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HOW SECURE IS YOUR WEALTH PLAN? by Ben Needles

â€If you know where you are going, any road will take you there. If you do not know where you are going, no road will take you thereâ€, said a wise person. This quote is very relevant to your quest for wealth and financial independence. If you know where you are headed to financially, then you will be able to answer questions like the following;â€What is your FIN, I mean Financial Independence Number?â€Do you know how much you need to invest today so that you can retire to a lifestyle equal or better than what you currently have?â€Do you have a wealth strategy that will protect you and your family should the storm of peril attack in the middle of the night?If you are not sure where you stand, this article is what the doctor ordered for you. It will show you how to develop a sound wealth plan and seal gaping holes in your current plan. At least you will be sure of where to start. There are 3 basic components of a wealth plan. Where you want to go, where you are today and what you need to do.Why is it important to have a wealth building plan in the first place? If you live to a ripe old age, as we all wish, a time will come when you will be either too old or too sick to work on a full time basis. However, you will still need to pay for living expenses and for other activities that will occupy your time. Healthcare, travel and insurances will be significant expenses in your budget. It is for these reasons that you will need a reasonable, steady and reliable source of income to enable you maintain an enjoyable lifestyle during your retirement years. 1) Where do you want to go?There are 2 places you ought to be thinking about, before retirement and during retirement. It is easier to plan about before retirement because you know your current financial situation, earning ability and preferred lifestyle. For example, if you want to live in the greener neck of your woods, it is easy for you to determine how much income you require to afford a lifestyle similar to the Joneses who live on the greener, quieter and safer side of town. It is also easy for you to decide how to increase your income. Whether you need to do extra shifts or a side job or go back to school or start a home business. It is the during retirement part that most people ignore. Yet it is a very significant 25 to 35 years of your life. Thanks to discoveries in science and medicine, people are expected live longer during retirement. What lifestyle do you want to have for 25 years when your regular paycheck dries out? It depends on you. It also depends entirely on how you invest your money many years before you retire. It depends on the dollars you invest before retirement.Let me give you a clue. Joe is 65 years old and will retire at the end of this year. His Financial Independence Number is 1.2 million and it equals the value of his investments. Joe expects to spend $50,000 every year for the next 35 years till age 100. He therefore needs to invest the $1.2 million in an interest earning account that will give him at least 5% interest per year during his retirement. Is $50,000 per year good enough for Joe? That is up to Joe to determine. More importantly, what is your FIN? I mean your Financial Independence Number? This is the magic number that will determine how good your retirement lifestyle will be.2) Where are you today?If you are like majority of the people, you are only 80% sure of your financial situation. You have no idea what 20% of your money is spent on. The 20% is a very significant portion of your financial status but it is made up of seemingly small transactions that you incur repeatedly without much thought. This will affect your financial well being in the long run. The average person retiring this year has only $25,000 saved for retirement. If an average retiree is honest with you, he will whisper in your ears that it is those small expenses that are the culprit of his regrettable financial status. It is these expenses he ignored to control that put him in the red.Let us briefly check where you stand. If your answer is yes to all the following questions, you are on safe ground.â€Do you invest consistently at least 10% of your gross income every month for your retirement?â€Do you save 5% of your gross income every month for emergencies and large purchases?â€Do you have less than 4 credit cards that you pay off in full every month?â€Do you use credit only for expenditures that will improve your financial status e.g. education, mortgage finance or business?â€Do you have these essential insurances: medical, motor, property, disability, term life insurance and personal liability umbrella insurance?3) What do you need to do?Creating wealth can be equated to building a house with a foundation and 3 floors. The most important structure is the foundation. Unfortunately this is the most overlooked part when people start to build their financial house. We call this foundation insurance. The value of a good foundation is known when sudden violent storms blow and the house is able to withstand and remain intact. A house built without a foundation cannot withstand a big storm. It is blown away and the efforts of the builder are wasted. Make sure your essential insurances are in place to weather the storm of financial misfortune.The first floor is debt management. Avoid credit card debt like the plague. Do not use credit to pay for luxury items, utilities and fun activities. Use cash or debit cards. If you use credit cards to pay for these expenses, then pay off the balance at the end of the month. Interest rates and numerous fees charged by credit card companies are too expensive and will deprive you money to invest. Read Money Tip articles on our website to know 3 simple ways of paying off credit card debt.Not all debt is bad. Some debt is good, for example, an affordable house mortgage and education loan. Just make sure the interest rate is fixed, less than 10% and payments are affordable. Remember to shop around for the lowest interest rate and the shortest payback period. The second floor of your financial house is savings and investment. Save money for two types of expenses. Large one off expenses like vacation, furniture and car. Also save consistently every month for emergencies. Life happens, as they say. Your family, friends and dear relatives will one day need your financial assistance at the most unexpected time. Invest to improve your lifestyle during your working years and to ensure a good and comfortable retirement. Invest at least 10% of your gross income and save at least 5% for emergencies and large purchases. As a rule of thumb, make sure your investments have a potential of earning more than 10% interest per year and your savings earn at least 4% interest per year to keep up with inflation.The third floor your financial house is income management. Is income from your investments large enough for you to live on? If the other floors are taken care of and your income from investments can meet all your living expenses, then your house is complete. You are financially independent. You can stop working for money and start enjoying life. If your answer is no, then pull up your sleeves and get to work. Be creative and use your talents to boost your income. You have a deadline to beat. It is called retirement day. It is the day you will wake up to face your financial independence number, eyeball to eyeball. We hope it will be a day of celebration and jubilation.Do you need help building any of the floors? Please send your comments, questions and requests by email. We will be happy to direct you on the right track. END.HOMEWORK NUMBER 4 is Fix your wealth-building planThese articles are intended for educational purposes only. Please seek professional advice on tax, accounting, investment, legal and similar matters. Each case requires personalized assessment with regard to individual preference and local laws. George Chege Secure Wealth Plan Article June 2008â€If you know where you are going, any road will take you there. If you do not know where you are going, no road will take you thereâ€, said a wise person. This quote is very relevant to your quest for wealth and financial independence. If you know where you are headed to financially, then you will be able to answer questions like the following;â€What is your FIN, I mean financial independence Number?â€Do you know how much you need to invest today so that you can go to sleep to a lifestyle equal or better than what you currently have?â€Do you have a riches scheme that will protect you and your class should the storm of peril attack in the middle of the night?If you are not sure where you stand, this article is what the doctor logical for you. It will show you how to develop a sound wealth plan and seal gaping holes in your current plan. At least you will be sure of where to start. There are 3 basic components of a riches plan. Where you want to go, where you are today and what you need to do.Why is it important to have a wealthiness building plan in the first place? If you live to a ripe old age, as we all wish, a time will come when you will be either too old or too sick to work on a full time basis. However, you will still need to pay for bread and butter expenses and for other activities that will occupy your time. Healthcare, travel and insurances will be significant expenses in your budget. It is for these reasons that you will need a reasonable, firm and reliable root of income to enable you sustain an enjoyable lifestyle during your retirement years. 1) Where do you want to go?There are 2 places you ought to be intellection about, before retirement and during retirement. It is easier to plan about before retirement because you know your current financial situation, earning power and preferred lifestyle. For example, if you want to live in the greener neck of your woods, it is easy for you to find out how much income you require to afford a modus vivendi similar to the Joneses who live on the greener, quieter and safer side of town. It is also easy for you to determine how to increase your income. Whether you need to do extra shifts or a side job or go back to shoal or start a home business. It is the during retirement part that most live ignore. Yet it is a very important 25 to 35 years of your life. Thanks to discoveries in science and medicine, shack are potential live longer during retirement. What lifestyle do you want to have for 25 years when your unconstipated paycheck dries out? It depends on you. It also depends entirely on how you invest your money many years in front you retire. It depends on the dollars you invest before retirement.Let me give you a clue. Joe is 65 years old and will retire at the end of this year. His Financial independency Number is 1.2 million and it equals the value of his investments. Joe expects to spend $50,000 every year for the next 35 years till age 100. He therefore needs to seat the $1.2 million in an involvement earning account that will give him at least 5% sake per year during his retirement. Is $50,000 per year good enough for Joe? That is up to Joe to determine. More importantly, what is your FIN? I mean your Financial Independence Number? This is the magic turn that will find out how good your retirement life style will be.2) Where are you today?If you are like majority of the people, you are only 80% sure of your fiscal situation. You have no idea what 20% of your money is spent on. The 20% is a very important portion of your financial status but it is made up of on the face of it small transactions that you incur repeatedly without much thought. This will sham your financial well being in the long run. The average person retiring this year has only $25,000 saved for retirement. If an average retiree is veracious with you, he will whisper in your ears that it is those small expenses that are the culprit of his regrettable financial status. It is these expenses he ignored to hold in that put him in the red.Let us in short check where you stand. If your answer is yes to all the following questions, you are on safe ground.â€Do you gift consistently at least 10% of your gross income every month for your retirement?â€Do you save 5% of your gross income every month for emergencies and large purchases?â€Do you have less than 4 credit cards that you pay off in full every month?â€Do you use credit only for expenditures that will ameliorate your financial status e.g. education, mortgage finance or business?â€Do you have these essential insurances: medical, motor, property, disability, term life insurance and personal liability umbrella insurance?3) What do you need to do?Creating wealthiness can be equated to building a house with a foundation and 3 floors. The most of import structure is the foundation. Unfortunately this is the most overlooked part when people start to build their financial house. We call this foundation insurance. The value of a good cornerstone is known when sudden violent storms blow and the house is able to hold and remain intact. A house built without a foundation cannot defy a big storm. It is blown away and the efforts of the builder are wasted. Make sure your requirement insurances are in place to weather the storm of financial misfortune.The first floor is debt management. Avoid credit card debt like the plague. Do not use credit to pay for sumptuosity items, utilities and fun activities. Use cash or debit cards. If you use accredit cards to pay for these expenses, then pay off the balance at the end of the month. Sake rates and numerous fees aerated by credit card companies are too expensive and will deprive you money to invest. Read Money Tip articles on our website to know 3 simple ways of paying off mention card debt.Not all debt is bad. Some debt is good, for example, an affordable house mortgage and education loan. Just make sure the pursuit rate is fixed, less than 10% and payments are affordable. Think of to shop around for the lowest interest rate and the short payback period. The second floor of your financial house is savings and investment. Save money for two types of expenses. Large one off expenses like vacation, furniture and car. Also save consistently every month for emergencies. Life happens, as they say. Your family, friends and dear relatives will one day need your financial assistance at the most unexpected time. Invest to improve your modus vivendi during your working years and to see to it a good and comfy retirement. Invest at least 10% of your gross income and save at least 5% for emergencies and large purchases. As a rule of thumb, make sure your investments have a potential of earning more than 10% interest per year and your savings earn at least 4% interest per year to keep up with inflation.The third floor your financial house is income management. Is income from your investments large enough for you to live on? If the other floors are taken care of and your income from investments can meet all your living expenses, then your house is complete. You are financially independent. You can stop working for money and start enjoying life. If your do is no, then pull up your sleeves and get to work. Be creative and use your talents to boost your income. You have a deadline to beat. It is called retreat day. It is the day you will wake up to face your fiscal independence number, eyeball to eyeball. We hope it will be a day of celebration and jubilation.Do you need help edifice any of the floors? please send your comments, questions and requests by email. We will be happy to take aim you on the right track. END.HOMEWORK NUMBER 4 is Fix your wealth-building planThese articles are intended for educational purposes only. Please seek professional person advice on tax, accounting, investment, legal and similar matters. Each case requires personalised assessment with regard to individual preference and local laws. George Chege insure riches Plan Article June 2008.

About the Author (text)George Chege is an author of Personal Finance articles and sells financial services. Read more articles on http://mymoneytips.weebly.com/read-finance.html best friend quotes

Article Source: http://www.earticlesonline.com/Article/HOW-SECURE-IS-YOUR-WEALTH-PLAN-/454766

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