Financial Planning

Key Takeaways

• Importance of financial planning: financial planning allows you to set clear goals with your finances and helps build habits to achieve them, and it also helps you ensure financial security during unexpected crises.
• The best way to be wise about your money:  as a rule of thumb, you should always save at least 20% of your income, and set limits for different areas of spending.
• How students can diminish the college cost burden: students should explore as many college options as possible and do in depth research to understand the best option for them financially and academically, they should take advantage of as many scholarship and grant programs as possible, and take classes in high-school that can transfer into college credits to save up on the cost of classes.
• What people should consider when making investments: people should invest in stable financial products and assets as opposed to riskier higher-reward options, and diversify their investments as much as possible to minimize risk across a larger share of investments and increase the likelihood of sustainable investment returns and growth.