40 specificgoalsforconsideration complete degree

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Use you stay within your income, allowing you to save and invest your money to Have appropriate insurance to prevent Have financial disasters financial Be informed about tax and investment Be alternatives alternatives 39 What’s Your Business Plan? 40 Specific Goals for Consideration Complete degree, obtain employment Address immediate financial issues Repay debts (student loans, credit cards) Replace automobile Potential merger (marriage) discussions Buy and furnish a house Raise and finance a family Pay off mortgage by retirement Save for retirement and kids’ college 41 The Cast of Characters That Want to Help You Accountants and CPAs Bankers Credit counselors Certified Financial Planners and other “experts” Insurance agents Investment brokers Lawyers Real estate agents Tax preparers 42 Who Can You Trust In the World of Money? A student loan office advising students? An agent selling a life insurance policy? A money manager recommending a stock money on TV? on A broker suggesting a good mutual fund? States offering college savings plans? 43 Money Principles: Trust Money Principles: Trust Money Principle 1: When dealing with the financial services industry and third party financial advice, be highly skeptical and aware of potential conflicts of interest. Money Principles: Trust Money Principles: Trust Money Principle 1 (continued): If it’s too good to be true... it probably is. Biggest Mistakes of Personal Finance Delaying decisions (like saving) Spending more than you earn Not paying off high interest credit cards Looking for the big kill, chasing latest trend Letting emotions interfere Trying to time the market Failing to diversify Failing Not taking enough risk 46 CFPs See These Mistakes Don’t’ set measurable goals Make decisions without understanding the effect Make on other financial i...
View Full Document

This document was uploaded on 02/12/2014.

Ask a homework question - tutors are online