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Wednesday, March 4, 2009
How to you deal with your money? Do you get a paycheck every week or every two weeks and then maybe pay some bills then use the rest on new clothes or electronics, or maybe spend it going out to eat? In other words, do you have absolutely no organized way of dealing with your money?
A disorganized financial lifestyle is a recipe for disaster. If you know nothing about your money, you are doomed. I can't even imagine what could happen if you never get things under control. You probably don't even know if you're in debt. This is not where you or anyone should be right now.
Financial planning is a critical part of life. It doesn't matter if you have tons of money and feel you could afford anything or if you make next to nothing and feel you don't have enough money to plan. Planning for both extremes and in between are necessary to succeed financially in life.
Financial planning is not as hard as you may think. If you really think you can't handle it, you could always hire a financial adviser. On the other hand, with a little research and thought, you could do it yourself and save some money.
First, add up all your assets. Add together the value of your home, investments, and checking and savings accounts. Subtract out all your debts and you get your total net worth. This is how much money you have.
Next, make your goals. Do you want to pay off your debt by next year? Make it a goal. Do you want to retire at age 55 with $2,000,000? Make it a goal.
Don't think any goal is impossible. If it looks too big, start with smaller goals or break up the larger goals into smaller short term goals. For example, you may think could never save a $12,000 emergency fund in 2 years on a $35,000 salary, but if you make a good enough plan, it can happen!
Once you have your goals, you need to come up with a plan. Figure out how much you need to put aside each month. Then make a budget to help you save each month. Make sure you follow your plans. They will mean nothing and do nothing for you if you give up sooner or later.
A disorganized financial lifestyle is a recipe for disaster. If you know nothing about your money, you are doomed. I can't even imagine what could happen if you never get things under control. You probably don't even know if you're in debt. This is not where you or anyone should be right now.
Financial planning is a critical part of life. It doesn't matter if you have tons of money and feel you could afford anything or if you make next to nothing and feel you don't have enough money to plan. Planning for both extremes and in between are necessary to succeed financially in life.
Financial planning is not as hard as you may think. If you really think you can't handle it, you could always hire a financial adviser. On the other hand, with a little research and thought, you could do it yourself and save some money.
First, add up all your assets. Add together the value of your home, investments, and checking and savings accounts. Subtract out all your debts and you get your total net worth. This is how much money you have.
Next, make your goals. Do you want to pay off your debt by next year? Make it a goal. Do you want to retire at age 55 with $2,000,000? Make it a goal.
Don't think any goal is impossible. If it looks too big, start with smaller goals or break up the larger goals into smaller short term goals. For example, you may think could never save a $12,000 emergency fund in 2 years on a $35,000 salary, but if you make a good enough plan, it can happen!
Once you have your goals, you need to come up with a plan. Figure out how much you need to put aside each month. Then make a budget to help you save each month. Make sure you follow your plans. They will mean nothing and do nothing for you if you give up sooner or later.
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If you'd like to know more about, get the keys to financial planning. Begin with personal budget planning and you will start complete your goals and see the rewards.
posted by Credit Counseling at
4:39 PM
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