As a teenager, it is quite difficult for us to plan our finances. But as we grow upto fifteen or sixteen, we tend to be much more mature. It is during this age bracket that most people should set up a future plan regarding their career and finances. The plan should help us in generating enough money in the future to aid our family well and to have at least the right amount of periodic inflow that will help you attain your financial goals.
The relationship between them is quite easy to spot, but very difficult to execute perfectly in the long run. This blog will help you to understand why is the link between financial planning and career planning so important to achieve your financial goals.
Create a sound plan
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A Financial Plan consists of two parts – short term and long term. So the plan must have a dual mode strategy, one for current finances and one for long term finances. Having a budget helps you in allocating the necessary part for your savings, major purchases, vacations and emergencies, amongst others.
If you know your long term plans well, it will also influence your career decisions. The career you choose should help you earn enough to fulfil your plans, both long and short termed ones.
- Choose a viable option
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It’s good to aim high but it’s bad to aim with your eyes closed. For you to be successful, you must be realistic and plan things that are attainable, both financially and realistically . If you plan something that costs way more than than what you can afford, it is certain that you will miss the target.
Similarly, if you plan to save 100% of your income, you will more often than not, fall way short. So plan your career decisions which you can attain and also is financially viable for you.
- Keep the education cost as much as required
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That education cost is on a rise since many years and it is known to all. You must carefully analyse the qualifications that you want to achieve which will help you to excel in your desired career. If there are two options available in terms of your career viability, you must carefully read the education cost and the return that you may get, in order to choose the right alternative.
- Handling the information
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A plan is an overview of many factors. Financial planning is a bucket of your budget, expenses, loans and investments, etc. You must be adept in handling all of them together so that you may not slip. It’s almost similar to succeeding in the career that you are looking for. Get the right feedback and choose the right field as per your convenience so that you won’t be regretting it when you turn old and sit down to introspect.
Financial planning and career planning are interwoven to each other. The better career you would have chosen, the easier it is for you to achieve your financial goal, albeit keeping other factors in mind. Your financial position will answer how good your career plan was and also determine where you can end up at before you decide to hang your boots.