Personal Finance – Announcing 6 Steps To Prosperity And Personal Wealth
Published October 8, 2011 | 
Your Financial goal starts with a plan.
If we break this up, we have a financial plan and a goal at the end.
The first thing you need to determine is what the goal is or what your dream is.
Why?
If you just have the desire to ‘have a lot of money’ and then a way to achieve this, it is not something you will succeed in by just determining these vague pictures.
A better goal would be for example:
1. In 10 years, I want to have X amount of dollars in passive income in excess of my monthly expenses.
2. In 5 Years I want to be Financially Free, meaning that your passive income is equal to your monthly expenses.
If you have determined what your goal is, then determine what your dream is and how long that would take in contrast with your goal(s).
Your dream could be as simple as being able to travel the world for 10 years and relocated where you feel best. Or starting a successful franchise, you name it..
Then you want to know what the strategy or financial plan will look like to achieve these step-by-step goals.
For example:
you have a total debt amount of let’s say $100,000 and your monthly expenses for paying these debts are $700 + living expenses, insurance,… totaling $1,250/month.
To become financially free in this simplified example, you need $1,250 per month in passive income.
How will you do that?
There are many possibilities but I will outline one that I think is one of the best way to achieve realistic goals in a relative short amount of time.
Step 1: Analyze your income statement (income/expenses) in excel and see what your cash flow is.
Step 2: Find a mentor in Internet /affiliate marketing and learn from the already successful.
Step 3: Start or improve your online business by promoting other people’s products (affiliate marketing).
Re-invest some earnings back into your business until you can outsource/automate a few aspect of your business to save time.
Step 4: Take a % of your earnings from your job or business and start investing it in your financial education.
Step 5: Apply your newfound knowledge to the investment world.
Step 6: Enjoy your journey into the world of the rich and make new friend socialize with the wealthy and network with other successful people. You will grow financially as well as individually and your goals will become closer and closer as time passes.
These steps will serve you as guidelines to reaching your financial goals you set for yourself and reach your dreams faster than you ever thought possible.
Personal Finance – Successful Financial Budgeting Tips
Published October 2, 2011 |
Personal finance has always been one of the crucial aspects of success of an individual. Execution of one’s personal finance budget often requires discipline and perseverance. Many people obtain assistance from professionals such as accountants, financial planners, investment advisers, and lawyers.There is also personal financial software to help with your financial budgeting which saves a lot of money and certainly your time.
Financial budgeting is the key to unlock your monetary success as well as your means of reaching your goals and dreams. Everyone wants to pay all their bills on time. Successful debt and asset supervision is the starting place for good credit. Unless you have unlimited funds to spend however you wish, the place to start is with good personal budgeting skills.
Here are some helpful tips in creating your personal finance budget:
Create a personal household budget which includes all your monthly and yearly bills. You must also include your spending money, savings goals, and retirement funding. It doesn’t matter how much money you make, it’s how you spend it. A personal and household budget will help you make payments on time, provided you follow the plan. Aim for your housing expenses to be about 33% of your income. If that is not possible, cut some expenses or look to at ways you can make more money. Follow a debt management program. Your debt may overtake your income and then you are forced to make late payments on bills or no payments at all because you don’t have the money. This becomes expense and can topple you over. A total debt payment (which ideally should be zero!) shouldn’t exceed 30%. If it does, look to consolidate and chop ups some store cards with high interest. You can’t just spend money and hope you have enough for your bills. You must spend within a budget. Use personal financial software to save you time and accounting fees. The software will ask the same questions that a personal finance advisor asks, without charging you a high hourly rate, during a financial planning interview. Everything is already put in to the software so you don’t have to start from scratch or think too much.
A strong and stable financial situation has always been the short route towards a sound and independent financial situation. Maintaining control over your personal finance enables you to maintain control over more aspects in your live than just money and it all starts with having a good budget and sticking to it.