Saturday, May 1, 2010
Many people aim to reach their dreams of becoming wealthy to be financially secured and to be able to retire from their jobs with comfort. However these dreams are hard to achieve for most people. The reason is because of the factors that affect financial planning which usually results from money mishandling situations. Let's go over these factors and see for yourself if these factors contribute to your poor financial planning.
Having a mortgage that last for years
If you're trying to find out where all your money had gone throughout the years you better have a look at your mortgage if you have any. Millions of Americans take more than 15 or 30 years to pay their home mortgage and they often end up paying more than the actual price of the mortgage by the end of the term. It is not practical to choose a long term mortgage payment scheme because the longer you take to pay your mortgage the more you have to pay. If you're going to assess the large sums of money that you have incurred paying your mortgage every year you are actually looking at a large sum of money that could have been your wealth takaful ikhlas
takaful ikhlas : Trusting the control of your money to other people
Be sure that you get yourself involved in the day-to-day financial details of your family such as debts investments savings and others. If you're a married person don't put the sole responsibility of financial planning to your spouse. It would be very risky for you in case your spouse became ill or divorced you. If you're living independently don't trust your financial planning matters over to a financial planner without keeping track of the money involved. The final financial decisions should always come from you and not from your financial planner. As a general rule never give the total control of your money to other people.
takaful ikhlas : Not minimizing spending leaks attitude
One reason why many people are in debt is because of spending leaks. Many people are used to dribbling money while spending. They buy small things that do not seem to cost a lot but when these amounts are totaled up they may form a substantial part of your overall spending. This is not a good attitude as it will only accumulate your expenses which will have a negative effect on your financial planning.
With proper planning, retirement can be something to look forward to. Along with planning for retirement and getting your estate in order, you need to have proper insurance to cover any emergencies that could pop up. Good health insurance and generous life insurance should be top priorities. You should also have property insurance that covers all hazards in your area. If you can afford it, disability insurance is always a good idea.
You can change the way you are living. You can create a financial peace for your family. All it takes is the proper financial planning. Just start with one step today. You will find that it won't be long until you have everything together.