Financial planning gives any person competitive edges. Extra accumulated wealth, enhanced stability, and independence pave the way towards such goals as internal harmony, self-respect, as well as “success nurtures success” attitudes. These advantages notwithstanding, many people fail even when they try hard to keep their financial situations under control. In this brief overview, ByteLixir, an online earning app to make Wi-Fi money, gives advice concerning relevant goals in 2024.
Some stats that kick the discussion off, from our app for Wi-Fi money: in 2021, only 34% of Americans felt they were getting by financially, doing either perfect, or well, at least. For a wealthy country with countless saving, investment, counseling, etc. options in place, such a share is not too big. Multiple reasons nurture problems of the remaining 66%.
Let’s name a few:
- Per Visual Capitalist survey, 74% of Americans practice financial planning in one way or another.
- However, no more than 15% have a written plan with goals.
- 30% do not have any long-term financial goals, financial planning efforts notwithstanding.
In Europe, one more wealthy region, only 18% of citizens can be called financially literate at a high level. As a result, 22% in EU are poor.
Being an app to earn Wi-Fi money, we would propose pinning down some top financial planning goals, split into three groups. Namely, proper financial planning would encompass short-term, mid-term, long-term goals:
- Crucial short-term priorities cover a personal budget, reduced credit card debt, as well as contingency funds.
- Concerning mid-term aims, they focus on insurance policies that are capable of cushioning potential external economic shocks. Another direction is about the results of gross borrowing.
- Long-term financial planning goals mandate retirement savings.
1. Short-term financial planning
This context accounts for goals that are achievable within one year or so. In 2024, financial planning should concentrate on:
- Personal budgeting goals are understood as balancing income from all sources (jobs, side hustles, online earning apps making Wi-Fi money, referral schemes, etc.) and spending, so that the first part exceeds the second. Resulting surpluses will be responsible for subsequent saving and investing.
- Paying off credit card debt and consumer loans relieves enormous burdens. Two planning techniques are available here. One can try a “debt avalanche” when loans with the highest interest rates are prioritized. Concurrently, a person could test the “debt snowball” approach, when loans are ranked by sizes. Get rid of small loans first, then proceed with larger loans.
- Emergency funds for unexpected expenses are must-have goals for financial planning. They protect people from incurring sudden yet otherwise necessary debts and calm them down.
2. Mid-term financial planning
Such planning goals imply several years, say, per our app to earn Wi-Fi money (traffic from public networks included), five or so. Here you must use strategic thinking, as these targets are ambitious:
- Attempt to speed up how you manage significant loans, e.g. mortgages, car loans, student debt.
- Wiping them off quickly is impossible, yet try to eliminate the body of debt sooner than projected.
- Life and disability insurance goals. Safeguards of this type turn invaluable in case a negative event happens, enabling one to retain personal funds if issues arise.
3. Long-term financial planning
Frequently, retirement plans and pensions do not suffice for living. Our platform suggests supporting such future regular payments with an additional source. For that, do this:
- Project desired annual living expenses during your retirement life stage.
- Compare this sum with income, encompassing all sources, e.g. salaries, Wi-Fi money, you name it.
- Subtract money earned, allocating it to this goal.
ByteLixir’s protected online earning app to make passive Wi-Fi money encourages users to take care of financial planning across those three dimensions in 2024. All short-term, mid-term, long-term objectives matter. Initial steps might be challenging, yet when you start seeing progress and financial planning becomes a habit, you will appreciate these efforts. The goals are worth the work!
