As an adult, almost every decision you make, mostly has to do with money: your diet plan, your education & career goals, a family vacation & etc, all involve financial planning component to it. Hence financial planning is important to your life; success or fail to plan your financial will impact your life related to money, whether you chase after money (if you are in debt) or you make the money work for you (if you invest your money to increase your net worth).
Many people don't plan to fail but they fail to plan; either they don't know the correct financial planning process or they are chartered procrastinators who have thousands of excuses not to get started their financial planning process. Don't let the procrastination to be your obstacle to get started your financial planning to secure for tomorrow. The bottom line for everyone to plan their financial successfully is to know the process of financial planning and know how to get started; here are six areas of financial planning that we will review together. Please note that these areas are all interrelated. What affects one area impacts the others as well.
1. Goal Settings
In your financial planning process, you can always get started with your financial goals setting. You should make your goals realistic so that they will be achievable. In order to set a realistic goal, you need to know your financial situation and the project future financial ability. Takes out all the important documents such as mortgage agreement, bank account fixed deposit, car loan contract & etc; based on all these information, compile a list of your current debts and assets. And from there, estimate the timeline when you will paid off these debts and make a projection of your future incomes. You set your goals based on these results at a realistic and achievable level.
2. Risk Management
Common method of risk management is using insurance to protect your assets from a loss that you couldn't afford on your own. Insurance is a financial product that will give you a piece of mind. The insurance company will try to make you whole if you suffer a loss. Insurance coverage for assets, disabilities, sickness and even life is an important element that you should include in your financial planning process to minimize the potential risk of loss.
3. Tax Planning
Are you taking advantage of all tax benefits Uncle Sam has to offer? Although Uncle Sam has always has his hand in your wallet because he wants his fair share, but he also offer tax benefits for you, so you need to know how to take advantage of these benefits. The goal of tax planning is to help you minimize your federal income tax liability as much as you are allowed by tax law while saving for retirement.
4. Retirement Planning
When you are at age 25, retirement will seem so far away. At 25, you will think 60 are old, but when reach 60, you think 85 are old. Retirement planning should begin with your first job. So you need to figure out how much to save from now so that you will reach you goals of retirement later. There is never too early to start planning for your retirement.
5. Investment Planning
In your financial planning process, you should think of how to increase your asset net worth and achieve your financial goals with what you have right now. Investing is a tool you can use to achieve your financial goals that you set for yourself. All investments come with certain risks; you need to understand how much risk you should be taking with your investment to achieve your goals.
6. Estate Planning
Life journey will end one day, but many people try to avoid thinking about. The fact is no one will get out of this world alive, so you might as well plan for it. There is a need to protect your assets from Uncle Sam and to have things get in order for your loving family that you will left behind later.
In Summary
Financial planning is important to your life; success or fail to plan your financial will impact your life related to money. The six areas of financial planning that we just reviewed are all interrelated. Hat affects one area impacts the other areas as well, you should be aware of these areas and ho they impact your financial strategies.
Article by Cornie Herring
Showing posts with label ocean finance. Show all posts
Showing posts with label ocean finance. Show all posts
Friday, January 30, 2009
Adverse Credit Mortgages
Get up to £ 750,000 with a mortgage or re-mortgage, even with an adverse credit rating. If you have adverse credit you could remortgage your house to release between £10,000 and £750,000 for debt consolidation, home improvement, a dream car or for that perfect holiday. At Ocean Mortgages we are dedicated to providing you with a mortgage or a remortgage that matches your needs regardless of any adverse credit rating.
You may feel that having an adverse or bad credit history limits your ability to find a new mortgage deal. At Ocean Mortgages we have specialised in adverse credit mortgages. If you've missed payments, have CCJ’s, defaults or any other credit problems, talk to us about the wide range of mortgage plans we have available.
Getting a new mortgage deal when you have an adverse credit history may be simpler than you think, at Ocean Mortgages we specialise in providing straightforward fast decisions to applicants with bad or adverse credit ratings.
Ocean Mortgages work with many mortgage lenders throughout the UK with a vast range of mortgage & remortgage plans. Ocean Mortgages have a great deal of experience in the provision of adverse credit mortgages and can find a mortgage offer tailored to your specific needs.
===>By using our extensive panel of lenders (many of whom specialise with mortgage plans and experience of arranging finance for people with current or past credit problems), Ocean Mortgages are often able to help arrange refinance mortgages for many.
===>All of our mortgage advisers hold the 'Certificate in Mortgage Advice & Practice’ (CeMAP) qualification, so you can be sure you are dealing with a company who will provide you with a first class service.
===>We arrange for all of the processing & legal work to be completed on your behalf, thus ensuring your remortgage is arranged with the minimum of fuss
You may feel that having an adverse or bad credit history limits your ability to find a new mortgage deal. At Ocean Mortgages we have specialised in adverse credit mortgages. If you've missed payments, have CCJ’s, defaults or any other credit problems, talk to us about the wide range of mortgage plans we have available.
Getting a new mortgage deal when you have an adverse credit history may be simpler than you think, at Ocean Mortgages we specialise in providing straightforward fast decisions to applicants with bad or adverse credit ratings.
Ocean Mortgages work with many mortgage lenders throughout the UK with a vast range of mortgage & remortgage plans. Ocean Mortgages have a great deal of experience in the provision of adverse credit mortgages and can find a mortgage offer tailored to your specific needs.
===>By using our extensive panel of lenders (many of whom specialise with mortgage plans and experience of arranging finance for people with current or past credit problems), Ocean Mortgages are often able to help arrange refinance mortgages for many.
===>All of our mortgage advisers hold the 'Certificate in Mortgage Advice & Practice’ (CeMAP) qualification, so you can be sure you are dealing with a company who will provide you with a first class service.
===>We arrange for all of the processing & legal work to be completed on your behalf, thus ensuring your remortgage is arranged with the minimum of fuss
Financial Responsibility
What is financial responsibility? Is it making money, being thrifty, having a budget, paying bills on time, getting a job? Or is it much more than this?
Responsibility as defined in the dictionary is – being the primary cause for; accountability for your actions.
When someone is said to be responsible with money they are generally thrifty, pay what they owe on time, save money and maybe even work to a budget.
Is this all the money responsibility that's needed in order to get ahead?
Maybe. But these traits alone are unlikely to bring you great wealth. They might be good for keeping you out of trouble so you meet your basic needs and keep hungry creditors from bashing down your door.
Really they are just the starting point.
Real financial responsibility requires you to set goals, learn new skills and become independent – financially independent. That means getting to the point where you have enough money invested in some way that it is actually earning sufficient funds for you to live on in the lifestyle you desire without having to go out to work.
There is a plethora of information around on setting goals. The new skills you will have to learn will depend on your interests and the activities you choose in your pursuit of financial independence.
But the challenge of financial independence will demand much more of you than goal setting and action plans.
Your responsibility is much more than saving, managing and growing your money. In fact the major obstacle to your accumulating the money you'd like has nothing to do with actual money or financial skills.
By far the biggest and toughest responsibilities are overcoming personal doubt and fear, the criticism and negativity of friends and family, and eliminating self-defeating habits.
It's often tough to face the truth about ourselves. The truth is that our reaction or response to the criticism of others is our choice. However we respond is contingent upon our inner beliefs, particularly our beliefs about ourselves.
Lack of belief in ourselves will cause our confidence to wither like a vine in the desert when we are subjected to criticism and negativity from others. We can soon lose our power and enthusiasm for our project when a skeptic, cynic or otherwise uninformed but probably well-meaning person dampens our parade.
When we react with hurt and feel discouraged the chink of fear appears in our armour and the doubts set in.
Personal doubt is fear-based. Fear is driven by underlying beliefs that result in the self-defeating habits that keep us stuck. These habits keep us from accumulating the wealth that is rightfully ours and that we all have the potential to acquire.
Before you can have that financial wealth you have to exercise that financial responsibility. Before you can practice financial responsibility you have to work on the beliefs underpinning your reactions to others and your own personal actions.
The beliefs you hold lead to the actions you will take that will determine the money you get.
Article by Alwyn Beikoff
Responsibility as defined in the dictionary is – being the primary cause for; accountability for your actions.
When someone is said to be responsible with money they are generally thrifty, pay what they owe on time, save money and maybe even work to a budget.
Is this all the money responsibility that's needed in order to get ahead?
Maybe. But these traits alone are unlikely to bring you great wealth. They might be good for keeping you out of trouble so you meet your basic needs and keep hungry creditors from bashing down your door.
Really they are just the starting point.
Real financial responsibility requires you to set goals, learn new skills and become independent – financially independent. That means getting to the point where you have enough money invested in some way that it is actually earning sufficient funds for you to live on in the lifestyle you desire without having to go out to work.
There is a plethora of information around on setting goals. The new skills you will have to learn will depend on your interests and the activities you choose in your pursuit of financial independence.
But the challenge of financial independence will demand much more of you than goal setting and action plans.
Your responsibility is much more than saving, managing and growing your money. In fact the major obstacle to your accumulating the money you'd like has nothing to do with actual money or financial skills.
By far the biggest and toughest responsibilities are overcoming personal doubt and fear, the criticism and negativity of friends and family, and eliminating self-defeating habits.
It's often tough to face the truth about ourselves. The truth is that our reaction or response to the criticism of others is our choice. However we respond is contingent upon our inner beliefs, particularly our beliefs about ourselves.
Lack of belief in ourselves will cause our confidence to wither like a vine in the desert when we are subjected to criticism and negativity from others. We can soon lose our power and enthusiasm for our project when a skeptic, cynic or otherwise uninformed but probably well-meaning person dampens our parade.
When we react with hurt and feel discouraged the chink of fear appears in our armour and the doubts set in.
Personal doubt is fear-based. Fear is driven by underlying beliefs that result in the self-defeating habits that keep us stuck. These habits keep us from accumulating the wealth that is rightfully ours and that we all have the potential to acquire.
Before you can have that financial wealth you have to exercise that financial responsibility. Before you can practice financial responsibility you have to work on the beliefs underpinning your reactions to others and your own personal actions.
The beliefs you hold lead to the actions you will take that will determine the money you get.
Article by Alwyn Beikoff
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