Quick Personal Financial Self Assessment Checklist

Sometimes people ask me to suggest a quick approach to assess their money-handling fundamentals. Normally, they continue: “We just don’t seem to be at peace with our personal finances. Indeed, after repaying a large credit card debt, and becoming debt free, we feel burdened.” Puzzled, I ask, “Do you mean you seem to follow a pattern of acquiring, repaying, re-acquiring debt… probably over an extended period? And though your income is more, your finances now are worse than they were, say, five years ago?” Instantly, they reply, “That’s it!”

Over the years, to help understand ABCs of money handling, I developed a 100-questions questionnaire that I use as I counsel couples; however, at the first meeting, I work with this 10-question self assessment checklist to benchmark where folks are with their ideas about money management. This list is not scientific; I developed it after years dealing with couples of different races, cul

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Suze Orman – 9 Steps To Financial Freedom Review

In this article we are going to learn about Suze Orman’s 9 Steps to Financial Freedom. I will be explaining each step in full detail and then giving you my opinion on how the step is/isn’t applicable to personal finances and benefiting you. 9 Steps to Financial Freedom is a book that Suze Orman wrote in 1997. It is now over 10 years old but has stood the test of time and is still liked by many today.

Suze Orman’s 9 Steps to Financial Freedom:

Step 1 – Seeing how your past holds the key to your financial future

In Orman’s 1st step of her book she talks about how most people have some past memory that effects the way they perceive money and finances. In this chapter she helps you to realize that past memory and move on from it so that you can start new with your personal finances.

This steps to be a bit off and useless for most people. There are some people who have bad memories regarding money but in general most people are ju

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Personal Financial Budget

According to Investopedia, a budget is “An estimation of the revenue and expenses over a specified future period of time.” They can be used by individuals or an entity that is involved in financial transactions. Right from a student to the Government finance departments, anyone can effectively create a plan for their incomings and outgoings.

Understanding personal budgets

A personal budget charts out what you earn and how you spend it in statutory payments, daily living, long-term expenses, investments, debt repayments and so on. The shortfall shown in a financial budget often indicates the requirement for external borrowings. Your time horizon for planning may vary between a week and a block of years. It all drills down to the goals that you have in your mind for in the short, medium and long terms.

The significance of a personal financial budget

  • Overview. A well-designed personal
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Top 6 Personal Financial Obstacles – Part I

One of the key to riches is to be financially literate. This was what the Rich Dad taught in Robert Kiyosaki’s book, “Rich Dad, Poor Dad”.

Does wealth then come automatically once you became financially literate?

Not necessarily and not certainly. Robert Kiyosaki believes that despite attaining a certain level of financial literacy, personal obstacles can prevent even the most financially literate from attaining their financial goal. These people will still continue to work a full time job, living from paycheck to paycheck instead of living a life which they dream of.

Robert Kiyosaki listed the top 6 personal obstacles to your financial success as

1. Fear

2. Cynicism

3. Laziness

4. Bad Habits

5. Arrogance

6. Disappointment

1. Fear

The main reason why 85% of the world struggle financially is fear – The fear of losing money. But fear is not the real issue here. The real issue

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Is Recession Inevitable? How to Prepare Your Personal Finances for the Possibility

Recent headlines on the American economy have been rather grim, with a variety of key indicators showing a slowing in overall economic activity. These developments have caused many financial experts to warn of the possibility of a serious economic downturn in the near future, some predicting deep recession in 2008. While the headlines are often focused on the effects of this possible recession on business interests and Wall Street, individual consumers also feel the pain of poor economic conditions. With growing indications of a possible recession on the horizon, the average consumer would be wise to take heed and prepare a financial defense against the potential of economic hardships to come.

Much of today’s financial news centers around the turmoil that has been created in the economy by the collapse of the housing bubble, the sub-prime foreclosure crisis, and the resulting credit crunch. These events have had far reaching effects in the US economy, as well as impacti

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Students and Their Personal Finances

You have just started University or College. Money has become a huge matter because the expenses have increased. You decide to get a student loan or perhaps a scholarship but financial aid can be very complicated and there are many other students just like you. When you do have money, you lost track on when and where you spent it. So here are a few helpful hints on budgeting and economizing your way to a better lifestyle.

 Before considering the idea of borrowing money, do explore all options of gift aid possible like rewards from associations or religious affiliations. These are like mini cash aids. One association might give you 100 dollars, another perhaps 50 dollars. These small amounts can add up to a big one.

 Spend some time at the beginning of the course semester; by the time you get used to your daily routines, you can plan your finances. Have a record comparing your income and expenditure. Plan on how to maximize your income and to minimize yo

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Doing A Personal Financial Assessment

In order to reach the top of the real estate investing mountain, you’re going to want, and need to utilize all the tools available to you in your financial tool belt. While you can theoretically build a house with just a few tools, the quality of the house can suffer if you don’t have certain specialized tools at your disposal. The same holds true when you’re trying to finance your real estate transactions.

First, a key truth in real estate: You don’t need to have a sterling credit record or access to a ton of cash in order to make a fortune as a real estate investor. But you’ll reach the real estate investing Promised Land much more quickly if you do.

Because your ultimate goal is to create a thick real estate portfolio, and a large residual monthly income that comes in regardless of whether you decide to pull yourself out of bed every morning or you choose to sleep in, you will want to ensure that your finances are in a maximum state of

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5 Things to Consider While Selecting a Financial Planner

Unlike someone calling himself a CPA or a physician, just about anyone can call himself a “financial planner” or a “financial advisor” regardless of their educational background and professional experience. Moreover, not all of them are unbiased in their advice and not all of them always act in their clients’ best interests.

To ensure your financial planner is well-qualified in personal finances and impartial in his advice, consider the following five things:

1. Planning Credentials: Having a highly-regarded credential in financial planning, such as Certified Financial Planner (CFP) or Personal Financial Specialist (PFS), confirms that the professional you intend to work with has acquired the education and experience necessary to serve as a financial planner. CFP and PFS credentials are awarded to only those individuals who have met the certification requirements of education and experience in planning for personal finances. In addition, t

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What Happens If You Don’t Have a Personal Budget?

Having a planned personal budget and following it daily will surely help you meet your financial needs. Personal budget is a tool that helps you have control over your money. It gives an idea of how much you can afford for your various needs. It will enable you to determine whether a certain purchase will fit within your monetary constraints or not.

Whereas, not having a personal budget disturbs your personal financial situation. Your money goes haywire, and you will be left with no money in times of emergencies. The below article helps you understand how not having a personal budget affects your personal finances. Here are some possibilities that may occur if you have no proper personal budget in place.

You spend more than you earn
Budgeting helps you plan and track your expenses. Without having a proper budget, you tend to spend more than what you earn. There are people, who irrespective of their income levels, spend every penny they earn. Spending cultu

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Why is Financial Planning Important?

Personal financial planning is important because it provides you with a method of organising your financial tomorrows for yourself and is unreservedly about planning for the unforeseen and empowering you to have the independence to handle unpredicted events in your life. Successful personal financial planning is therefore, extremely important for anyone who wishes to stay ahead of their finances.

Doubtless personal finance is a demanding subject to grasp and comprehend fully and for that reason an individual as a matter of course is inclined to shy away from it, building defenses in an effort to avoid having to comprehend it’s effectiveness. However, with everything in life effort will equal reward in your courageous attempt to rid yourself of financial constraints. For many persons, your objectives in finance are to achieve financial freedoms. Having a well developed financial plan is central to prosperous personal financial future.

The next action of personal f

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