Money Matters: Understanding the Equation

Once you've taken the time to discover where your money is coming from, where your money is going, and how your money is growing, you'll need to make a plan to get to where you need to go! This is where budget planning comes in handy! What are your top 5 financial goals? My goals are

1. Save for my son's college education (should he choose to go)
2. Save for retirement
3. Travel to at least 2 countries a year
4. Build a home
5. Build a strong empire/legacy to leave to my son

How can I achieve these  goals? I must set forth a realistic yet challenging budgeting and savings plan and know what options will get me to my goals in a way that truly suits my needs. The equation below is a very simplified way to understand your monetary goals:

Income = Expenses + Investments

 Although simple, if you understand what each component contributes and how to balance the equation, your financial goals are attainable.

Income: all funds flowing into your bank account from all sources. This includes wages, money received from business activities, unexpected gifts, interest, etc

Expenses: all fixed or variable outflows (rent, electricity, water, etc)

Investments: all money moved strategically and intentionally to a separate account to gain interest credit and the interest added to this account

If you've never created a budget or need a coach to guide you along the path, Start Young Financial Group and finance coach Latasha Kinnard are the place to be and the person to know! You'll have access to resources and tools that will help you create your best budget and live your healthiest financial life possible! The Virtual Budget Box is a great option for beginners or anyone who just needs help putting it all together while the 90 Day Income to Empire Intensive Course is a great option for people who are looking for a hands on, one-on-one coaching to not only reach their financial goals, but to surpass them! Get started on your path to financial freedom today!