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What’s your Financial Plan?

Do you have a Financial Plan?

Concept of american businessman making financial plansThe new year is here and it is time for you to develop or review your financial plan to achieve a successful 2015. Planning is one of the most important and fundamental aspects of intelligent behavior. It is the process of thinking about and organizing the activities required to meet a desired goal. Because many of your goals have to be funded, it’s very important that you do financial planning and budgeting. You may want to travel, pay for college or purchase a dream home, they all require that you have a sound financial plan to get the desired result. If you don’t plan, you will find yourself in a weak position to deal with life’s challenges which can seriously impact your dreams and goals.

It’s necessary to have faith and to pray, but without proper financial planning, which should include at the basic level, insurance coverage, unexpected events like becoming ill, or having to suddenly deal with a death in the family can cause you unnecessary grief. On New Years Eve most of us prayed for a safe and healthy 2015, but it should not stop there, because“ faith without works is dead. you have to define the goals you want to achieve and formulate strategies to meet them. You also have to manage risk, which addresses the unknown, the intangible, and the unexpected. If something terrible should happen in the future, you’ll be glad if you at least made some plans for worst case scenarios.

So what should you do about your financial plan?

It is very important that you take some time to talk with a trusted financial advisor, who can help you formulate a plan based on your goals and dreams. This is the first step towards ensuring that 2015 becomes one of your most remarkable and successful year.

Remember, extraordinary people are just ordinary people who are thinking differently – and that can be you!

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What would you do if you found a Goal mine?

I grew up in the mining town of Linden in Guyana. There bauxite mining was the main employer. However I just found a “gold” mine and wonder what you would do if you found one.  I don’t know about you, but I would start digging.  Well I want to share this “insider” public information with you.  Remember, the purpose of this site is to educate folks and help them reach their financial goals. So it is only fitting that I tell you about this new financial product called GoalMine , which is a simple and affordable way to advance your financial goals.

There is even an App for this, coming soon. “The mobile app links to a user’s bank account through the automated clearing house network. The smartphone software also uses location services to warn users when they get near a coffee shop — or another place where they may be spending more money than they realize. This alert serves as a reminder to the user that the same money could be better put toward a savings or investment goal.

 

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Ease Your Way In To The Stock Market

Heads up, you know darned well that you have to do something with your money. Something besides enjoying your weekends and getting your hands on the latest electronic gadget. That something, as you have probably already figured out is about getting up close and personal with the world of investments.

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True or False? — It Takes Money to Make Money

The short answer is YES; of course it takes money to make money. To make money in the stock market, you must have money to make the initial stock purchases. Starting a business requires money to buy inventory, marketing materials, office space and equipment. Even lottery winners had to have the seed money required to buy the ticket. The only exceptions that come to mind are inheriting, stealing or finding money.

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Wealth Building Tips for Millennials

Millennial! Another of those media driven buzzwords, used to label those between the ages of 18 and 34, while the term Gen Xers define those between 35 and 50 years of age. Boomers, the group to which I belong, are those 51 through 69. This post covers 8 key pieces of advice I proffer to this generation.

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Top Budget Hacks for Planning and Accounting

Something most rags-to riches stories have in common is that a good budget is always needed to help anyone achieve financial security. If you want to significantly improve your credit, you have to learn how to pace your spending and increase your savings. No matter how much money you have, there will always be something you can spend it all on and become dead broke again.

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Tips for Avoiding an Out of Money Experience

Do you run out of money before you run out of month? Many do, but it doesn’t have to be that way! Wealth is the result of widening the gap between what you earn and what you spend. Most of us make the mistake of ramping up our spending as our disposable incomes rise. This is self-defeating. If you do not develop a respect for money, it will always elude you.

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What if you were to die today?

I know this is not a pleasant question, but it is an important one. Many of us recognize the benefits of planning. As we think about the things we want to do, we are motivated to take action and put some systems (plans) in place. For the most part, these plans are positive and enjoyable. For example, we plan for a wedding, or we plan to go on a vacation or plan to buy a beautiful home. These plans are good and a part of life.

However, planning for the unexpected – known as risk management – can be less pleasant. A key part of risk management is answering the question, What if I were to die today?” Preparing for an untimely death is often called “survivor benefit planning.” It addresses the need to keep one’s family in their current world financially.

Understandably, no one likes to contemplate his or her own demise. For some, death seems to be a distant future event. Others are simply too “busy.” Whatever the reason, delaying this part of planning can result in expensive, unintended, even tragic consequences. If you need more information on how to do proper survivor benefit planning, give me a call at (267) 712-9320

I would love to hear from you and will be glad to help.