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The activity: Begin your trek. This trek focuses on accumulating and managing wealth when cash flow and net worth are both positive. This trek also focuses on exploring how to use prosperity 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 Continue reading Wealth and Prosperity: Save From Income: Get the 401(k) Match 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 Continue reading Wealth and Prosperity: Protect: 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 Continue reading Wealth and Prosperity: Protect: 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, Continue reading Wealth and Prosperity: Protect: Property Insurance 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 become disabled your income and cash flow are in jeopardy unless you have disability insurance. Many employers provide disability insurance as a benefit. If your employer offers disability Continue reading Trek III: Get Disability Insurance 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 Continue reading Wealth and Prosperity: Protect: Make a Will 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 Continue reading Wealth and Prosperity: 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 Continue reading Wealth and Prosperity: 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 Continue reading Wealth and Prosperity: 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 Continue reading Wealth and Prosperity: Control Debt: Reduce Credit Card Debt 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 Continue reading Wealth and Prosperity: Save From Income: Pay Yourself First The activity: Invest in a Roth IRA to avoid and defer taxes. Before you do Continue reading Wealth and Prosperity: Save From Income: Invest in a Roth IRA 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 Continue reading Wealth and Prosperity: Control Debt: Debt Reduction Plan The activity: Reduce your credit card interest rate. When we’re working hard to reduce and eliminate debt it might seem to be an uphill battle. At times like these we need all Continue reading Wealth and Prosperity: Control Debt: Reduce Credit Card Interest Rate Your prosperity trek has a destination. By discovering your destination you lay the foundation for establishing your financial goals. Identifying financial goals, along with knowing your risk tolerance and time horizon, will help you to determine your investment asset allocation. Financial Planning and Goals A key element of the prosperity trek is having a defined destination. Having a clear goal Continue reading Trek III: Set Financial Goals Once you’ve determined your initial goals for your financial plan, it’s time to begin the process of reaching those goals. Think of the financial planning process as a journey. You prepare for the trip by marking on the road map where you are today and the destinations you want to reach. These destinations represent any life dreams and Continue reading Trek III: Reach Financial Goals To invest properly we need to understand a couple of truths about our investing environment. The Efficient Market Markets are efficient. When we know something others do too. As a result the market is already priced to reflect that knowledge. For this reason, when we read some information from a public source (newspapers, magazines, internet) we Continue reading Trek III: Your Investing Environment There are some “truths” that investors should know. They are fundamental to investing. To know them gives you insight that you can leverage to make better day-to-day financial decisions. Treating Funds Differently Based on Source This is a financial trap where the source of the money affects your investing mindset. An example of this Continue reading Trek III: Investing Fundamentals You may think of bonds only as a way to earn income. Or maybe you turned to short-term CDs or money market funds for safety during the equity and credit market volatility last year. But fixed-income investments can also play an important role over the long term—they can help contribute return and reduce overall risk and volatility in a Continue reading Trek III: Fixed Income Investing |
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