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Chapter One
Achieving Your Financial Dreams
It's time to get serious about growing your money and achieving your financial dreams. It isn't very complicated, despite the relentless efforts by the financial services industry to make it appear that you're a money dummy. But the road to financial security does require taking small steps in the direction of improving your finances, no matter what your age or money situation is. You first need to think about what you want your money to do for you now and, more important, in the future. This requires careful thought and decisions, including making the inevitable tradeoffs between satisfying immediate needs and indulgences and preparing for longer-term and inevitably more costly financial needs. Having more time to accomplish your financial goals is a real advantage, thanks to the miracle of compound investment growth. But whatever your age, if you devote some attention to your financial life and make sensible decisions along the way, your financial dreams will become a reality.
Idea 1
Program Your Financial Navigation System
Before delving into the nitty-gritty of your financial planning, you should spend a moment dreaming about what you want your money to do for you. Accumulating enough money to be able to retire comfortably is certainly a goal for all working-age people. Everyone should be concerned with retirement, even if you are young and retirement is a long way off. But your financial aspirations are probably not limited to retirement. You may yearn for something more immediate, such as buying a car or taking a vacation. A house or college for the kids are other common objectives. If you're retired, you are undoubtedly concerned about having enough income to live comfortably and keep up with inflation. You may also want to have enough to pass on an inheritance, although I would encourage you to consider otherwise. After all, if you're retired, why have ground chuck when you deserve tenderloin? Your heirs will concur.
Grow Your Money!
Excerpted from Grow Your Money!: 101 Easy Tips to Plan, Save, and Invest by Jonathan D. Pond
All rights reserved by the original copyright owners. Excerpts are provided for display purposes only and may not be reproduced, reprinted or distributed without the written permission of the publisher.