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The activity: Begin your trek. This trek focuses on building net worth when cash flow is positive and net worth is negative. This trek has activities to: save money from your income stream The activity: Explore how to save from income. This portion of the trek has activities to save from income. Activities to Save From Income get the 401(k) match from your employer The activity: Get the 401(k) match from your employer if your employer offers a 401(k) and provides a matching contribution. If your employer offers a 401(k) plan and provides a matching contribution up to a percentage of your Continue reading Net Worth: Save From Income: Get the 401(k) Match The activity: Protect your income and assets. This portion of the trek has activities to protect income and assets. Activities to Protect Income disability insurance Activities to Protect Assets health care insurance The activity: Ensure that you have adequate health care insurance. Few topics are as important, or controversial, as the topic of health care insurance. For some, health care insurance is a non-issue – their employer provides them with good Continue reading Net Worth: Protect Income and Assets: Health Care Insurance The activity: If you need it, have adequate life insurance. You may not need insurance. If you have no dependents or spouse and don’t need an estate for any heirs then you probably don’t need insurance. Insurance is essentially Continue reading Net Worth: Protect Income and Assets: Life Insurance The activity: Insure your property. If you own your home you need home insurance. If you rent your home you should have renter’s insurance. When you purchase your renter’s or homeowner’s insurance, it is important to shop around. You can Continue reading Net Worth: Protect Income and Assets: Property Insurance The activity: Ensure that you have disability insurance to protect your cash flow. Disability insurance is a necessity during your working years. In fact, you are more likely to become disabled than die prior to retirement. If you Continue reading Net Worth: Protect Income and Assets: Disability Insurance The activity: Plan your estate and take steps to leave a legacy. Estate planning is loaded with wealth-management pitfalls. The best way to care for your family if something happens to you is to put an estate plan Continue reading Net Worth: Protect Income and Assets: Estate Planning The activity: Make a will to have a say on how you will give your assets to others when you die. A will is going to be how you tell people how you want your assets distributed when you die. If Continue reading Net Worth: Protect Income and Assets: Make a Will The activity: Explore how to control and reduce debt. This portion of the trek has activities to control and reduce debt. Activities to Control Debt get a free credit report The activity: Get a free credit report. You can easily get a free credit report that will be a valuable tool to help you manage your debt. This free credit report will give you a chance to check the credit Continue reading Net Worth: Control Debt: Get a Free Credit Report The activity: Control your short-term debt (credit card, bank loan, student loan, car loan). Your debt affects your cash flow and net worth. Your debt payments affect your cash flow and the amount of debt you have outstanding affects Continue reading Net Worth: Control Debt: Short-Term Debt The activity: Improve your credit score. Why a Good Credit Score is Important Your credit score can affect you in many ways: Mortgage Modification Lenders use your credit score when they Continue reading Net Worth: Control Debt: Improve Your Credit Score The activity: Reduce your credit card debt by having a debt reduction plan. Why lower your credit card debt? Lowering your credit card debt and eliminating it completely, will: improve your Continue reading Net Worth: Control Debt: Reduce Credit Card Debt The activity: Explore how to save from income. This portion of the trek has activities to save from income. Activities to Save From Income set up a savings plan The activity: Pay yourself first by living within your means and setting up a process to save automatically. The first rule of any good financial plan is to pay yourself first – and to live within your means. Continue reading Net Worth: Save From Income: Pay Yourself First The activity: Invest in a Roth IRA to avoid and defer taxes. Before you do this activity there are two other activities to do Continue reading Net Worth: Save From Income: Invest in a Roth IRA The activity: Develop a debt reduction plan and reduce credit card interest rates. This portion of the trek has activities to reduce debt. Activities to Control Debt develop a debt reduction plan The activity: Have a plan to reduce and control debt. Debt is a valuable financial tool that requires much of us and our circumstances. If debt gets out of control we need to take back control. Credit Card Debt An earlier activity Continue reading Net Worth: Control Debt: Debt Reduction Plan |
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