Great Examples of Effective, Specific Planning
One of the highlights of The Complete Pinoy Guide to Personal Finance is it’s section on creating roadmaps, or plans. That’s because it provides concrete examples of how specific plans should be, for effectiveness’ sake:
Good: I want to pay off all my credit card debts.
Better: I want to pay off all my credit card debts within two years.
Good: I want to move from my apartment to my dream home through a housing loan while paying off my credit card debt, all within two years.
Better: I want to pay off all of my credit card debt within two years. Then for the next two years, I will save up for my equity for the dream home that I will acquire, through a housing loan, at the end of those two years.
Good: I want to save up for my newborn child’s college education
Better: I want my newborn child to take up a four-year college course at one of the premier colleges in Manila. Assuming tuition fees rise by 12% per year, an expected net investment return of 8% per year and 16 years of investing, I will invest P6,694 every month from hereon.
It’s obvious that all of the above will take some time to formulate. But that’s the point: spend a little time now to make things easier in the long-run. A clear and specific plan will help you maximize your efforts and makes achieving those long-term prospects that much easier.
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