Who we are or how much we earn is of less concern as long as we can manage and plan our finances wisely. A pauper can become rich and a rich man can suddenly lose his wealth if his financial planning is improper. Usually people blame their stars for their misfortune. They go in search of astrologers who will live out of them by changing their names and houses. They find solace in blaming others be it God or stars for their backdrop. Insecurity and thoughts of one’s future might lead to depression and frustration.
“Make hay while the sunshine’s” as the popular saying goes is the golden rule every human being should definitely follow. We earn to live happily with comforts but we forget to pay ourselves for all the hard work we put in. we pay for everything in this world, do we pay ourselves for the service we do to our family, nation and society.
In the western countries they make it a habit to save 10% of their personal income for their own future use, a millionaire once said, “I am glad I am worth at least 10% of what I earn”.
Better late than never, just sit with a planner and take stock of where you are now. Jot down your financial position as of today. Set long time and short time goals in life and set a imeline to achieve that goal in time. Then carefully think about how you can achieve the goal and what you can do to go where you want to go. Attitude is very important in any major life changes that you might ncounter. Thus set your attitude as if you are planning a vacation. So you first decide the vacation spot, and then set out to make reservations, then pack
your bag and then leave.
Financial planning is just like your vacation planning. First you should fix your target, then make certain changes in your life style, like cutting down your pizza or sacrificing your cigars, then pack up or wind up your extra expenses and start the savings plan when that is dome just relax and enjoy the fruits of your unparallel and diplomatic achievement. Your money will start growing and so will your self-esteem and self-confidence and finally you are efficient and capable to finance your kids higher studies or retire peacefully with the recurring income from the timely savings.
Financial planning provides the reassurance that your future in Canada and all around the world that secures you to live in the comfort as you would like.
Meowmix
November 20, 2009 at 9:08 am
Experts say that you need to figure out what you spend each month and then times that by 6. Because they say you need to have atleast 6 months of bill money in the bank in case you lose you job.
Soon to be married
November 20, 2009 at 9:50 am
You should interview several candidates before making a decision since it is a very important relationship you will be entering into. During these meetings or interviews be sure to ask each one of them how they get paid. You want to know the answer and see how they answer the question. You need to be aware that some of them may be willing to sell you a product that might not be the best fit for you because it gives them the biggest commissions. These are the ones you want to avoid.
Make sure you know what your financial goals and needs are before meeting with anyone, you don't want to have someone else decide your priorities.
Good luck.
genny f
November 20, 2009 at 7:58 pm
First of all if you are like Rob d and believe that something is free you will lose more than you would make. The free services are offered by people who want to sell you something. They make a lot of money off of what they sell. The advice they give is not with your interest in mind.
There are many fee based planners that do the job right. There are also CPA's with the PFS designation that sell advice without selling insurance or investments.
You want an independent adviser who can start and finish the plan with you in mind.
ahaa1life
November 21, 2009 at 7:12 am
Your public library. The first book I would recommend is called "The Automatic Millionaire". It is nothing groundbreaking or new. I can't believe this guy got rich off of writing these books. I would never buy one of his books. But I read them at the library. It is full of 100% common sense. Very important common sense. Follow it.
Don't try anything that involves "tricks", paying someone else to predict the future for you, or anything like that. (You can predict the future just as well as the professionals.) Personal finance is indeed 100% common sense.
ps2754
November 21, 2009 at 11:17 am
Take your pick.
a) No discipline.
b) No education in finance — a product of our public schools.
c) No goals for the future — just live for today.
d) All of the above.
Radhakrishnan M
November 21, 2009 at 2:22 pm
http://www.boddunan.com/component/content/article/6-other/260-financial-planning-and-its-requirement.html?directory=3
FINANCIAL PLANNING AND ITS REQUIREMENT
Business & Finance
John S
November 22, 2009 at 2:13 am
I set up his budget form (modified to our specific bills) on Excel. Now that was about 4 years ago.
Now he has software (about $25) available on his website or subscribe to My Total MOney Makeover section of his website and you can do the budget there (link below). Or Crown Financial (originally started by the late Larry Burkett who Dave gives a lot of credit to) has budgeting forms and online software. (Link below) Crown also has software (last link)
Both would be the best way to stay completely in line with Dave's principles. Both of the on-line subscriptions have free trial periods.
dapackrule2000
November 22, 2009 at 7:14 pm
Francis has an advantage.
They should be specialized.
Francis should make the financial statements and Phil should answer the phones.
Lord ah Mercy!!!
November 23, 2009 at 6:28 pm
If you are just starting out, consider contacting larger financial companies- investment firms like Smith Barney, Merrill Lynch, etc. or insurance companies like MetLife, Pru or John Hancock.
These companies will train you, get you licensed (for securities and insurance) and help you start your career. You may find that you really enjoy working for a big company- there are some benefits- or you may find after a few years that you would like to be on your own. That's what I did and have been successfully self-employed since I was 26 years old. (I'm 38 now.)