Will The Stimulus Fail?
Priorities is when you can afford to send soldiers to war in Iraq and can’t find the financing to send people to school. Priorities is when you bailout the rich bankers with their bonuses intact and leave the rest jobless and homeless. Priorities is when you are spending millions on election and inauguration party to talk about the economic crisis we are current facing.
“Priorities” has been a popular word in the past. For the days ahead, it will be the most important word in our vocabulary and in our history.
Personal Financial Planning Lesson 5 - Freedom
What does freedom means to you? Financial freedom may mean no more liabilities. It may also mean paying off your mortgage and for some parents, it may mean no more financial woes with regards to “feeding” their children. Financial freedom is a goal which I believe everyone will long for. If desire for it, you should put that dream into your personal financial plan. The plan is there to help us achieve freedom whatever we define it.
Trust me, no matter what financial freedom means to you, it will come true, but not without setting goals and formulating a plan to achieve them.
Personal Financial Planning Lesson 4 - College
The U.S. Census Bureau did a survey a few years back and revealed that the average income for a male age 25 or over who holds a college’s degree was about $61,000, compared to about $32,000 for a male with a high-school education. A separate study according to the Postsecondary Education Opportunity Research shows that the lifetime earnings of families headed by individuals with a bachelor’s degree will be about $1.6 million more than the incomes of families headed by those with a high-school diploma.
I can’t stress enough the importance of livelong education and how education plays an important role in our financial well being. Of course, we shouldn’t just compare the monetary advantage of a having a higher education because there are many other skills that are ought to be learnt from school. However, it is still easier for us to measure it in terms of dollar and cents inside our financial plans.
Personal Financial Planning Lesson 3 - Retirement
Retirement is one of the most significant events that will occur at the end of our working life. And preparing for retirement is by far the most important financial task we all will set to accomplished in our lifetime. Oh, did I mention it is also the most expensive among the goals to achieve?
With all the great breakthroughs in modern medicine, human, on average, are living stronger and longer. Unfortunately, this would also lead to more cases of people outliving their retirement funds.
Personal Financial Planning Lesson 2 - Let’s Begin
Before we start off building a personal financial plan, we will have to make an honest evaluation of our financial status. This is important stage because the assessment will be a rough readiness gauge prior to us embracing and committing ourselves to our financial plan.
The financial evaluation should consist of our net worth statement and a reasonable projection of our family’s earnings. For those who have just joined the working force, use 3 percent as the annual growth rate of your income. This rate is not far off from the recent rate of inflation and it is close to the average income increment most companies hand out.
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