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Until now, when teaching in Personal Finance, a lot of gurus still emphasize the very first thing is to identify a Goal.  While that is true but there are a few disadvantages with that approach; You may or may not have a clear definite goal to start with It may take a venture itself to find your goal It may require a lot of discipline to keep to a goal Your goal may change over time This method is too academic oriented By the time you clearly define a goal, the time has passed and in personal finance, time should be your best friend, not foe. Hence a more practical approach in this century is to just to go ahead and SAVE FIRST It doesn't matter who you are, what you do, where you are, which belief you have and how you live;  Just go ahead and put aside a sum of money and save them aside, to anywhere. Not only you should just Save First, if possible, think of a way to make it an ASS - Automatic Saving System . Read more understand more why this approach is better for all one me...

One of the weird concepts presented by this site is that you don't have to have a goal in your personal finance. It would be like an anti good finance practice, as guilty as Rich Dad asking us NOT to save in his Conspiracy publication . Lets get straight to the point then. If I really don't know what I want in life or always fail to stick to the same goal, does that help if I keep on searching my goals and therefore should do nothing about my personal finance until I find the right goal ? I think the hint should be clear. There is really nothing wrong or as a matter of fact, much better if you also start saving and save automatically while you are looking for your goal. You may not understand exactly what Warren Buffet is doing but if you were to just follow exactly what he has been doing, what do you think you will end up with? Well, Berkshire Hathaway investors can tell you that they are very happy with exactly that situation ( at least historically ). If you have found ...

" Cost " is the money you paid in order to get something you want in return. " Strategy " can be simplified as the methods you use in achieving a goal . Strategy cost is the money you MAY have to pay if you use certain methods but NOT necessary ... depends on how it turns out. For example, When buying shares in stock market, you will have to pay some broker fees, stamp duty and clearing fee etc. Those are the real cost incurred. The way to calculate cost is usually fix, pre-arranged and agreed up front. Putting these fees aside, right after you bought a share at $1.00 the immediate buy back price is usually lower i.e. $0.99. The difference between this buy and sell price can be seen as strategy cost . You don't really pay this 1 cent. If the price goes up and you earn money, you earn 1 cent less. If the price goes down and you lose money, you lose 1 cent more. So strategically you are 1 cent disadvantage to the market. Some may say this is future co...