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Sabtu, 07 Januari 2012

Understand Your Financial Life Cycle

In line with the passage of the human life cycle ranging from infants, toddlers, children, adolescents, adults, elderly parents up, then the various views and our financial needs are also always changing according to circumstances. For example, when someone was in the 30s, the chances are greatly enjoying his youth, worked diligently and aggressively, but a race against consumptive lifestyles are struggling with credit card bills Ahead of retirement at age around 50's, someone usually is trying hard to make sure have enough money to be able to resume his life after not working, looking for safe!
In this opportunity, let us learn some of the keys to financial decisions in each stage of human life - which I think we need to understand thoroughly. Studying it aims to facilitate the financial decision-making, what we need to do and what not to do with money from every stage of our lives. Furthermore, the benefits are not just simply to increase our own knowledge, but also helps to understand the needs and views of others financially, according to age well.
Because the imperative for us to be able to occasionally put yourself in someone else financially. For a financial decision that can rarely stand alone, both you who are single or married, or you have dependents or you just covered. There are always other people of influence and interests therein.
Elementary school age up to the universities graduated S1 in 20s
* At the age of 0 to 18 years, most people still in school education and all basic living expenses are borne by parents. "Life is beautiful, with no responsibilities what so ever .. "I wonder if that's a picture of one's life in childhood and adolescence. It's just as beautiful as it is not reality when it comes to money. You know how in the days of old school, the difficulty of asking for money in the elderly. No.
* While in college, most of you probably still financed parent, but the influence of friends, follow the trend or
possible was also forced many of you even have to work part time looking for additional income for the additional cost of college. With the rising cost of tuition, transport and books, it is rather difficult if you have to rely on parents.
Besides having his own money, sounds more cool & hip.
Determine freer choice in spending money, as well as occasional treats parents and friends can be a matter of pride. As long as they can share time with class schedules that must be resolved, then work part time or money themselves while trying to get college course can be done. Working while you study it with a positive use of leisure time, of course we are a bit much to put into practice what is learned during the time in school,
At the age of 20
* You may also still want to go to school because the desire to learn is also still
spirit passionate. Fortunately, if parents can help you pay tuition fees, but most likely parent can not help too much because the level of advanced education after high school or equivalent education advance learning much more expensive than basic education in elementary through high school. So to pay the cost of further education is likely to be undertaken alone. Can also get a scholarship to sponsor the cost of your education. Like others, if you want to take a loan with the purpose of paying educational expenses, education costs as a result become more severe, because you also pay interest on loans. Only if you believe that the benefits far outweigh the money spent, then spend more money to continue your studies may be conducted. Conversely, if only as a driven desire to get a prestigious stamp with no further effort to replace the money runs out before, then education may be a hobby or recreation facilities that are too expensive in terms of money, manpower and time that has been sacrificed.
* Do you remember the first time get a salary? Your income is not too great at this time since it began building a habit of shopping in a way to spend money in accordance with the budget already planned.
* At this time usually lazy people are still saving money, but diligent shopping. But no matter how your income, try to always be able to set aside money on a regular basis from your earnings each month. Make sure that you have savings in the bank, with a comfortable condition, facilities, administrative costs low with a competitive savings interest. Separate savings account with a salary account,
* Try to establish a reserve fund, which is deliberately set aside some funds to finance its expenditure sudden emergency. At this age need not be too large a reserve fund so that sufficient reserves for a time There is a monthly expenditure. You can put this reserve fund account in a savings account
* Start thinking about retirement preparation, although still far from the alias is still a long time you retire, no one has started to prepare from now. It is never too fast and too early for retirement preparation. If your employer has a pension program their own differences, join, or you can Social Security retirement program of the government or buy a pension plan that offered another financial institutions such as banks and insurance companies
* Do not buy life insurance if you do not have dependents or unless there are debts that must be cover, but consider taking health insurance if your employer does not
cover this cost.
At the age of 30
* At this time you may already be married. Because it is necessary once cover your income with life insurance especially if you already have children. Do not leave your family experiencing financial pain is too bad because you died too soon
* With the kids, then it is time to prepare children's education fund. You can prepare by saving on education savings, take out insurance or education into other investment products.
* Consider also to take a more comprehensive health insurance such as accident risk cover insurance, critical illness, permanent disability due to accident, or other health-risk person is at risk that have not cover by the health benefits of your company
* Do not forget to cover your possessions with insurance vehicle insurance as well as fire insurance
* Make sure you take a mortgage down home loan or mortgage that is not too burdensome you. Take the time to compare mortgage deals between banks with one and do not be lazy to hunt for your dream home, to fit between the budget with the desire.
* If you already have some property, make wills. Making a will is easy and inexpensive, but not used because people do not know how. Though very important to do so families left behind are not fighting over the estate, also facilitate
various paperwork for couples and children. Should ask the friend who is an expert or a notaries who are experienced in making a will.
* Evaluation of continued pension plan that you follow, be sure to have provided a number of investment return you expect.
* If you are still struggling with credit card bills, try to control your lifestyle and gradually pay off the debt bills. At least look for ways how you can pay the mortgage debt is the cheapest way.
* Add your knowledge and experience in investing, be creative and start investing outside of a bank product. Look also at a low cost investment, investment deposits that are flexible, easily accessible, even if a small tax could be tax free, and liquid.
In the usa 40s
* Try to increase the deposit savings and investments each year, especially for retirement preparation. Make sure the deposit of savings and investments always go up in accordance with the increase in your income. Each time getting better fortune in the form of bonuses or THR, Set aside beforehand to add to your investment.
* Evaluate the amount of Sum Assured again life insurance you take, whether the number has been in accordance with the need to cover the risk of loss of income. If the cost of your family life has changed, up or down, then you should life insurance coverage amount is also adjusted
* Ensure that your mortgage payments continue to run properly on schedule, keep all records following receipt of the final balance of your mortgage debt. If interest rates rise, and therefore the number of installments becomes too heavy, you can consider to extend the period of time.
* Conversely, if you're lucky to have a fairly large number of funds, could be considered to hold some or seluruhnys mortgage repayment of the remaining mortgage balance now. Doing this can make you save on mortgage interest payments, and accelerate the repayment time.
At age 50-an
* At retirement, you'll want to move on the final balance of your retirement, so they can make an evaluation and revision if the funds collected are still far from the target,
* Review all of your investment, if almost all of your investment at high risk to flee the proporsinal iversifikasi and allocated to the investment risk is lower,
* Note when the last mortgage home loan and make sure that the mortgage repayment is completed before you retire,
* Consider having health insurance for old age, which cover health care costs and hospitalizations that occurred in hospitals. Retirement or health insurance longterm care insurance is the benefit should be enjoyed at the time of retirement until the rest of your life,
At retirement age, 55 or the 60's
* It is time to claim a pension fund of a pension plan that you follow along. Pension funds which followed from the company where you work, will usually give the total pension funds are seklaigus front, so that your next stay mengemabil accordance with the needs of every month, and menginvesatsikan the rest to continue to grow into an investment instrument that is not risky namaun terelu can give opinion remains equivalent to interest.
* If you mengiktui be held Social Security retirement program, immediately file a claim with this government agency. You can get two choices, whether it can be taken at once or take it like a monthly salary. If you had changed jobs several times, but the Social Security retirement program at your previous company has not had a claim, but had already started a new one, do not hesitate to make a claim separately
* Perhaps once idly following the retirement program offered by a bank or insurance company. Do not be shy to make a claim simply because they feel the money is not how. Because little or a lot during this age will be very significant amount.
* Maximize all your assets could soon be unemployed to generate income for you. For example if you have any land, building or kendaaraan who are unemployed, you can seek mungkina get rental income from such assets.
* Be wary of high-risk investments, the fluctuating character is less likely to match the age and your health.
* Double check your will if it's the way you want, make changes if necessary. Make sure you and your spouse take the children to know about the will,
* Consider setting aside some cash to prepare funds for you and your partner's death. It sounds very unpleasant indeed also menakutan, but this action will greatly help the families left behind, although not able to reduce the grief of people who love you that you have left

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