Do you have a financial plan? Most Americans do not. Unfortunately, the idea of developing a financial plan may seem overwhelming for many. But it may feel more manageable by breaking it down to its most basic components. Here are the five steps of the financial planning process and what they mean for you.
1. Gather Information
The first step is to gather together information about all your assets and liabilities.
When it comes to investing, a key part of making the most profit you can is understanding when to change your mind and when not to change your mind about investments. How can you know which is the right move at the right time? Here are a few reasons to take either step.
Change Your Mind When the Company Changes
Even though you made a considered, well-researched choice to invest in a particular company (or type of company), circumstances may change.
Retirement planning should be at the top of your mind if you want to live a happy and financially secure life. Unfortunately, as society becomes increasingly mobile and active, planning for a consistent future can be pretty difficult. Thankfully, there are a few common methods that can give you the future of your dreams. This article discusses three of those methods.
A 401k plan is a retirement savings plan that allows employees to contribute a portion of their paycheck before taxes are taken out.
One of the most important decisions you'll make for the financial health of your family is which life insurance policy to purchase. It's important to avoid certain false moves when you select a policy that could negatively impact your family financially down the road.
The following are six things you should not do when it comes to life insurance.
Procrastinate Purchasing a Policy
One of the biggest mistakes you could possibly make is to put off purchasing a policy.
Do you want to retire early? If so, financial planning is vital to achieve this exciting but daunting goal. And one of the most important parts of financial planning for an early retirement is filling the gaps it inherently creates. What gaps are these? Here are a few of the most important to think about.
1. The Energy Gap
By the time many people retire at a traditional age — or are forced to retire — they are starting to slow down.