So you are Physically fit, are you also Financially fit?
Did some financial planning
and it looks like I can
retire at 62 and live
comfortably for
eleven minutes.
By David Rabenold, Regional Vice President of Primerica Financial
8 RULES OF FINANCIAL WISDOM
- Have a Current Written Financial Plan
You can’t reach your destination if you don’t know what it is. A financial GPS provides written recommendations that give options and strategies along with action steps on how to win the money game.
- Pay Yourself First
Paying yourself first means putting yourself and your family before any other demands on your money. Paying yourself first is a form of self-respect. Deposit a set amount each month into an investment program.
- Adjust Your Priorities
Along with setting priorities comes one tough rule of life: You can’t have everything. You have to make conscious decisions about every purchase.
- If you make $10 and spend 9 = happiness
- If you make $10 and spend 11 = misery
- Realign Your Assets
- Reposition existing assets for a better value.
- A personal financial audit will find areas of overpayment. Examples, life, home and auto insurance, high interest debt, low interest savings, federal tax refund, etc.
- Change Your Thinking
If you think you don’t deserve to be financially secure, you’ll never be financially secure. Believe you can achieve. A budget makes a difference, provides the habits necessary for change.
- Adjust Your Lifestyle
An important concept to understand is want versus need.
- A need is something you have to have, something you can’t do without. You “need” food. You “need” shelter.
- A want is something you would like to have. You “want” ice cream. You “want” a bigger house.
If you want to achieve financial independence, you may have to make sacrifices for a period of time and go without some of your “wants”. It’s not that tough, but it is very, very important to your financial health.
- Avoid The Credit Trap
Be careful to avoid the pitfalls of “plastic money”. Credit cards are good for convenience but that’s it. Pay your balance in full each month and you’ll not only avoid interest charges but you’ll prevent your balance from escalating out of control. To keep your monthly charges under control, pay with cash. You’ll probably find you spend less when you have to hand your money over.
- Set Goals and Have a Plan
You can’t reach your destination if you don’t know what it is. Goals help determine your why?
Benchmarks along the way to gauge your success.
Example: Net Worth – Your Assets (what you own)
Your Liabilities (what you owe)
Success – is the continuous journey towards the achievement of worthwhile pre-determined goals.
David Rabenold, Regional Vice President with Primerica, has been with Primerica for 24 years and is fully licensed. Primerica has been in business since 1977 and founded on a simple philosophy of “Just Do What’s Right”. While other financial companies focus on the wealthy, Primerica protects our most important assets…the ones who teach our kids, make our goods, grow our food, keep us healthy, and protect our nation. We put families and individuals first by providing them with financial education, giving them a complimentary written financial plan and providing them a financial supermarket for proper implementation.
Come meet him at Guts and Glory Wellness Expo 2018. Also he will be conducting a no cost…just educational, How Money Works Gathering on Thursday, September 20, 2018 from 7:00 PM to 9:00 PM at the Spine and Wellness Center, 3933 Perkiomen Station, Suite 101, Reading, PA 19606. If you ever said “There’s Got To Be A Better Way When It Comes to Your Financial Health” this seminar is highly recommended for you.
