How to Begin Financial Planning

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إذا أعطيتني مَالاً فلا تأخذ سَعادتي

وإذا أعَطيتني قوّة فلا تأخذ عّقليْ

وإذا أعَطيتني نجَاحاً فلا تأخذ تَواضعْي

وإذا أعطيتني تواضعاً فلا تأخذ اعتزازي بِكرامت

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عَلمّنْي أنْ أحبّ النَاسْ كَما أحبّ نَفسْي

وَعَلّمني أنْ أحَاسِبْ نَفسْي كَما أحَاسِبْ النَاسْ

وَعَلّمنْي أنْ التسَامح هَو أكْبَر مَراتب القوّة

وَأنّ حبّ الانتقام هَو أولْ مَظاهِر الضعْفَ..

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لا تدعني أصَاب بِالغرور إذا نَجَحْت

وَلا باليأس إذا فْشلت

بَل ذكّرني دائِـماً أن الفَشَل هَو التجَارب التي تسْـبِق النّجَاح..

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إذا جَرَّدتني مِن المال فاتركْ لي الأمل

وَإذا جَرّدتني مِنَ النجَّاح فاترك لي قوّة العِنَاد حَتّى أتغلب عَلى الفَشل

How to Begin Financial Planning

1. Create a monthly budget, also known as a spending plan. This is your single biggest tool in the quest for financial success. There are many methods available, from online software to paper budget worksheets. The important thing is to use a method that you find easy and even enjoyable. Go over your budget and expenses weekly to stay on track.

2. Set financial goals depending on your current state and future plans. For renters, this might include buying a home or land. Consider children's education, retirement funds and investments in your list of goals, as well as philanthropic endeavors you hope to achieve.

3. Use your list of goals to help formulate your financial planning. If buying a home is your goal, begin saving for a down payment and factor this savings category into your monthly budget. Start researching investment vehicles and retirement funding options as you plan for the future.

4. Participate in employer-sponsored retirement savings plans. Your contributions will be deducted from your paycheck and sometimes matched or added to by your employer.

5. Use sinking funds to plan ahead for large expenses, such as vehicles or tax bills. If you are self employed and usually spend $500 per fiscal quarter on self employment taxes, save $167 each month in your taxes account. To afford a replacement vehicle every five years or so, save enough each month to meet your goal and you'll never spend money on vehicle financing.

Consider the risks involved with any investment decision. Beware of quick win traps!