A Personal finance blog to get rich
Financial planning for businesses is as must as they are for individuals. Most business owners easily accept that financial planners can provide valuable expertise to help them achieve their business goals.
However, not as many people realize that financial planners can also serve an essential role in helping individuals organize their finances and establish their long-term goals regarding savings or retirement.
Let’s face it. we all have to die one day. Maybe today, maybe tomorrow, or many years later. Death is uncertain and not in our hands. What’s in our hands is protecting our wealth after we are gone. We will be talking about creating a trust today.
When reviewing your finances, one of the most frequently asked questions is “Why would I need to set up a trust?” Trust is mostly used to decrease a person’s estate taxes, but it’s also used to pass on assets to a third-party. There are many benefits to be had with setting up a trust.
With the economy roaring back to new levels of stability, the time to save money for the future is now. Interest rates continue to grow, which means your money could work harder for you now so you have a nice nest egg on which to rely in the future.
Before you decide to open a retirement, checking, or savings account, you might want to know which banks have the best interest rates right now. You can easily find this information by doing a quick search online.
Most of us wish we could stretch our money further than we do. Too often things come up that steer us away from the budget we planned. A few social obligations arise during the week and suddenly monthly entertainment expenses have doubled; which increases food costs due to eating out with friends.
Not to mention the additional costs of failing to prep meals for the week because you were out late.
Financial planning isn’t just about hiring a financial planner to set your financial goals and hit a target. This process happens every day; almost every decision from getting up in the morning and going to work or buying your morning coffee involves finances.
Life isn’t just about enjoying every moment, it’s about preparing for what’s ahead, and getting stronger in the process. This is exactly why financial planning exists.
Even though the US economy has improved in recent times and unemployment has now fallen to around 5% after a high of double figures in the midst of the recession there is still the prospect of your losing your job. You must be prepared because if you suddenly have no income coming in you are in real trouble. It can happen as companies downsize or streamline in the face of competition.
Some businesses simply find themselves unable to trade profitably. While unemployment statistics currently suggest that if you lose your job there will be other opportunities out there you should still be prepared in case there is an interruption in your monthly paycheck.
You get 9 months to prepare for an arriving baby. Well in true sense its 8 months. You’ll make the nursery, you’ll buy clothes, blankets, baby’s furniture, medicines ,toys and what not. But are you financially prepared to meet the demand of a child birth? In US, a child birth is costliest in the world.
If you are relatively young and in good health, thinking about someone one day inheriting your money might seem like a very distant future. Similarly, it almost might not seem like a useful effort, if you presently don’t have much money. For both situations, I’ll say this: wealth doesn’t just happen.
Is your partner just the opposite, money wise? Does your partner spends money at the slightest whim? Do you run a bigger bill at super markets with your partner, than when you are shopping alone? Most importantly, are you worried about your partner’s money habit?
One of the hard-fact in life is that, most of us are attracted to our opposites. If you are shy and a homebody, you are most likely attracted to someone that is outgoing, bubbly, and will pull you out of your shell a bit. If you have been a saver all of your life and have no idea how to even act in a restaurant (because you’ve never wanted to shell out the money to experience one), then you might find yourself attracted to a spender that shows you how much fun spending money can be.
