Financial Resource: Beginner Investing to Financial Independence!

A financial education blog to share experiences on 401K, assets, budgeting, cashflow, early retirement, finance, financial freedom, investing, money management and retirement planning using posts, podcasts and video.

Archive for the 'Financial Planning' Category

A Basic Guide To Beginner Investing

July 16th, 2008 by Matt Ehrlin

Many people delay planning their financial future as they do not believe they are in a stable enough position to do so. They may believe they don’t have the funds available to start an investing program. But the nice thing about beginner investing is it can be started on any budget. Investing covers many areas such as stocks, commodities, real estate, finance, bonds, mutual funds, currency, mortgages, etc.

The choices available are huge and will depend on your individual needs but this is probably the best way that any individual can plan to look after their family in future years. Here is some useful basic information if you are looking to do this.

If you are considering the stock market then you will need to plan on studying the companies you wish to invest in otherwise you might as well throw your money away. This is traditionally the number one place to invest. Careful research into individual companies is required before stock and mutual funds are purchased as investments. There are many areas where a novice investor can stumble; let’s face it even the rofessionals get it wrong here sometimes.

The quickest way to get started is by doing it online and it is also the fastest growing sector of investment as it can be carried out by just about anyone providing they have a computer and an internet connection. Using your computer you can research the companies that are offering shares and have a good idea of their performance before you make a decision to invest in them.

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Category: Bonds, Financial Planning, Investing, Mortgages, Real Estate | No Comments »

Wealth and Prosperity through Character Development

May 7th, 2008 by Mind Treasures

Do you think your character has any relationship with your finances?

Are you Purposeful (goals & objectives)? Are you Patient (saving)? Are you Responsible (borrowing)? Are you Moderate (balance & budgeting)? Are you Selfless (retirement)? Are you Reliable (credit)? Are you Courageous (business & investing)? Are you Punctual? (35% of U.S. FICO is based on this character) and the list goes on.

True Wealth & Prosperity can only be achieved by discovering and developing one’s hidden treasures:

“Regard man as a mine rich in gems of inestimable value. Education can, alone, cause it to reveal its treasures, and enable mankind to benefit therefrom.”

Of course development of hidden potentials (virtues) must be complemented with learning and implementing various elements of local economy in daily financial activities.

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Category: 401(k), Bonds, Business, Environment, Financial Markets, Financial Planning, General, Investing, Mortgages, Real Estate, Retirement Planning, Spending, Stocks, Tax, World, financial education | No Comments »

Got the Tax Blues? Is Your Business Structured with Tax Breaks in Mind?

April 16th, 2008 by Dollar$ & Sense

Are you suffering from post-tax syndrome? Feeling exhausted after rushing to the accountant’s office and completing your return just in time? Did you check and re-check your tax returns to see if you really have to pay that much to the IRS? Run to the banks to deposit sufficient money in your account to cover those check amounts to the IRS? Stood in long lines at the post office yesterday? April 15th - tax deadline day when most Americans line up at neighborhood post offices with their tax returns and certified mail with return receipts filled out (just to make sure the IRS knows they mailed it in time) - is now past us, for another year.

It was a similar experience for me this year and probably the most hectic compared to past years. If you are like me, self employed and running your own business, then you know what I am talking about. We wait till April 15th to pay our self-employment tax and most likely file extensions so that we can complete our business books, review with our accountants, and file tax returns at a later date.  A topic that has been on my mind lately is whether I have selected the most appropriate business entities, such as Limited Liability Company (LLC), Limited Liability Partnerships (LLP), Sole Proprietor, Partnerships, C corporation, or S corporation, for my businesses and investments to optimize the tax breaks that are out there. As they say, the rich get richer because they know how to make their money work for them. They also know what legal tax breaks and strategies to use to pay the lowest amount of tax. The poor and middle or employed class pays the highest tax rate in America due to their ignorance of tax strategies and the inability to incorporate their work and run it like a business.

Deciding to incorporate and selecting which business entity fits best for your business needs can be a daunting task. However, spend the time to research and understand the implications of each entity and what it means to your business.  Further below in this post, some basic questions are posed for you to consider and some additional information on some of the more commonly used business entities. These questions and basic information will guide you along the path to figuring out the best tax strategies for your business. Additionally below are some recommended books from Amazon.com that have a wealth of valuable information on tax planning.





Here are some questions to guide you along the path of tax planning and tax strategies whether you are a home business owner, self employed or run a larger corporation:

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Category: Business, Financial Planning, General, Tax | No Comments »

FR3 | Retirement Planning - Audiobook / Books on Tape - Free Download Part 2

April 6th, 2008 by Your Financial Resource

 
icon for podpress  Retirement Planning FREE Books on Tape - Part 2 [24:25m]: Play Now | Play in Popup | Download
  

This is the continuation of our FREE Audiobooks / Books on Tape downloads on the book Retirement Planning. We know our listener’s time is valuable and many of you have busy schedules. Therefore we have endeavoured to put this book on a series of podcasts or a FREE audiobook / book on tape so that you play it now by clicking the play button above this post (turn up your speakers) or download them to your iTunes and iPod to listen while running or working out later. To subscribe to the podcast and download into iTunes, click here.

In this Podcast, the following topics are covered:

A.  What will it cost to be retired in the future?

At a minimum, you want to:  Decide on the annual income you desire in today’s dollars; Pick a retirement date; Determine your lifetime average inflation rate; Determine the average rate of return you expect on your investments before and after retirement; Determine the current market value of all your investments to include regular accounts, IRAs, and company tax-deferred savings plans like 401(k) plans; Obtain an estimate of any company-provided pension benefit; Obtain an estimate of future Social Security benefits; and Armed with this data, you can determine the annual savings required for you to enjoy the good life. 

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Category: Audiobook, Downloads, Financial Planning, General, Podcast, Retirement Planning, books on tape, eBook | No Comments »

FR2 | Retirement Planning - Audiobook / Books on Tape - Free Download Part 1

March 24th, 2008 by Your Financial Resource

 
icon for podpress  Retirement Planning FREE Books on Tape - Part 1 [14:45m]: Play Now | Play in Popup | Download
 

This is the first of many FREE Audiobooks / Books on Tape downloads on the book Retirement Planning. We know our listener’s time is valuable and many of you have busy schedules. Therefore we have endeavoured to put this book on a series of podcasts or a FREE audiobook / book on tape so that you play it now by clicking the play button above this post (turn up your speakers) or download them to your iTunes and iPod to listen while running or working out later. To subscribe to the podcast and download into iTunes, click here.

In this Podcast, the following topics are covered:

Introduction: When is the right time to start planning for retirement? In your 20’s, 30’s or 50’s? How about early retirement? Isn’t that what we all want.

Should you retire: Is it too late to plan for retirement? Can you still work during retirement? Is Social Security and Medicare enough to cover all your expenses and still live comfortably? These and many basic questions regarding retirement are addressed.
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Category: Audiobook, Downloads, Financial Planning, Podcast, Retirement Planning, books on tape, eBook | No Comments »

10 Money Saving Tips

March 20th, 2008 by Money Manager

Here are my weekly money savings tips:

1. Maintain a good credit score! It will save you thousands of dollars in the short and long term when you need to borrow money to buy a car or a home. Creditors will give you an interest rate and the loan amount based on your income and credit score.

2. Large sums of money should NEVER be left in a checking account or even a low-interest bank savings account. Rather, put the money into a high interest savings account (like an ING savings), money market fund, or other forms of short term high interest investments with a fixed return.

3. If you have an employer matching 401K plan, maximize your contributions, so that you double your money!

4. Set aside 10% of your paycheck towards some form of long term savings account, like a money market account, mutual fund, retirement plan, or 401K.  As you pay amount increases, your contribution will also increase automatically. 10% will also ensure that you stay ahead of inflation.

5. One of the best investments you can make is to first pay off all your high credit card debts. Credit cards typically carry a high interest rate and by paying off these debts, you get one of the best returns available which also is tax-free.

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Category: 401(k), Financial Markets, Financial Planning, Investing, Real Estate, Retirement Planning, Spending, Stocks | 1 Comment »

Retirement Planning: The Ultimate Guide with Tips & Tools for Your Rich Future

March 13th, 2008 by Your Financial Resource

So you have a job and you make money. Is it enough to cover all your expenses? Is it enough to put aside some money towards your retirement? What about those credit card debts, home mortgages, and travel expenses coming up? What about starting a family, paying for your children’s education? Have you already started planning for retirement? What steps have you taken?  Perhaps you have consulted with retirement planning services and professionals or found some online sources for financial planning software and retirement planning tools.

Ok, so we have raised a number of questions and hopefully sparked some ideas and thoughts in your mind. Our last podcast introduced the topic of financial freedom and how the resources learned from our community can be shared with our listeners. The ultimate goal being that we can use this information to achieve financial success in our lives. Read the rest of this entry »

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Category: Financial Planning, General, Investing, Retirement Planning, eBook | 1 Comment »