Everyone begins at the beginning: setting up a plan for deciding in advance where and how to spend income and deciding how to use any excess for the benefit of self and family.
The first step in the process is to keep track of every penny spent for a brief period – usually one month. Next, choose what changes, if any, to make in future months.
Keeping track can be done through a bank account, with a special financial planning software, or a handwritten journal.
Once it is clear that a preferred pattern of spending and accumulation is in place it’s time to make it official with a system that will guide you in the future.
Your system can be as simple as using the envelope plan, a journal, assigning a category for every expense through your bank account, or use of financial planning software.
A key concept of managing money is that of the Time Value of Money. The sooner money is received and put to work earning compound interest, the greater the value of that money.
Understanding successful investing and money management requires a basic knowledge of the language of investments.
There is no single place where all of the language is offered. For example, real estate, one of the main sources of investment wealth is outside of the source which is recommended here. It will be covered at another time.
Up to date review of what is changing about student debt. This is a serious issue for families and deserves much forethought and/or review. Find it here.
Investment News offers some insight into the versatility of a reverse mortgage for those age 62 and older. Such a mortgage may be just right for you. See here.
This is a novel approach to planning for retirement. There is no right way to prepare; some preparation is better than none at all, which unfortunately, many fail to do. Take a look and find whatever may appeal to you. Check this out!
Getting to the best way to pass on personal wishes and property is spelled out in this article from USA Today. This is family friendly planning – check it out here.