As you progress through life and build your wealth, it becomes necessary to protect yourself, your family and your assets. The most common way to protect is to buy some form of insurance. When you buy insurance, you shift the risk to a third party and away from you. At different times in your life, it will be necessary to have different levels of protection. In some cases, being self-insured is an alternative. Life Insurance If you have anybody dependent upon you, life insurance is … [Read more...] about Risk Management: Protecting your Assets
budgeting
How to Plan for a Comfortable Retirement
When do you begin planning for retirement? Now is a good time to start. If you do not have a plan, it’s time to get started. The more time you have until retirement, the more wealth you can accumulate. We will present some options to consider. Education As we move into other finer aspects of preparing our long-term financial plan, we once again must understand all of our potential options. Preparing a long-term financial plan must include retirement planning, regardless of the amount of … [Read more...] about How to Plan for a Comfortable Retirement
How to Invest and Grow your Wealth
How do you invest and grow your wealth with markets down and inflation up? Are you kidding? No, as a matter of fact this may very well be a perfect time. But we are in a bear market. Consider that stocks are on sale. Will they rebound? Let’s see what history tells us! What is a Bear Market? A bear market is defined as a decline in the market indexes of 20% or more. All the indexes are in bear market territory in 2022. The average bear market lasts about 388 days. Since 1928, we have had … [Read more...] about How to Invest and Grow your Wealth
Getting Educated About Financial Planning
As we continue building our financial plan, we will now discuss a very important aspect for you to become successful. Education; yes, education. We will step out for you some things for you to consider. I always laugh when I hear someone say, “I can’t wait to get out of school.” Really? If you are not always learning, then you will not meet any of your goals let alone your financial goals. Learning is a lifetime journey. Whatever the method, whatever the experience. A wide variety of … [Read more...] about Getting Educated About Financial Planning
How Proper Debt Management Will Make You Wealthy
Several debt management strategies can be implemented that will put you on the path to accumulating wealth. I would like to take a look at several types of debt and begin to dissect them. Finally, I will make a recommendation as to one possible way to attack your debt. How Much Debt Do Folks Have? While the total outstanding debt on a national basis is a record $15.84 trillion, including mortgages, here is a list of the average amounts of outstanding debt by age group, excluding mortgage … [Read more...] about How Proper Debt Management Will Make You Wealthy
Creating a Winning Financial Plan, Part I
Many people wonder why they do not win from a financial aspect in life. The number one reason is they lack a winning financial plan. The saying goes, “If you fail to plan, you plan to fail.” The following will help you begin to develop a winning plan. When you have a plan, you have a goal. With a goal, you will begin to develop methods to arrive at your goal. I always like to develop several ways to achieve my goals. How about you? Wealth Management So you say that a financial plan is … [Read more...] about Creating a Winning Financial Plan, Part I
Cashless Society Pros and Cons
What would a cashless society look like? How long until we have a cashless society? Are we already in one? How often do you use cash? Let’s explore the cashless society’s pros and cons. With the COVID-19 pandemic, are we accelerating to a cashless society? How Often Do You Use Cash? Approximately 19% of all transactions were made with cash in 2021. This is down from 26% in 2019. Are we headed to a cashless society? With the use of debit cards, the dreaded credit cards, and such other … [Read more...] about Cashless Society Pros and Cons
Follow a Budget, Increase Your Financial Knowledge
To grow your wealth, you need to become knowledgeable in a number of different financial areas. To not be educated in the basics will cost you in the long run. It is not that you need to be an expert, but one must understand the simple concepts in personal finance. The following is a high-level education to put you on the path to master basic finance. Begin with these concepts and grow from there. Learning should be a lifelong endeavor. If you stop learning, you will fall behind as the … [Read more...] about Follow a Budget, Increase Your Financial Knowledge
How to Create a Personal Investment Plan for Financial Independence
As we begin this journey – and yes, it is a journey – we ask the question: Is it possible to develop an investment plan to achieve financial independence? The immediate answer is yes, it is possible. In this article, we shall explore the necessary steps to make it a reality. What is Financial Independence? How do you define financial independence? Is it having all the money you need or want? Or is it something else? Does money have anything to do with it? How about doing anything you … [Read more...] about How to Create a Personal Investment Plan for Financial Independence
Using the Three Bucket Retirement Strategy
After many years of hard work and diligent saving for retirement, many struggle with the fear that they will outlive their nest egg. Or, perhaps worse, that the financial systems will collapse. So what does one do? Plan! It is my belief that the Three Bucket Retirement Strategy will both guard against adverse market conditions and grow your nest egg so that your money will outlast you. Laying the Groundwork Before the Three Bucket Retirement Strategy can be implemented, you will need … [Read more...] about Using the Three Bucket Retirement Strategy
