Even this Harvard Business School study supports the fact that people with specific goals have a higher chance of success. Which do you think you’ll likely achieve? Definitely the latter. When writing down your financial plan, if you simply say “Buy a house in the future,” that does not carry the same impact as “Save $50K for the down payment for my new house in 2.5 years.” Firstly, it helps you to cast a vision for the changes you hope will take place in your life and gives you a map of how to actually get there. Creating a financial plan for the next 5 years does three things for you. You know the saying when you aim at nothing you’ll hit it every time? It’s true for every aspect of your life - including your finances. Wondering how to make a 5-year plan? Let’s dive in! Why should you create a 5-year financial plan? It’s going to take a lot of hard work and dedication. You can rise from being saddled with debt to living a debt-free and happier life.īut you know what it takes? A plan. In that time, you can go from being broke to having financial stability. Despite the rapid pace, you can completely change your world in that window by having and working on a 5-year financial plan. Five years from today seems far away, doesn’t it? But the truth is, 5 years go by really quickly.
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