Financial Consulting & Jobs: Investment Opportunities
Financial Investments, Consulting & Planning: Gregg Schilling
Plan Your Investments
Financial and investment planning can be daunting for anyone who doesn’t understand the complexities of personal finance. People without a grasp of financial and investment planning often overlook the necessary actions needed to ensure their future financial health. For those in difficult financial situations, financial and investment planning can seem ridiculous or even futile as more immediate concerns move to the forefront of everyday matters. However, financial and investment planning is the single most important thing you can arrange for yourself as well as your family. Some would argue it’s more important than health care planning, as there is no way to pay for treatment for illness, injury, or old-age care without stable finances.
There are no shortage of “experts” on the subject of financial investments, but it can be difficult to wade through all the information to find what immediate steps should be taken. To help you create a customized plan for yourself, let’s look at seven action items to add to your financial and investment planning “to do” list.
Obtain a copy of your credit report. If you have not checked your credit report in several years, it’s time to take a look. You cannot begin your financial investments and planning if you don’t know your credit history. Creditor contact information is provided. If there are errors, reach out to the creditor and work to have them corrected.
Review your current expenses- bills, fixed costs and other financial responsibilities- to see where you stand financially. Establish a budget and payment plan for all debt repayment. Pay yourself. Financial and investment planning won’t be effective unless you’re willing to make sacrifices.
Talk to a professional. If you do not understand the subtleties of financial and investment planning, talk to a professional financial planner. Planners deal with far more than only the wealthy. They can just as effectively assist those with modest incomes to make better financial and investment planning decisions.
Don’t gamble. While you are young, there is room for riskier methods of financial and investment planning. After the age of 40, you should be infinitely more conservative, avoiding high-risk investments as much as possible.
Avoid the temptation to day trade. We’ve all heard the intoxicating stories about someone who got rich day trading, and making a go of the pastime is tempting, to be sure. However, day trading is a far cry from making stable, long-term stock purchases, and it’s not sound financial and investment planning.
Buy stock. While this may seem counter-intuitive, the stock market should be a part of your financial and investment planning. Choose wisely based on reliable historical data, and avoid selling unless it appears the company may go under with no hope for a rebound.
According to the Employee Benefit Research Institute, 4 out of 10 people aged 55 or older have less than $100,000 saved toward their retirement, while almost two-thirds of workers do not expect their standard of living to decline in retirement.
These are sobering financial and investment planning statistics when one considers that, in order to avoid a decline in standard of living, the average person will need 10 times this amount- 1 million dollars- to make ends meet from retirement until the end of life. And this figure can quickly skyrocket when injury and/or illness come into play.
Life does not offer guarantees, and over the past few years our national and personal finances have all taken a direct hit. However, financial and investment planning is not about short-term wins. Rather, it’s about sticking it out and seeing things through tough times to ensure the greatest returns. Those who cut and run when things get tense are taking action that may seem sensible at the time, but that can just as easily end up causing considerable losses.
We all avoid unpleasant thoughts as much as possible. And for many, financial and investment planning means acknowledging unpleasant topics such as one’s own mortality and limitations as a human being. Unfortunately, however, avoiding reality does not make it any less real, and financial and investment planning is , in fact, necessary to maintain your standard of living for many years to come.
Take small steps each day to manage your debt load- this alone can assist you with your financial and investment planning. You’ll be surprised at how quickly a portfolio can grow. Ask for advice when you need it, and have confidence in your decisions. Once you get started, you’ll be surprised at how quickly you learn.
Written By: Gregg Schilling The BusinessTM leading consultant on the subject of Financial Investments
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