Financial planning at an early age may seem complicated, however it can be easier than you might think. At the age of 25 most of us are just beginning our married life, and there are homes and automobiles to buy and children to plan for. This leaves little time to plan for the future. These are some simple steps that you can take to ensure that you and your family will be able to handle unexpected emergencies and expenses.
* Buy Insurance
Insurance is one of the easiest ways that you can be sure that your family is protected financially in the event of an accident. Medical bills alone from one accident can cause a family to be in a state of financial distress for years. Although medical and automobile insurance rates are high, the return is much greater. Life insurance is also a very key factor in planning for your financial stability. In the event that a family member dies, you could be in debt for as much as $50,000 for funeral expenses. Insurance may seem like a useless expense when a family is deciding on a budget, however, the budget will be completely diminished in the event of an accident without insurance. Remember, the key word in the phrase "financial planning" is planning.
* Repay High Interest Loans
Some debt that is incurred has a higher interest rate than others depending on the type of loan and the time at which the money was borrowed. Many times car loans and student loans have the highest interest rates, while other debts like medical bills may have little or no interest accumulating. Although it might seem like a good idea to pay off bills that have a lower total balance to eliminate that payment, this is not always the best option. In the long run it is more beneficial to pay off the debts that have the highest interest rates first.
* Create an Emergency Money Account
Try and work out a plan so that your family will have a little extra money in case of emergencies. Even putting a minimal amount of money back from each paycheck makes a lot of difference. The key is to be consistent, decide on an amount a stick with it. Another option is to save unexpected income, such as gifts or tax returns, for emergencies. It is estimated that one should save at least 15% of their annual earnings in a savings plan; this amount will vary according to your particular situation.
Timothy Gorman is a successful Webmaster and publisher of Debt-Relief-Solutions.com. He provides more debt relief, credit counseling, repair and free financial planning information that you can research in your pajamas on his website.
We talked recently about the wealth formula:Spend less than you... Read More
Many of us do not consider the underlying belief system... Read More
Author: James Walsh ISBN: 1563431696: Publisher: Silver Lake PublishingIn... Read More
Many people have a false understanding of what it actually... Read More
You can't build a house from the roof down, and... Read More
What if I were to tell you that almost everything... Read More
In light of the dominant mindset overshadowing the market these... Read More
As you sit in traffic, inching along between irate drivers,... Read More
"The quickest way to wealthThat I've found to be true;Is... Read More
Ever think about how eating all those fast food meals... Read More
Everyone wants to be wealthy, but most of us do... Read More
Most people want to get to the end of their... Read More
A surprising number of readers want to know "Can a... Read More
One of the things most of us have old ideas... Read More
When Ben Franklin said "a penny saved is a penny... Read More
While you need to have a lot of positive-thought and... Read More
Points to ponder as you consider what can be done... Read More
At any time in history, no matter what the current... Read More
Imagine being able to steal untold millions of dollars in... Read More
Compounding: The Ninth Wonder of the WorldBy Nicola Cairncross Compounding... Read More
Masters degree not required...just a little common sense, a $5.00... Read More
Here are some thoughts about the morphing of thought and... Read More
Do you ever get this in your email box: Find... Read More
Like I said, If you are poor and on social... Read More
It is with great pleasure of having you here at... Read More
Financial planning often gets a bad rap. Part of the... Read More
I counsel a LOT of people about money. I see... Read More
Offshore strategies may or may not be right for you.... Read More
Parents must give serious thought to protecting their family through... Read More
"Money Doesn't Grow On Trees."Some of us even believe it.... Read More
When I look around at all of my friends, and... Read More
Let me ask you a very simple question. Do you... Read More
Is the ghost of "Money Past" haunting you? Do you... Read More
Vacation season is upon us and it can be tempting... Read More
"The quickest way to wealthThat I've found to be true;Is... Read More
Everyone dreams of early retirement. The idea of no longer... Read More
One very important wealth creating habit is to set up... Read More
Points to ponder as you consider what can be done... Read More
You have $100 in your bank account, your rent is... Read More
Early in my legal career I represented two young women... Read More
Six out of six people who were asked to list... Read More
U.S. Supreme Justice Louis D. Brandeis"I live in Alexandria Virginia.... Read More
There could not be a better time to mull over... Read More
Whether an established conglomerate or a fledgling company, a business... Read More
Building wealth is as simple as saving a little bit... Read More
I have given many prosperity lectures over the years and,... Read More
We all go to school for about twelve years, kindergarten... Read More
You may think you have to be an entrepreneur to... Read More
Many people have a false understanding of what it actually... Read More
It is with great pleasure of having you here at... Read More
"Ooooooh," you may say, "I could NEVER be good at... Read More
Masters degree not required...just a little common sense, a $5.00... Read More
Wealth Secret 1 - Decide Your Outcome Right Now.Unless you... Read More
What if I told you that reading a book would... Read More
Let's begin easing you out of the pits. I mean,... Read More
An ellipsis to your success is hidden in the word... Read More
If you're wondering where to create passive income, then you... Read More
Why is it that the older and richer people become,... Read More
There are many wealth creation strategies and investment techniques available... Read More
Do you like so many others feel, that even if... Read More
I'm constantly reading articles on the internet and in financial... Read More
The fact is that most people continue to work for... Read More
Part of learning to become financially free is to begin... Read More
Whenever we read about building wealth or even attend a... Read More
A mole travels one road, according to the way nature... Read More
"Any fool can rich, the wise get wealthy." Chris WidenerGetting... Read More
Wealth Building |