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Last Updated: Feb 6, 2017 - 2:32:04 PM |
"To live at this time is an inestimable privilege, and a sacred obligation devolves upon you to make right use of your opportunities" - Grenville Kleiser
In today's uncertain financial markets the one thing that is certain is - if you are going to survive you must take control of your money, no matter your age or income level. And the message is also clear that you are going to have to take full responsibility for your financial well being.
So here are the two critical keys that you can count on to ensure your financial survival.
The first critical key is you have got to know where you're going!
I'm sure you have heard it over and repeatedly - “
H
e who fails to plan, plans to fail” and believe those words are as true today as they were on the day they were first spoken and yet persons are failing everyday financially because they do not have a plan.
If you are going to survive you have to start with a thoughtful, well-designed financial plan. And you may need professional help in getting it done.
Remember that your financial well being is no different from your medical well being and just as you use a professional to help with your medical need you will need financial help!
Your plan should include the following:
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Specific Financial Goals with appropriate time lines
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Your Monthly Spending Plan. This will help you to control your spending and ensure that you are spending your money appropriately. And if you need help “Taking Control of Your Money workbook” is a helpful resource.
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Savings. Never forget that a part of every dollar you earn is yours to keep so start keeping it.
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Investments Goals & Strategy. You must grow your money and this will only happen if you have well a thought out investment strategy with the appropriate portfolio design.
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Home ownership. You really can't enjoy life without your own home
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Retirement planning. You have got to provide now for when you are older and can not work.
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Personal Development. You need to constantly increase your ability to earn more money.
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Protection. You and your family will need adequate and appropriate insurance protection.
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Estate Planning. Get yourself a Will, its the only way you will be able to make your wishes known.
And the second critical key is to get yourself some breathing space!
You want to eliminate any consumer and credit debts as quickly as possible. And once you have done so build up your savings to at least six to eight months of living expenses. Believe me, you will be happy you did because of the peace of mind it provides in a financial emergency or job loss.
You should keep this money in an easily accessible account preferable attached to an automatic teller card (ATM). And if income is tight you may want to consider increasing your income.
No matter what your current economy may seem like now or the noise in the market place don't become overwhelmed just start using these 2 critical financial keys and you will survive!
Got a question about your financial or retirement planning any question at all go ahead and just ASK GLENN
"When patterns are broken, new worlds emerge."~Tuli Kupferburg
Copyright © 2009 - Glenn S. Ferguson
Glenn Ferguson is a financial & retirement Speaker, Coach and Syndicated Writer, helping you to painlessly take control of your money to create wealth for you and your family. Email to: glenn@financialcoachingwithglenn.com Website: www.financialcoachingwithglenn.com Tel: 242-327-2453 Fax: 242-327-2456
© Copyright 2009 by thebahamasweekly.com
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