5 Steps to Building Wealth for Retirement
Do you dream about having enough money to do whatever you want to do? Do you want to start a new business, provide financial help to family members or engage in a new hobby or adventure? Do you want more control over your time to do what is really important ...
Are You Planning to Retire Early?
Are you planning to retire early? The key factor for those who are planning an early retirement is to protect your retirement savings from another bear market. There’s been a lot of information published recently about the fact that many people close to retirement age have seen their retirement funds disappear ...
The Future of Social Security Retirement Benefits
There's been a lot of debate recently about the future of Social Security retirement benefits. Some say the Social Security system needs fixed. They argue that the current system is under funded and without a solution the Social Security Trust Fund will eventually be depleted. This is due, in part, ...Reviewing Your Monthly Budget
A year end review of your personal finances would not be complete without reviewing your personal budget. Fortunately, there’s a variety of budgeting tools to help you keep track of your spending.
Financial Success
Everyone wants to achieve financial success. But before you can to save money and prepare for retirement, you must know where you stand financially. This will include a review of your current financial situation.
A year end review of your personal finances should include a summary of your current financial situation, net worth statement, cash-flow summary, and budget analysis.
Budgeting Tools
There’s a variety of budgeting tools to help you track your spending. For example, you can use something as simple as a budget spreadsheet to analyze your budget or an online money management tool, such as to track where your money is being spent.
Year End Review
The end of the year is great time to review your budget. A budget analysis will highlight where your money is being spent. Once you know where your money is being spent, you can take action to eliminate unnecessary expenses, reduce your debt and increase your savings for retirement.
Updating Your Estate Plan
How often do you review your estate plan? Do you keep a current record of your online accounts with your estate planning documents?
Online Accounts
How many online accounts do you have? Do you have a personal or business website? What about a blog? Do you receive your bank or credit card statements electronically? Do you keep track of your investment accounts online? What about your photos, music, and movies?
Today, just about everyone uses the internet to access their business, personal, financial, and other accounts. With each account, you may have a user name and password. Consider the potential adverse consequences of not having a record of your user names and passwords. In the event of an emergency, no one would be able to access any of your online accounts.
Power of Attorney
One way to solve this problem is by keeping a record of all information pertaining to your online accounts with your estate planning documents. This would include a list of all business, personal, and financial account names and numbers along with your user name and password for each account.
You might even go one step further and have your attorney or estate planner include a provision in your power of attorney that gives the attorney in fact the power to manage your online accounts for you in case of an emergency.
Loading ...
