Some Ways Flying A Plane Is Like Preparing For Your Financial Future
You are done with all the hardships to become a pilot and now you are ready for flying a plane. You hop on the plane, step in the cockpit, you know how to fly, you are aware of your destination but still you are uncertain about landing on your expected destination on estimated time. Perhaps due to inclement weather, technical problem, heavy air traffic, terrorist attack, etc. but, these hardships and uncertainty does not stop people from becoming pilots. Likewise, in some ways flying a plane is similar to planning for your financial future. You are ready to fly the plane (your investment strategy) with a destination (goal) in your mind but you are not able to determine your ability and time to reach your desired destination. Hence, this doubt should not stop you from preparing and then building a good financial plan for your future.
We are living in an era where we are experiencing the technological revolution. Technology increases the speed of knowledge and comfort in lifestyle within the society and economy. Though, the procedure of gathering all of your financial information is now easy enough but, excessive amount of hard work still falls on your shoulders when you are planning your financial future.
You have to go through your financial facts and analyze them closely to make decisions about your way of living in future. For example you have to figure out how much you expect yourself to spend in retirement life? Also, how much you expect you will need to pay for your expenditures? This of course, is a pretty tough job to do which is further complicated by adding layers of these questions like:
- Are you planning to work during retirement years?
- Will you keep your existing house or downsize?
- What hobbies or leisure you plan to do?
- How long will you live?
You ponder upon these additional layers and attempt your best to answer an estimate which is the most accurate but clearly you don’t know with precision.
Then the question occurs: what is the point of all of these efforts if I am just wondering around and not 100% sure? I can build an effective plan using my present financial information and what I know about my current financial situation today. Will it not be enough??
Sadly, the answer is no. The reason is interesting and not always well-understood. The truth is for succeeding a goal, preparing for it beforehand is very important. If you go to college, you decide what subjects you are going to take before applying; when you want to go on a trip, you plan its destination first. This is primarily required. The same reality goes with financial planning. If you want to achieve a successful financial life which will require funds in the future, you have to create a full proof plan to get it.
The future looks promising when you have a better understanding of your future prospects and with unpleasant but correct homework done you can start making concrete strategies for your retirement life when doing work becomes an option. Accomplishing your goals is far more reliant on you. The savings and investments from your budget is the key factor for becoming wealthy in upcoming years. Research show that people who do this advance planning and groundwork for their future, when they enter their retirement years, this preparation turns out to be most valuable for their lifestyle. Technology like https://www.karlocompare.com.pk/ can help you determine your banking, loan, and insurance solutions.
When a pilot is provided with a plane with no technical faults and enough fuel for reaching its destination then hopefully that pilot with his education comprehensively and practically, will fly that plane to its destination. Maybe he will not reach on the estimated time due to some obstacles but after sometime for sure. Likewise, a successful financial life is a possibility when the input is precise and heavy lifting is done. Then surely, the output will be meaningful.
Experiencing any hardship to gain a clear and confident vision of future is definitely worth it.