you spend when you retire?
How much do you need to save to retire comfortable?
Tailored recommendations to get to financial freedom
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5
Dealing with Your Debt and Spending
Step 3: Optimising Debt & Spending
Learn about debt management
Learn how to spend sustainably and increase your savings along the way
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6
Savings Allocation - Rainy Day funds & Insurance
Step 4: Allocating Savings
What do we do with the savings we accumulate? Leave it in a bank? Buy into investment products? Buy a house?
Learn how to allocate your money according to your circumstances and preferences
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7
Savings Allocation - Roof Over Your Head
Having a roof over your head - To Buy or to Rent?
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8
Savings Allocation - Concepts behind Your Retirement Portfolio
Basics of Creating a Retirement Portfolio
Key concepts to grasp
Understanding different asset classes
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9
Savings Allocation - Creating Your Retirement Portfolio
Creating Your Retirement Portfolio
Knowing the key attributes of a retirement portfolio
Assessing your risk appetite
How to allocate among the different asset classes
Understanding why you should always be invested
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10
A Plan for the Future
What are the foreseeable spendings in the future? Can you prepare for it?
How to maximise your tax savings?
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