What is your Financial Plan? this means planning of your finances in the current situation.
Let me do a little bit of twist, to avoid boring financial plans, we will call it "Financial FUTURE Plan". This means planning for your future, it's not only about the Budgeting or Cash Flows Monthly.
Before we go to the Financial Future Plan, I want you to check "How much do you really need to retire?
A simple calculations will do, the total monthly living expenses for example:
Kids Education 24,480
Total Monthly 65,696
If I will retire today with a consistent expenses for next 20 years, here is the calculation of the amount needed to be saved:
65,696 * 12 = 788, 352 Yearly Expenses
788, 352 * 20 = 15, 767, 040 Next 20 years expenses
I need an amount of 15, 767,040 to cover my next 20 years expenses, the expenses will increase due to inflation, educational cost, etc. etc. excluding those factors and use it as a baseline for retirement.
Let's say I was able to save today the amount 15, 767,040, what should I do with the money.