SUSTAINABLE FINANCIAL GOAL SETTING WORKBOOK Old age no fun if you're broke
Former Australian Treasury Secretary Ken Henry
Disclaimer: This is designed as a personal workbook and is not intended to suggest, provide or in any way propose any form of financial planning. This is purely for personal planning purposes.
Not everyone is focussed on the achievement of success through money. However everyone does need to be able to ensure that they are able to survive into old age and to protect themselves, their assets and their family as sustainably as possible.
This book is not meant to in any way suggest a lifestyle choice. It has been prepared simply to enable you to understand the implications of your personal choices.
What it is designed to do is to assist you to clarify what is important to you, and to provide a framework which may assist you to become more clear about what you need to do to achieve each step.
This booklet makes no pretence to provide any level of financial advice. It is purely a self-educational workbook which will provide you with an idea of what you will need to generate to live the lifestyle you wish. This booklet also does not mention issues like debt and equity. These are matters for discussion with your trusted professionals(accountants, lawyers, etc)
The Key Principles you may wish to keep in mind throughout this book are:
1. The lifestyle you wish to have is yours. If this requires little money to sustain, you may not need to work through the entire booklet. If, however, you desire a lifestyle which will require significant finances to sustain, you may need to work further through the book.
2. You will need to develop an understanding of passive and active income in order to be able to develop multiple Streams of income. This is outside the scope and intent of this book but are important concepts for you to learn.
3. You will also need to understand the difference between good and bad debt in order to advance your goals. This is outside the scope and intent of this book but are important concepts for you to learn.
4. You will also need to understand the difference between what you need for financial survival and what you desire as a lifestyle.
5. You will need to establish a team of trusted professional advisors who can assist you in making decisions and developing structures if needed.
The aim of this workbook is to enable you to work through six levels of financial goal setting in order to provide you with a very basic idea of how to determine your own future. We note that information you provide to yourself is yours alone and the authors cannot be held responsible in any way for this information.
The six levels at which you may wish to consider setting personal benchmarks are:
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