| |
| |
|
yourmoolah.com
|
|
|
|
Re-discovering the Fundamentals of Financial Planning
To lose weight in the 80's, we went on low-calorie diets. In the 90's, we switched to low-fat diets, and now, in the 21st Century, we are completely convinced that it's all about the low-carb diet. What ever happened to just eating healthy? In a culture where everyone is looking for shortcuts, it's not often that you see something about fundamentals. Well, take note of the following three basics of financial planning, because it may just be what's been missing from your 'plate.' 1) Have a goal in mind! Savings are only as useful as your desire to apply them to a specific purpose. If your goal is a new home, great; if it's to send the kids to Fordham, even better; and if it's retirement, terrific. Once you have the "why," you must determine "how much," and "when." These two variables will determine how aggressive you must be, as well as how much of a present sacrifice you'll need to make in order to reach your goal. 2) Spend less than you earn! If you're a bit late in the game with this one, then the first order of business is to minimize your debt. The common American philosophy is to spend first, and save what's left. Contrast this with the Eastern tendency to invest first, and spend what's left. Can you guess which approach is more likely to lead to wealth? Many people will admit that it is unreasonable to buy a 50" plasma television if the only way to pay for it is with a monthly installment plan. Why then don't we apply the same philosophy to buying a home? When considering rent versus a mortgage, it is generally advantageous to have the mortgage. However, replacing the five-bedroom home with a nine-bedroom home before the five-bedroom has been paid off simply doesn't fit the model. 3) Invest monthly, and start now! $1,000 invested monthly is a heck of a lot easier than $12,000 at year's end. Add to that the concept of dollar-cost averaging and more often than not, you'll also earn more over time. Finally, because of compounding, the sooner you get started, even at a small amount, the less time it will take to get wherever it is you want to go-even if that includes a stop along the way for a low-carb tofurkey salad. © 2004 Matthew S. Clement, All rights reserved. Matthew S. Clement is a financial planner and investment advisor representative with Financial Network Investment Corporation, member SIPC. He provides holistic wealth management and retirement planning to individuals and businesses. He can be reached in New York at (845) 942-8578, or by email: ClementM@FinancialNetwork.com.
MORE RESOURCES:
Business and Motivation Seminar, Seize the Day, Launches in Columbus on ... - PR Web (press release)
Google News |
|
|
|
RELATED ARTICLES
Plan For Wealth One very important wealth creating habit is to set up a concrete plan that you can actually follow. You see, wealth takes planning, and is usually the result of taking a set of orderly, progressive steps from where you are now to where you want to be financially. Steps to Financial Freedom Financial freedom is the power to do what you will with your life without being forever bound by lack of money and over burdened by debt. This worthwhile goal can be achieved by anyone through careful planning and persistence. Five Straight Steps to Opening an Offshore Bank Account Despite what you may have read or heard, anyone is free to open an offshore bank account nowadays! In fact, banking offshore has been used successfully for tax reduction and asset protection by both individuals and worldwide organisations for decades.And opening an offshore bank account in this day and age couldn't be simpler either! Here are five straightforward steps to take towards opening an offshore bank account. Cost Averaging - It Makes Sense (Dollars & Cents) It's no secret that the market goes UP.. Self Improvement and Financial Security for the Future Any successful person, or any anyone interested in self improvement and making a better life for themselves must be prepared to take responsibility for every aspect of their lives and their future.To many people, financial planning may well be one of the most uninspiring of all subjects. The Secrets of World Money Flows and A Simple Way to Understand Them You can learn the secrets of world monetary flow if you will simplify the concept. The Allegory of a "The Beach Ball," is not taught in all universities, perhaps it should be. Money Mastery Money can be your servant or it can be your master. The choice is yours to make. 5 Easy Ways to Save and Build Wealth 1. Pay off high-cost debt. Get Rich Doing What Others Dont "The quickest way to wealthThat I've found to be true;Is to stick out your chestGive your bestAnd do what others don't like to do!" - PrimmIt's been said the difference between the "haves" and the "have-nots" - can be traced back to the people who did .. How To Get Paid Instantly Via Stormpay? Try Online Rewards Programs E-currency is very popular on the Internet today. People use different electronic funding companies, such as Stormpay, E-gold, Paypal, Moneybookers and the list goes on. Stop Losing Thousands of Dollars Every Day: Six Tips For Creating Wealth We all go to school for about twelve years, kindergarten through high school. Some of us go to college and then graduate school. 16 Mantras for Building Financial Wealth Everyone wants to be wealthy, but most of us do not have anyone to guide us down this road. Even if we stumble upon a mentor, most of us may think it's a scam. How To Be A Millionaire - The Top Secret Of Wealth Creation Have you any idea how many people search Google every single day for terms such as, "make fast money" or "get rich quick"?Intelligent, motivated people, just like you and me? It's veritably FRIGHTENING.Some do it for a laugh. Top 10 Secrets of Getting Rich! As many people have observed, "Success leaves clues." If you want to achieve extraordinary success in the coming year, study the experts, do what they do, and modify their techniques to suit your particular situation. You Can`t Cheat An Honest Man Author: James WalshISBN: 1563431696: Publisher: Silver Lake PublishingIn 1903 Charles Ponzi arrived in the USA with the aim of becoming as wealthy as Rockefeller. His modus operandi was based on the principle of robbing Peter to Pay Paul. Residual Income - The Myth "Join our program and retire in 3 months.. The Underlying Belief System Many of us do not consider the underlying belief system about money to be of any importance. You think it does not matter, because what matters is what you do now. Lesson 1 - Why Arent You Wealthy? We will start the Financial Fitness System with the assumption that you are out of shape financially or you would not have decided to subscribe to the course. So, again, why aren't you wealthy? There are some exceptions, but for the majority of the world it's the same reason. The Hawk and the Mouse - Saving for Retirement There once was a hawk, ferocious and swift. He was young and agile with many years of life to hunt the open ranch lands. Money Myths Of The Poor From tender age, we were exposed to myths about money and myths of being rich. Be it from our parents, brothers, sisters, relatives, or friends.
|
|
Powered By: Free Google Adsense Websites! |
| © 2006 |
