 |
Harnesslist.com |
|
|
Financial planning at an early age may seem complicated, however it can be easier than you might think. At the age of 25 most of us are just beginning our married life, and there are homes and automobiles to buy and children to plan for. This leaves little time to plan for the future. These are some simple steps that you can take to ensure that you and your family will be able to handle unexpected emergencies and expenses.
* Buy Insurance
Insurance is one of the easiest ways that you can be sure that your family is protected financially in the event of an accident. Medical bills alone from one accident can cause a family to be in a state of financial distress for years. Although medical and automobile insurance rates are high, the return is much greater. Life insurance is also a very key factor in planning for your financial stability. In the event that a family member dies, you could be in debt for as much as $50,000 for funeral expenses. Insurance may seem like a useless expense when a family is deciding on a budget, however, the budget will be completely diminished in the event of an accident without insurance. Remember, the key word in the phrase "financial planning" is planning.
* Repay High Interest Loans
Some debt that is incurred has a higher interest rate than others depending on the type of loan and the time at which the money was borrowed. Many times car loans and student loans have the highest interest rates, while other debts like medical bills may have little or no interest accumulating. Although it might seem like a good idea to pay off bills that have a lower total balance to eliminate that payment, this is not always the best option. In the long run it is more beneficial to pay off the debts that have the highest interest rates first.
* Create an Emergency Money Account
Try and work out a plan so that your family will have a little extra money in case of emergencies. Even putting a minimal amount of money back from each paycheck makes a lot of difference. The key is to be consistent, decide on an amount a stick with it. Another option is to save unexpected income, such as gifts or tax returns, for emergencies. It is estimated that one should save at least 15% of their annual earnings in a savings plan; this amount will vary according to your particular situation.
Timothy Gorman is a successful Webmaster and publisher of Debt-Relief-Solutions.com. He provides more debt relief, credit counseling, repair and free financial planning information that you can research in your pajamas on his website.
RELATED ARTICLES
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.
Real Estate Stories that Show You How!
Let's begin easing you out of the pits. I mean, comfort zone! I'm going to slowly and methodically give you as many little sparks and insights to the relatively simple ways that ordinary people use real estate to achieve extraordinary results.
Russ Whitney - Building Wealth Through Real Estate
When Building Wealth by Russ Whitney was released a few years ago it sent shockwaves through the real estate industry and uncovered some amazing insights into Real Estate and Russ Whitney. It also opened the door for many people to get involved in the Real Estate Training Investing Training World.
Building Wealth by Paying Yourself First
When I look around at all of my friends, and a lot of my family, I see a lot of people living from pay check to pay check, under monetary stress. These same people watch the Calendar for payday like a hawk. Pay their bills, and then open up the spending flood gates, before they know it, they are itching for their next pay check. These same people are the people who don't think they make enough money to build future wealth. They are wrong.
How Much Do You Need To Earn Per Hour To Achieve Your Yearly Financial Goals
Have you ever asked yourself what your highest income producing activity is
Start A Cashflow Club
The cashflow board games, Cashflow 101, Cashflow 202, and Cashflow For Kids, were designed by Robert Kiyosaki, best-selling author of the Rich Dad, Poor Dad book series.
New Year Resolutions to a Better Financial Future
There could not be a better time to mull over the changes needed in our life style than at the beginning of a New Year. This is also a good time to set yearly goals and make resolutions. Each year, according to statistics, almost a third of us make some kinds of New Year Resolutions. Interestingly, although financial future is our main cause of anxiety, our personal finance, according to surveys, gets only to the fifth place in the list of most common New Year resolutions.
Retirement Can You Afford It
Every day you work is one day closer to your retirement. But can you afford to stop work If you were unable to go to work for 6 months due to illness or injury, would you still have enough income to support yourself and your family Even if you kept working, would you have enough money put aside to comfortably retire after a hard lifetime of work If you kept working or doing as you're doing today, for the next 10 years, would you be in a better position to retire Have you ever calculated whether your superannuation or the pension is going to be enough for you to retire on
Building Wealth: Its An Inside Job Part 2
Let's quickly review the principles discussed in the first part of building wealth. We established that prosperity consciousness must first be developed mentally to acquire any real wealth. A person that constantly worries about money most likely is living in scarcity consciousness regardless of the size of his or her bank account. We talked about some methods and daily exercises that can be employed to start developing a stronger level of prosperity consciousness. The first exercise uses written affirmations, the second utilizes visualization, and finally we need to become more aware of how willing we are to give and receive prosperity on a daily basis. If we start using these methods, we'll begin to see gradual changes in our lives that will become larger over time.
Financial Freedom for Every Employee
You may think you have to be an entrepreneur to achieve your goal of financial freedom, but that is not necessarily true. While it is true that owning your own business is an excellent way to generate passive income, financial freedom is not entirely dependent on business ownership.
Saving Money By Spending Wisely
Why is it that the older and richer people become, the more conservative they are with their money Have you ever done or know someone who has made an investment that promised a 10% interest or profit per month Everyone wants to make above average profits. It is amazing how many people will send their very hard earned money across the world to Nigeria or to Boca Rattan, Florida on the promise of a telephone acquaintance to make them much richer. People give their money to complete strangers in hopes of making more money.
From Debt to Financial Freedom
The vast majority of working people are in debt. The vast majority of people who are now in debt are always struggling to find better jobs with higher pay checks. As strange as it may sound the more you think about it the more you will come to realise that the more money people make the deeper they get into debt. It almost seems that finding another job with better pay check is not the most effective solution to get out of debt.
How to Make More Money
When I was a student in London, I had a part-time job working in a new-age bookshop near Camden Town. One day, Robert Plant, the lead singer for Led Zeppelin, came into the shop and walked up to the owner.
The One Important Secret of Making More Money Easily
If you're reading this article, it means you are a person who wants to make more money in life.
Turbocharged Financial Planning
Financial planning is an ongoing process individuals and businesses should implement by organizing all aspects of their finances. This will assist in identifying financial goals, providing a comprehensive written Financial Plan, and implementing the plan in accordance with the objectives thatare most important to you.
My Ambitious Niche - A Completely NEW Way To Find Ambitious Wealth
Turn to the year 1999, a couple of friends sitting on a deck drinking beer and having a few laughs. The intelligent looking one (ME) sips a bud as he looks over to where his wife is, over through the window in the kitchen.
How To Get Investors And Bankers To Part With Their Money For Your Business
Time and time again entrepreneurs are losing out on getting the capital they need because of making basic mistakes in their pitch. It's great to have a magic product and tons of enthusiasm, but it's not enough. Follow these five rules and see your success rate climb.
Wealth And Your Net Worth
Most people know it's important to keep and organize all of your vital financial information. But knowing you should and knowing how are two different things!
6 Proven Wealth Building Strategies
Building wealth is as simple as saving a little bit here and a little bit there. You need not have great riches in order to accumulate wealth, but you need to have the drive, determination, and discipline to successfully increase your wealth. Let's look at 6 proven wealth building strategies you can put to use today.
Thieves Continue to Pull Off the Biggest Heist in HistoryUntil Now!
Imagine being able to steal untold millions of dollars in plain view without getting caught. Impossible you say. Be careful because you are most likely a victim of this heist. In fact, you may actually be giving these thieves referrals so that they can dupe your friends and family.