Finance Acceleration notes that financial planners think that the economy will grow next year, based on a study of over 2,000 planners which appeared in Financial Planning last week (published
1. The first step to financial planning is taking care of priorities. During this period of life, the demands on income are high. That is why it is essential to fund the most important things in life like retirement.
2. The effectiveness of one’s financial plan will depend on cash flow. It is best to avoid the ‘money comes, money goes’ method which could leave one’s bank account empty, and then they can’t pay their bills.
3. Start preparing for the inevitable. Most people avoid planning for death. The problem with this is that they then don’t buy life insurance and draw up a will. Now is the time to purchase life insurance and make plans for the end of life.
4. Read as much as possible and diversify. The market is changing which is why it is imperative for forty year olds to stay on top of what is going on. The financial strategy used during one’s thirties may need to be altered as one nears retirement.
5. Obtain expert advice. Most people are busy and lack the time to keep up with investing. It is best to hire a fee-only financial planner who does not receive compensation for the products he or she sells.
Financeacceleration.com denotes that financial planners are bullish for 2014, but are concerned about interest rates. Financeacceleration.com states that now is the perfect time for forty somethings to establish a sound financial plan.
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