The importance of budgeting is undeniable, but many don’t do it because it is time consuming and difficult. Learn how to build a basic budget in 15 minutes which meets both your financial needs and goals.
The debate about whether a budget is a necessity or a waste of time often centers on a fundamentally flawed definition of budgeting. The exercise of budgeting shouldn’t be designed to limit you, but to give you the freedom to spend money in the manner you wish to spend it.
There is a lot of talk in the financial media about the benefits of automating your finances. But what exactly does that mean? And how do you go about doing it? Here’s one simple method of automating your finances which ties your budget in with your pay.
The importance of budgeting is undeniable, but many don’t do it because it is time consuming and difficult. Learn how to build a basic budget in 15 minutes which meets both your financial needs and goals.
When developing your financial plan, focus less on your finances and focus more on the lifestyle you want to achieve. Your financial plans should be rooted in the life goals you want beyond your finances. No matter if your goal is to pay off debt or own a villa in Europe, your finances are simply a means to an end.
The human brain is an amazing thing, capable of dreaming up whimsical fantasies about our personal finances and how we are doing with our wealth and our debts. Creating a net worth statement is one of the greatest tools we can wield in stripping away our fantasies and waking ourselves to the realities of our personal finances.
For those who regularly read and learn about their personal finances, it is easy to fall into the thinking you don't need a professional financial adviser. For some, do-it-yourself financial management can work quite well when you are first starting out. As your life and your finances become more complex, doing it yourself can cause unforeseen problems. Here are some of the signs that indicate you might need a professional financial adviser.
When writing your resume, make sure your experience section isn't filled with the job descriptions of your previous employment. Employers don’t care about what you’ve done in the past, they only care what you might do for them in the future. Rewrite your experience section to be something that sells the unique value you can bring to the company.
Life insurance isn't a "set it and forget it" part of your financial plan. Each year you will need to review your life insurance needs and see if you have enough life insurance to provide for your family. Even though it's not comfortable, asking these questions each year can help you determine if your family has enough life insurance to provide for their needs.
The benefits of giving to others are many, including health, happiness, and tax deductions. The complexities of the tax code, however, can cause unhappy surprises for those who donate without proper planning. Make sure you understand the answers to these questions before donating any property, including cars, personal items, stocks, or real estate.
Portfolio drift is when the natural movements of the market cause your investments to stray from your strategic asset allocation. One asset class has done extremely well, causing it to be overweighted in your portfolio. When this happens, you need to manage the drift through rebalancing or you could leave yourself more at risk in a market downturn.
Health Savings Accounts, Health Reimbursement Arrangements, and Flexible Spending Accounts all offer you ways to manage the costs of healthcare by providing a mix of tax savings, investment growth, and free money. Learn more about what each account does and the potential benefits they could provide you.
If you are managing your money based on the policies and fee structure of your bank, you are in a codependent relationship. Your bank's policies and fees should conform to how you want to manage your money. The following questions will help to determine if you are in a codependent relationship with your bank and will help you find one that breaks the cycle.
Developing a career path will provide you with a step-by-step path route to take in your journey to your ideal job. A proper career path will give you a detailed guide on the sequence of jobs you should take. Unfortunately, many people who try and build a career path go about it in the most frustrating way possible....
You're probably familiar with the net worth statement as a tool for getting a quick snapshot of all you own and all you owe. But the net worth statement is the Swiss army knife of your financial documents, allowing you to use it for a surprising number of purposes. Keep your net worth statement handy for helping with all aspects of your financial plan including your insurance needs, estate planning....
The purpose of saving money is to achieve the goal that you're saving toward. As a result, you are constantly balancing between growing your investment while preserving your capital. If you are saving for longer than one year, get your money out of your savings account and into a more appropriate investment. The worst thing you can have....
