You
may have goals you want to accomplish at a specific period, be it
getting married, buying your first home or starting a new job; it all
requires good financial decision and planning to achieve, experts have
said. In making great financial decisions, you may need to adjust your
current spending habits in order to reach your goals and at the same
time build real wealth.
Creating a solid financial
plan will make it possible for you to navigate your financial steps
without financial stress, says Miriam Caldwell, personal finance
specialist.
According to her, one of the
most exciting times is when you are about to get married. It is exciting
to begin planning and preparing for your wedding. After the wedding you
will begin your financial life together with your spouse. Money is one
of the most difficult topics to deal with in a marriage. It is important
to address this issue from the very beginning of your marriage. This
will help you and your spouse work towards the same goals. Open
communication about your finances will help your marriage be successful.
Another big and exciting time
she said is when you purchase your first home. This is a big decision
and commitment. You need to be sure that you are ready to purchase a new
home. Additionally, you need to understand the terms of your mortgage.
You should have enough money set aside to cover emergencies home
repairs. It is also important to consider the additional cost of
insurance and property taxes. If you plan carefully you should be able
to transition into home ownership easily.
Finding a new job is another
financial step of your life. Caldwell said after a few years in the
workforce, you may be ready to move onto a new career. You can look for
promotions inside your company, or you may look elsewhere to find better
benefits and a more lucrative salary.
This is an important step. You
want your income to continue to grow, and making the move at the right
time is part of that. You should make sure that you are prepared to make
the changes a new job would require. You can also take additional
classes or certification training to make yourself more marketable. She
said you may also reach a point where you want to buy a new car. Buying a
car is necessary. It is important to prepare yourself for this
purchase. If possible you should pay cash for your car, but if you can’t
you need to shop for the best loan options available. Additionally you
should be careful on how much you spend on your car, because a payment
can limit what you can do in the future.
If you are in debt, there is
need you get out of debt. Once you begin to settle down in the working
world, you should get serious about getting out of debt and using your
money wisely. Once you are debt free, you can begin to accumulate real
wealth.
This will help you to achieve
your dreams and move forward. If you continue to make payments you are
limiting what you can do with your money. Choosing to live debt free
life is one of the best decisions you can make for building real wealth.
Additionally, you should begin
to seriously invest your money. You will be responsible for your own
retirement costs. Investing is essential if you want to live comfortably
and not worry about your later years. It can also help you pay for your
children to attend college. Investing your money can be intimidating if
you do not understand what you are doing. However, if you find a good
financial planner, he should be able to explain everything to you in
detail, Miriam has said.
BY : HOPE MOSES-ASHIKE
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