Get On The Right Monetary Path With Smart Financial Planning 2015 Latest

You plan for many things in life, and financial security should be one of them. Prudent financial planning can help you reach both short-term and long-term goals. As you consider various facets of these management tasks, learn how to combine all components into one comprehensive strategy.

Outlining Objectives

You need to know your goals before you can make them happen. Consider both long-term and short-term goals that you want from your money. Perhaps you have kids that you want to help through college or weddings that you want to fund. If you have trips on your bucket list, add these to your goals, too. Include broader goals such as the standard of living you want to have during retirement, also, to ensure that these ideas become a part of your financial strategy.

Making a Realistic Budget

Prudent money management is an integral part of strategizing. It’s essential that you know how to live within your means to achieve your goals. Make a spreadsheet of your monthly income and expenses. Strive to reduce your current debt as a part of your budget by paying off credit card balances and other loans as quickly as possible. Set money aside in savings when possible, too. If your income does not meet your expenses, you will either need to reduce your expenses or find a way to increase your income.

Minimizing Risks with Insurance

Risks are a part of life, but insurance can help minimize some risks. Life insurance is an important way to provide for your family after your death through protections such as wealth transfer benefits. Ideally, both spouses should have a policy to help manage expenses after death. Other insurance policies to consider include disability and long-term care.

Strategic Investment

Your investment strategy will depend on your age and your assets. A financial planner will be able to help you determine asset allocation and investment diversification strategies, applying your needs and your overall tolerance for risk. Investments also change with shifting economic conditions and tax laws.

Tax Burdens

It’s crucial to keep your tax burden as low as possible. A combination of prudent spending, saving, and investing can help minimize tax burdens. As you age, your tax strategy will also need to include estate planning to ensure that you factor these into the overall picture.

Retirement Planning

It’s virtually never too early to begin making goals for retirement. Early strategizing will help ensure that you retire to the lifestyle you desire. Many people implement a combination of saving and investing for retirement. Tax-free savings accounts and pensions can be an integral part of this arrangement.

Estate Planning

Investments, insurance, trusts, and wills are the common estate planning vehicles. The idea is to select and combine the various vehicles correctly to achieve the best balance that fits your finances. A professional advisor can assist you with these important decisions by presenting the best options that fit your situation.

There is no better time to embark on your financial planning tasks. As each day passes, you are missing a chance to set yourself on the right monetary path.

Your Credit Score Or A Life Without Debt 2015

Your Credit Score Or A Life Without Debt 2015

To seek a high credit score or a life without debt, that is the question. When seeking a high credit score, you must make sure to have a perfect-payment history, stability on your job, an expanding credit history, and available credit you carefully use and repay. To get started, financial planners will recommend that you obtain a low-limit (like $500) secured credit card, use it, and pay it all back.The goal is to gain a high score to have easy access to credit for a car or mortgage. That said, financial planners are unlikely to ever tell you how to live credit-free and avoid the misery of mounting debt.

Why don’t they tell you?

From global to national to local, all money is derived from a debt-based monetary system and is itself, a debt instrument (read: Federal Reserve Note on a dollar bill). Most financial planners are well-meaning but have not been educated on these facts and therefore, cannot advise you accordingly.

The untold truth about money is what any online inflation calculator can tell you; $1.00 is now worth less than .04 cents and keeps losing value due to how the system works. What this means to you is that the cost of living has skyrocketed and outpaces earning. Credit rushes in to fill the gap and you are the one stuck with the bill.

Knowledge of this, alone, should be enough to give people pause regarding how they manage their finances; but it appears not to be the case. To choose a life without debt is to think outside the box. It requires proactive strategies that go against the economic grain of a debt-based society. That said, a life without debt and how to accomplish it is well-worth consideration.

Growing up in the 50’s and 60’s, when the dollar was worth more, my parents paid cash for everything and did not own a credit card. Paying for large purchases on lay-away plan was still very common then, and for those too young to know what that is: We would make no-interest payments (at least monthly) for our purchase that the store would keep until the final payment. Receiving the purchase on that last day of payment was oh so exciting!

Also considered horribly old-school today is how my mother managed the family budget. She housed several recycled baby food jars in her desk. Each jar lid had a label on it for: vacations, mortgage payments, school clothes, groceries, utilities, etc. and she would add money to them each pay period. That’s how they stayed out of debt.

My point? Due to the continual loss of money’s purchasing power, it becomes ever more difficult to live without credit, but those who are self-directed still can. When the multiple personal costs of accruing debt are considered (health, marriage and family issues), the alternative starts to look pretty good. Of course, like anything else, there are trade-offs.

Some of the upsides of using credit, albeit a card or any interest-bearing loan:

  • Convenience of not carrying cash
  • Statements that track everything for you
  • Being able to make large purchases on the spot
  • Credit card “rewards”

Some of the downsides:

  • The illusion of wealth
  • Impulse buying
  • Overspending (paying “Credit Card Premium” prices)
  • Paying interest and paying high interest on credit cards/payday loans
  • Managing payments due to having several credit cards
  • Overdraft charges on credit cards
  • Often a lot of financial stress

Some of the upsides when you pay-as-you-go:

  • Reality-based spending and prioritizing
  • More likely to save for large purchases
  • Minus the instant gratification of impulse buying, time to consider the purchase
  • Less financial stress due to more certainty

Some of the downsides when you pay-as- you-go:

  • Often wait-time on large purchases
  • Limits activities to current funds available
  • Adds the task of tracking your own spending
  • Adds the task of staying on top of funds available in bank accounts
  • Can mean carrying a lot of cash

Remember that credit use is a choice you make and is not inevitable if you are willing to think creatively and make the trade-offs necessary to live a life without debt.

Six Personal Finance Tips to Money, Wealth, Financial Security and Personal Finances 2015

Six Personal Finance Tips to Money, Wealth, Financial Security and Personal Finances 2015

Today everyone wants their money to be safe and secure. However, the financial world is growing more unstable and our needs are changing at a rapid pace. The necessity for individuals and families to save and manage their money has never been greater, harder and it is not getting any easier. Managing a budget, saving and investing your money wisely is the immense subject on everyone’s mind. Saving money has become extremely hard today. You should save for retirement, save for your kids’ college education, save in case you get laid off and save just to create a sense of comfort.

Have you looked at your finances lately? The process of saving money, create wealth and achieving all of your financial goals start with the awareness what personal finance is. Personal finances are not about cashing your payroll check, paying your bills and meeting all of your monthly obligations. It is about having enough money saved in order to meet all of your financial goals in life.

Money is a medium of exchange, but the lack of money adds to great emotional stress in our lives. Take control of your finances immediately by reviewing the following tips provided.

Today is an excellent time to start reviewing your finances and put together a good financial program with goals that fits your financial needs. After you review your finances, take immediate action and make some positive adjustments. Do not try to take care of it by yourself. Make sure all of your family members know about your plans and they can assist you in meeting all of your financial goals. An important issue is to measure your results and make all possible changes needed. When you and your family achieve all of the goals, reward yourselves. Rewards are always great motivators. Start Today.

Six Personal Finance Tips

1. It is not what you earn, it is what you save. Save at least 10% or more of your net earning from every paycheck. The important issue is to spend less than what you earn. Do not go beyond your means.

2. To maintain a good savings account take control of your spending. A good spending plan, not a budget, will let you know where you are spending. Decide on what you want to spend your money on in advance and keep track of all of your monthly transactions. From there you will know what your spending habits are.

3. Is your Bank meeting your needs? Possibly you might need to look at another bank that offers a much greater savings and or investment program. Today, Online Banks offer great investment programs.

4. Apply and use credit cards that offer 0% for 12 months or more. Every monthly payment that you make will go directly to the balance and not to the high interest. When the 0% intro program is about to expire review what the interest rate will be. If the rate after that period is 10% or more, apply for another 0% credit card and transfer the remaining balance. Keep this process and you will never make an interest payment.

5. Buy a home. Your best investment is your home but only if you get a low interest rate mortgage. If the current interest rate is 2% lower than your present rate, refinance and lower your monthly payment.

6. The only possible way to build wealth is to determine a percentage of your income that you are willing to invest every year.

The Different Advantages Of Hiring Financial Planners 2015 – Why Hire One

The Different Advantages Of Hiring Financial Planners 2015 – Why Hire One

Handling finances is different depending on the age. For younger people, it is easy to handle them. They only ask for it especially with well-off families who can afford to provide big allowances to their children. They have all the freedom to do whatever they like with their money. Whether they would like to splurge their money on something they have been eyeing for weeks or keep it for the rainy days, it’s all up to them. Sometimes if they need more money, they take part-time jobs. Everything is so simple because they don’t have big responsibilities yet.

For adults or older people, on the other hand, there are now bigger responsibilities and this means more bills to pay. There are now bills for the house rent, utilities, credit cards, tuition fees for those with children, health insurances, and the like that should be settled within a specified time. Other than this, they have to plan about their retirement. This is where financial planners come in. With their help, they can guide each person to decide and plan for their financial aspects.

Also, they can create a plan of action to set everything in place. Why hire one? Here are some ways financial planners or advisors can help you.

1. It can help in managing your personal and household finances. With a lot of financial obligations, most of the time families don’t get to settle their financial responsibilities on time. Wouldn’t it be easy if there was a carefully laid out financial plan for you to follow so you can fully enjoy your income. Financial planners can help create a comprehensive plan for you. For instance, they can help in deciding which aspect you can save more and which aspect to cut down on to manage debts. With this, you may be able to set aside money for savings or for a rainy day.

2. It can help you determine the best avenues to invest on. If you are planning on owning a house one day, financial planners can help you determine which options you should invest on that will get you more gains. Whether you would like to invest on real estate, stocks, or bonds, financial planners can help you determine the best avenue to put your money on. With all the hard work you have exerted to earn your income, it is self-assuring that your money is put into good use.

3. It can help you balance your business and personal spending. This is applicable to individuals who have a business to run. Remember, business spending is different from personal spending. With too much on your plate, this may be hard to handle. Financial planners can help you understand more about the financial risks you are taking therefore you can balance your finances both in your business and personal life.

Personal Finance 2015: The Betrayal of Form Over Substance

Personal Finance 2015: The Betrayal of Form Over Substance

I know that I am a lone voice in the wilderness when debunking conventional thinking about how best to earn, spend, save and invest based on hard facts (public domain information) of how the system of money actually works, and the negative impact it has on wealth building. Then again, perhaps somebody needs to represent reality no matter how “old school” it might seem at first blush.

Though I’ve tried to help people see the forest for the trees regarding how money works, most ignore my message due to what I believe are society’s demands of peer pressure. Unlike big corporate businesses, I lack the marketing budget that might encourage people to consider that what I am saying may, in fact, be for their benefit. So those with the biggest marketing budgets win the day.

The problem as I see it is that most people have no idea of the degree to which they are manipulated emotionally by the marketing schemes of big corporations, the banking industry, in particular. Millions of people being marketed to, unwittingly “buy-in” to thinking about their life and money in a prescribed way per a calculated and very expensive marketing campaign; one launched by a bank to convince you of their version of financial reality, how you should think about money and what you should do.

The commercial hooks cast to catch you are almost always emotionally-laced and subliminal. They prey on the normal and natural human needs to be loved, appreciated and respected – personally, socially and at work. If you buy-in to their marketing suggestions of what will give you the emotional rewards you seek, you just might end up as a customer for life! Think: Chase Bank’s “Chase Freedom” campaign.

Like the story of the Emperor’s New Clothes, we’re somehow supposed to just agree and never admit that the emperor is butt naked. However, this sort of going along to get along is exactly what will get you in deep trouble with your finances and eventually betray you like a cheating spouse. In this case, you are led down the primrose path of happy consumerism and easy credit to a life of debt enslavement. All along, you thought you have done everything the way you were supposed to. But, alas, you learned the hard way.

Commerce and humans are like apples and oranges.

Commerce has the corporate mandate of a profitable bottom line if to stay in existence. You are their potential revenue unit. Yet humans are non-commercial flesh and blood entities and have the innate ability to discern the Emperor’s New Clothes if they so choose. With such discernment, the dust on your spectacles falls away and you are able to see manipulation for what it is. Your awareness provides an even greater range of choices than those prescribed by those who would benefit at your expense. Additionally, such discernment might interest you to advance your financial IQ, and also to learn the “people’s” (not the banking industry’s) approach to wealth building and management.

Please note: I am NOT saying that spending money and all that it can buy is bad. The nature of business is that it will always seek new and repeat customers. But it is virtually impossible for commerce to deliver on any of its subliminal messages of emotional and personal fulfillment in the long-term. What I AM saying is that it seems to me that most people, when it comes to responding to what is important in life, have given over the critical-thinking ability of their mind to the world of commerce with often disastrous results.