As a busy professional with a lot of responsibilities it seems as if the list of chores is never ending. Everyone has only twenty-four hours. From twenty-four hours, subtract time for sleep, work, our commute, and we are left with only a handful of hours to be productive with personal pursuits or additional activities we enjoy.
It is bound to happen sooner or later. Actually, some may say that it is kind of weird that it hasn’t already occurred. Knowing that a stock market correction will happen is one thing. Knowing when it will happen is a completely different thing. So, what will happen when the market tanks?
The road to financial excellence doesn’t happen overnight. At least not for most people. And certainly not for this guy. Progress is made by continuously achieving small victories. Over time, you can achieve a large goal. That progress can sometimes feel painfully slow, but it’s amazing how time goes by, and by tracking progress you can start to see your results.
Hoping for a big inheritance is kind of like playing the lottery game. You know, the game you play where you ask what you would do if you won the big pay day. It can be a fun game to play – letting your imagination run wild just thinking about what you would do with all that money.
Establishing a financial cushion is one of the best things you can do for your peace of mind. There is a surprising number of people who have virtually no financial cushion between them and the next unexpected expense. Regardless of someone’s take home pay, there are a number of people who arrive at a balance at or near $0.00 at the end of every month. Fighting to get out of this position is not only good for your financial future. It is good for your peace of mind.
What would happen to you or your family if you could no longer work? It’s common for people to have life insurance. The thought of a sudden death at a younger age prompts many people to have some life insurance coverage. But most people don’t think about what would happen if they could no longer work. There is an assumption that one’s ability to work will continue almost indefinitely.
The personal finance news is littered with information on how to eliminate expenses. But more and more, I’m wondering if people have lost focus as to what really counts in order to achieve financial success.
There are two types of people out there – those that want to spend their last dollar on their last day on earth and those who wish to pass down an inheritance to family or charity. Which camp do you fall into?