Building a Firm Foundation. Why, you may ask, do you need a financial plan at all? The answer is quite simple. There is only one sure way to achieve financial security: you must identify your goals, then adopt strategies to meet them.
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Constructing Your Financial Profile - Your Stage of Life
When you sit down with a professional financial planner, the first thing he or she does is construct your personal financial profile. You should begin there, too.
A financial profile is a snapshot of your life as you live it day by day. And it is the cornerstone of your personal financial plan.
Your financial profile is more that just your income and net worth- although income and net worth are certainly part of the picture.
When you sit down with a professional financial planner, the first thing he or she does is construct your personal financial profile. You should begin there, too.
A financial profile is a snapshot of your life as you live it day by day. And it is the cornerstone of your personal financial plan.
Your financial profile is more that just your income and net worth- although income and net worth are certainly part of the picture.
Click on the heading to read more....
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One significant aspect your life-style is your career choice. When you select a career, you lock in, to some extent, your earnings potential.For instance, if you opt for a career as a librarian or teacher, you’re unlikely ever to earn a six-figure income. By contrast, if you work in investment banking or sales, chance are good that you’ll become a high earner.
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You must ask yourself two questions when it comes to assessing your tolerance for risk: Do you HAVE any money to risk? If you do, what promised rate of return would it take for you to risk it? The first is a question of resources; the second a question of attitude.
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If you’re like most people, you have responsibilities- children, perhaps, who look to you for support, or elderly parents who require financial help.
But everyone defines responsibilities differently. For example, do you consider it your responsibility to supplement your parents’ retirement income? Do you think you owe it to your children to help them buy their first car?
When it comes time to develop your financial profile you must take your responsibilities – as you defined them – into account. They influence how you spend, save and invest.
But everyone defines responsibilities differently. For example, do you consider it your responsibility to supplement your parents’ retirement income? Do you think you owe it to your children to help them buy their first car?
When it comes time to develop your financial profile you must take your responsibilities – as you defined them – into account. They influence how you spend, save and invest.
Click on the heading to read more....
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