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Getting and Saving Personal Finances

Getting and Saving Personal Finances

Overview

You have to save before you can invest.

We know that to many people this seems obvious, but in the rush to look for the latest "hot" investment, some people skip past this necessary first step. But whether you recognize this or not, everybody with an income, and even some without one, are faced with decisions every day as to whether to spend or save.

So before we get to the world of investments, let's stop for a bit and take stock of where you are today from a financial perspective. It is also important to know where you want to be in the future, and the financial resources you currently have to reach your objectives. Where you are today is measured by your net worth, where you want to be is defined by your goals and objectives.

Your financial goals and objectives can range from travelling to planning for you retirement, to educating your children. Once you have established your goals you can determine were you are today in relation to these goals. Your net worth, which is equal to your assets (all the things you own, including a house or car) minus all the money you still owe (mortgage, credit cards, student loans), tells you your current standing. Once you have calculated your net worth you can determine a strategy for achieving your financial goals.

The other key component is a budget. Unfortunately when people hear the word "budget", they think that they are going to have to produce some rigid document that limits the amount of money that they can spend on the things that they want. Not at all.

A budget or a cash flow statement will help you to determine the 'flow' of your money from one period of time to another. You will need to determine what you are getting, and what you are spending.

In the content to come on the subject of Getting and Saving Personal Finances we will look at:

Getting and saving your money
Why saving is difficult in the real world
Financial plans-detailed enough to be meaningful, but flexible enough to be used
When should you revisit your plans
Making investing and financial choices

We would also love to hear from you. What topics relating to managing your personal finances would you like to hear about. Contact us here now and let us know!

Managing Personal Finances

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