Laying the Groundwork for Financial Success From time to time, I get people in my office that are just starting out in life or they’ve gone through a bankruptcy or something of that nature and they’re ready to change their future. Perhaps you’re in that category yourself and you’ve spent far too long spinning your wheels on how to make your money work for you and you’re ready to say, “I’m tired of this and I want to be successful.” If that’s you, then you’re already on the right path, because in order to have financial success you have to realize what prevents financial success and you’ve obviously already done that. So where do you start? Get a Plan—I know I harp on this all the time but it really is paramount to success. If you hop in the car without a place to go you’ll likely end up nowhere and just run out of gas. It’s the same situation financially. You can’t get to where you want to be if you don’t know where you’re going and eventually you’ll just run out of steam feeling defeated. So get a plan! Realize the power of transference—When I talk about transference, I’m talking about […]
“If I only had more money then I’d be able to do this”. That’s a misnomer. The truth is you’ll never have enough money, and that’s on all income levels, if you don’t have a plan. Perhaps you went online and used a retirement calculator and now you’re thinking, “I need to save this much for retirement and I need to save this much for my kids college and my daughter’s going to get married and I have to put some money away for that and I need to put some money back for insurance and forget going on vacation!” You’re basically just overwhelmed like most people are. They ask, “How in the world can I save enough money for everything all at once?” My answer is simply this…the same way you would eat an elephant…one bite at a time. The problem when it comes to saving for all the various life events is this, people start, but they aren’t discipline enough to see it through. It’s just like the same New Year’s Resolution you’ve made for the past 20 years…when it gets to be too much you just quit. The task is so daunting and we’re not prepared to tackle […]
What Should You Do in a Volatile Market? The stock market moves up and down; sometimes rapidly. Justin Goodbread, CFP(R), addresses what we should and should not do in volatile markets. Knoxville based Wealth Management Firm Heritage Investors works with select successful business owners and retiree’s by building comprehensive financial plans. So above we have give you the tips on what to do or what not to do when stock market moves up and down. If you not watched the video yet then please watch it now for the full tutorial. If you like our videos then share it with your family and friends and support us to provide you such useful information continuously. Thanks a lot for landing on this video post about “What Should You Do in a Volatile Market?”.
Can an Emergency Fund Ever Be TOO Big? Whether it’s on a personal level or a business adventure, most financial professionals will suggest you have an emergency fund of some type when the unexpected happens, so you aren’t left jostling to make ends meet financially. There are varying opinions on everything from the ways to build that fund to exactly how much you need have access to in those situations. However, there are times when an emergency fund can get out of control and you need to reign it back in. At a personal basis, the standard size most experts will suggest you have is a three to six month cushion* (if you have not started saving then work toward getting at least one month put back). This is not money you have invested in something you will have to pull out. This is cash on hand…or perhaps in a savings account at a bank that you can easily access. Remember you aren’t trying to build wealth on this. You are merely preparing for life, which we all know can happen at any given moment. The most important reason for having an emergency fund is to keep you from going into debt […]