How can I plan my financial future? I have no money.

Stable and secure financial future depends more on proper planning and management of funds rather than just having funds.  One can achieve this goal by following these steps:

Assessment of financial status -  Having a job with steady income;  available funds such as savings and CD’s;  TDA’s,  IRA’s and pension;  benefits obtained at work such as basic coverage as well as supplemental coverage.

Balancing the income and resources -  One must balance the income and resources remaining according to one’s need  ( immediate, intermediate and long term ) after the payment of fixed expenditures.  Most are misled in placing everything towards long-range plans,  while the short-range plans are forced to liquidate,  thus, resulting to huge amount of loses in the end.  While still young, allocate the smallest portion of one’s income towards retirement funds to derive a decent income upon retirement.  The percentage of contribution in one’s retirement fund depends on present age and number of years required to contribute.  Hence, the younger the age, the less amount of contribution and vice versa.

Reposition -  Once long term and short term needs are identified and defrayed funds  reassessed, shift funds into a medium that secures fulfillment of intermediate goals.

Discipline -  One must have the discipline to continue what was started particularly when it comes to saving.  Most of the time, one is good at starting something with a lot of enthusiasm but ends up losing momentum in the long run.  Savings done on a continuous basis can best be achieved by automatic deductions.  Goals are achieved unnoticed.

Evaluation -  Reassessing the goals initially set;  what was accomplished and what needs to be accomplished.