It is no secret that saving is key to retirement
planning. But what really makes you
wealthy is when you make your money work for
you. No one ever got rich by leaving money
under a mattress. Only when you invest your
money wisely, you can hope to create wealth.
Simple personal finance tips for everyone are
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You can prepare for a secure financial future by following
these simple tips provided by Robert Kiyosaki, author of 'Rich Dad Poor Dad' and founder of The Rich Dad Company:
- Develop a financial plan -- create a vision of your financial future. The way you have a plan for your career and family, you must have a personal financial plan.
- Understand why a 401(k) cannot be the sole component of your retirement portfolio, and begin to consider alternative investment options. IRA, money market accounts,
savings accounts, etc. are all good options to look at.
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- Do a self-audit and make sure you have a clear picture of where you stand with your finances. Many excellent websites provide you with free tools to assess your situation.
- Educate yourself in order to see
opportunities with a wider range of investment
strategies. Again, many websites provide tutorials
that you should read. If your company offers 401(K),
then there are often training sessions organized by
the plan manager. Attend these sessions. Also you can
attend personal finance training classes at your local
community centers. If you can afford to pay, get a
personal financial advisor, e.g., an
Ameriprise personal financial consultant.
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- Consider non-traditional investments, such as real estate. If you do not own a home yet, conduct an analysis if you would be better off owning one rather than renting. The tax benefits of homeownership add up quickly plus you build equity. And if your home appreciate, you can simply keep the appreciation amount tax-free.
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- Keep your day job, but start a part-time business to keep more of what you earn rather than giving it to the taxman. Even if you work a few hours a week, the income adds up quickly. It is much better than watching television and drinking beer.
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- Surround yourself with qualified advisors who can guide you as you make decisions. Do not be shy about asking if you do not know. This is a complex area so make sure that you understand.
- Take steps to control your emotions when it comes to money. Eating out
gives emotional pleasure, but it is simply too expensive, particularly if you add alcohol, appetizer, and dessert. There are a million other examples where we waste money because we use our heart rather than our head. So every time you spend a dollar, ask yourself why do you need to spend it and if you can avoid it. The savings quickly add up with no effort at all.
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- Learn how professional investors protect themselves from market fluctuations. This may sound difficult but it is not. While research is key to master this, but some of the principles are easy to understand. If it sounds too good to be true, watch out. Buy low and sell high. Don't fall in love with your investments. Nothing goes up indefinitely. Diversification is a must.
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