Tag Archives: financial
In the current system, if you wanted to wire money to a relative overseas, you go to the bank (during banking hours), and use the banks wire service to send the funds. It will cost you a nice little fee, and take a couple of days for the funds to be sent as the bank verifies the funds transfer. This current system, essentially, makes you pay for the use of a middle man to transfer your funds. Additionally, you are trusting a third party to act in your best interest rather than conducting business solely between you and your relative. And really, you are just paying (and waiting) for a bank employee to make an entry in a ledger.
If we understand our money and possessions as being a trust, something given to us for the purpose of helping and serving others, it will change how we view wealth. We will carefully add giving to our financial plan and seek to better the circumstances of those around us. Not for fame or recognition, but to say “thank you” for the blessings we have received in our life.
Now, anyone can call himself a financial planner. There are actually no laws governing who can use the term and refer to himself as a financial planner. That is a problem; and one that every person seeking quality financial help needs to remember when interviewing people to be their financial planner.
When I speak of a financial planner, I’m not talking about the insurance guy that says he offers “financial services,” or the local financial adviser that got his CFP (Certified Financial Planner) designation and suddenly offers “financial planning services.” Genuine financial planning is a comprehensive service that will entail every aspect of your finances both now and into the future.
When was the last time you set financial goals for yourself, or for your family?
Financial goals are just as important as personal goals, professional goals, fitness goals, etc. Most people have a goal of retiring one day, but that’s about it. Aside from knowing they want to retire, they don’t have much of an idea of what other goals to set and how to get to where they want to be financially. But, I think I can help.
I recently read an article that suggested 4 financial goals you can (and should set) right now to help you start moving forward financially. I like the goals mentioned here and through they were worth sharing and discussing. You can read the original article here.
Goal #1: Monitor your credit report and score.
By now I hope we all know how important it is to have a good credit score and credit history. You may not be as familiar with your credit history as you think which is why it is a good idea to pay close attention to your credit report. With so many credit cards, debit cards, and online transactions taking place, it is easy to miss something that could adversely affect your credit score.
What if I told you there is one very simple, yet powerful tool you can begin using today to make a significant impact in your family’s financial future? Would you be interested in learning more?
The reality is that a majority of Americans are in financial trouble. Everything from student loans to credit card debt is keeping Americans from reaching their financial goals. And, for some, it is keeping them from even saving money on a regular basis. A recent survey found that 33% of Americans have no savings at all, making them prey for financial shock.
Saving for retirement is not a static event. You can’t merely put a dollar amount into a 401k at age 25 and continue for the next 35 years. Retirement saving is an ever-changing event that will depend on your idea of retirement. For those that want a more quiet retirement at home, less might be needed. And for those that want to travel and buy new things regularly, more might be needed.
So you’ve decided you need to get your financial house in order. You see the need to save for emergencies, future purchases, and retirement. Now that you’re ready to take those important steps, you’re wondering where to start and what to do first. With such an important task before you it’s necessary to make sure you do it right.
I suggest starting with a budget. The foundation of any successful financial strategy is a budget. You can’t know how much to save or where to save if you don’t know how much money is coming in and how much is going out each month. A budget is nothing more than a detailed list of your income and your expenses. You can start by simply making a list on a piece of paper showing how much you bring home each month, and how you pay out for things like cable, cell phone, food, gas, and car insurance. It’s a simplified version of a budget, but it’s a great place to start on your journey to financial freedom.
As a 5-year old child I can vividly remember asking my parents if we had enough money to pay bills, and get food. Not because we ever lacked the ability to pay our bills or buy food, but because things were tight and I had enough sense to be concerned about our financial matters. Now, people who know me best often joke that I still have the first nickel I ever earned saved somewhere for a rainy day.
One thing is for certain; I don’t want my kids to grow up without the ability to be savers and givers, and the responsibility of teaching kids proper stewardship falls squarely in the lap of parents. This is a responsibility that, sadly, many parents neglect and conclude their kids eventually will learn.
Don’t be so sure. I taught money management to high school juniors and seniors for a time, and I was amazed at what they didn’t know. They didn’t know how to balance a check book. They didn’t know how to write a check. They didn’t know you have to pay back the money you put on a credit card! And these are students preparing for college.
Dave Ramsey is a financial guru with years of experience. More importantly he knows what it is like to be wealthy, lose it all in bankruptcy, then claw his way back to the top stronger than ever. Now Dave Ramsey is a debt-free multi-millionaire that spends his time teaching others the principles needed to have “Financial Peace.”