Finding your spot in a financial world can be very difficult sometimes. It becomes even more challenging when a very good friend in different circumstances encourages you to follow their plan.
In life, there are several things that work for one person but would not apply to another. When it comes to finances, it is even more glaring. Too often we decide to make decisions on things that work for our friends or family. After years of trying what was fool proof for them we find out it just cannot work for our family. It is absolutely imperative we realize that the plans that were set for their family five years or more ago may not apply to us five years later.
When listening to what works for someone else take a moment to look at the make up of their family very carefully, before considering implementing their plan in your life.
Here are some things to help you make those decisions:
- Do you have the same or similar income?
- How many members of the family are contributing financially?
- How many people make-up their family?
- What is their total debt?
- Is it the same amount as yours?
- How long ago did this plan work for them?
There are numerous other factors to consider, but these are just a few of the important ones when considering a financial plan.
The very best advice is to listen then take small sections of their plan and see whether it will fit with yours. If you are not sure seek the help of a financial advisor. Your financial institution is able to help. If the person is not prepared to help you learn to manage your family finances, keep looking until you find someone who will at least point you in the right direction.
The Internet is loaded with all kinds of information. Search until you understand what is being discussed. Do not get discourage. Attend all sorts of financial seminars and take notes. Ask questions. Watch shows where financial advice is being given
Most important of all, do not give up.