Everyone, no matter how large or small their income, makes enough money to invest in their future wealth. Too many people are convinced this isn’t true, because they tend to spend money whenever and wherever they see something they desire, without any thought of their real, long-term goals. (more…)
When setting goals for most situations, such as your career, you first set short-term goals that support long-term goals. With personal finance, you want to look at your goals more or less in reverse order.
First, you need to determine where you want to be financially during your later years of life, such as when you reach retirement and are no longer earning money from your career or business. Then, you should allow these long-term goals to drive your goal setting for the near term. (more…)
Many people have accomplished personal financial goals that allow them to enjoy true personal wealth. All successful people followed some general financial principles that helped them accumulate money and build wealth instead of spending money frivolously.
Here are the first three principles for generating wealth (See Part Two for more wealth-generating principles): (more…)
Once upon a time, the only type of savings account commonly offered was a passbook account. You were given a little book that you brought to the bank with your deposits, and each record was stamped into this passbook, both deposits and withdrawals, always including a total balance in the account.
Today, there are many different types of savings accounts that are offered to help you save. (more…)
In today’s economy, everyone’s focus seems to be on saving money and creating wealth. Unfortunately, it’s easy to become overwhelmed by rising gas prices and mounting credit card bills in addition to your other monthly expenses. However, saving does not necessarily require you to live on bread and water. You can start to save money by practicing a series of simple habits. (more…)
Planning for your retirement has never been more important. It is a simple truth that today’s workers will be forced to rely on their own retirement resources far more than previous generations.
One study conducted for Oppenheimer Management found that almost half of all American households have no pension coverage whatsoever. At the same time, many companies are downsizing or closing altogether, forcing many workers into early retirement. (more…)