Guidelines for a Successful 2010
It seems like just yesterday we were worried about the
devastating effects that the movement of the calendar from 12/31/1999 to
1/1/2000 was going to have on our computer system and the world and presto,
here we are in 2010.
So, I thought now would be a good time to review some basic
financial guidelines leading to a stress free, peace of mind lifestyle.
1. Put
together a household budget and adhere to it.
Establish and regulate funds, set and achieve financial objectives, and
make advance decisions about how your finances can function well for you.
2. Use cash, not debit or credit cards. A
study of credit card use at McDonald’s found that people spent 47% more
when using credit instead of cash.
3. Avoid debt whenever possible. Getting into debt is easy; getting out takes serious work and commitment.
4. Be sure you know the difference between a want and a need. We need food, clothing, shelter, reliable transportation, education, enrichment, and the technology necessary to do our work. We do not need 500 cable TV channels, brand new luxury cars, 5,000-square-foot homes in exclusive neighborhoods, lavish ski vacations, and smart phones that do everything but think for us.
5. Know when enough is enough. As Kenny Rogers once sang, "You got to know when to hold 'em/know when to fold 'em/know
when to walk away/know when to run."
6. Call the Jones’ and tell them they win. Don’t compete with your neighbors.
7. Don’t corrupt your children with money. Most
of us learn how to manage money by example -- which means we do as Mom and Dad did.
8. Don’t orient your whole life around money. Today, many researchers agree, the biggest source of stress in our lives is money. Learn how to control your money so it doesn’t control you.
9. Don’t make any major financial decisions without getting wise counsel first. In all times and places, people have sought wise counsel to inform their most important choices. Queen Elizabeth I had
Cecil. Her father, King Henry, had Wolsey. George Washington had Hamilton, and Abraham Lincoln had his “team of rivals.”
10. Establish a financial plan. Know what you want to do, when you want to do it and how much it will cost.
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Easing into Retirement
For most of your working life, you've looked
forward to the day when you can quit your job and start enjoying
retirement. But in recent years, talk of longer life expectancies,
uncertain Social Security benefits, declining pension benefits,
unknown inflation rates, and low retirement savings made retiring at a relatively young age seem difficult.
[FULL ARTICLE]
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Watch Out for These Estimating Mistakes
When determining how much to save
by retirement age, several variables must be considered, some
requiring estimates that will span decades. Three of the most significant
estimating mistakes to watch out for are...
[FULL ARTICLE]
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Finding Money to Save
Everyone knows that they should be saving
at least 10% of their gross income for retirement, but that can
seem like an impossible goal after paying all your bills. However,
don't just figure that goal is unachievable without first looking
at the after-tax cost.
[FULL ARTICLE]
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Avoid These Life Insurance Mistakes
Life insurance can be used for a variety
of personal and estate planning needs. To ensure your life insurance
policy meets your needs, watch out for these common mistakes...
[FULL ARTICLE]
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Updating Documents
Whether this is your first, second, or subsequent
marriage, take a look at major legal documents to see if changes
are needed. Even if you've been married for a while, it's not
a bad idea to review estate planning documents, asset ownership, assets with beneficiaries, and business arrangements.
[FULL ARTICLE]
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Bill serves his clients as their life advisor, with a belief that wealth
management is an ongoing process in which he helps and coaches them to reach
their personal financial objectives, including, financial independence,
estate preservation, and a legacy of wealth, significance and values.
Feel free to contact Bill via e-mail at
smartdecisions@wisdominvestments.com
or visit our Web site
www.wisdominvestments.com
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