Posts Tagged ‘Insurance’

Get Your Head In The Game!

March 31, 2009

Have you ever been out of touch? clueless? puzzled?  Maybe you got benched by your coach for not having your head screwed on right?  You just weren’t up to the task and you were sent to the pine for some reflection time.  You ask yourself:  What did I do?  What was I thinking?  How did I forget what we practiced? Mismanaging money kick you to the sidelines as well.  Managing money is a game.  There are rules to follow.  There are offensive and defensive moves that must be practiced.  Neglecting the principles and practices can result in failure.  Below you will find some tried and true advice to keep yourself in the financial game.

1) Know where the goal is.  You must know your destination.  You need to know what produces results.  Is your goal to be debt free?  more unity with your partner about money? start investing for retirement? I’ve heard it said that a goal is a dream with a deadline.

2) Have a solid offense.  Offense means putting points on the board.  If your goal is to have a comfortable retirement, then you need to designate a place for this money to go.  Some of your choices are IRA, Roth IRA, 401K, and pensions.  You must have a budget as well.  If your dollars don’t have a destination you will not get the most out of them.

3) Have a solid defense.  You need to protect what you earn.  If you’re married and have children this part of your game needs serious attention.  Some examples of good defenses are: having reliable insurance (home, life, auto, health,disability), emergency fund, and a will.  Life has risks and you need to be prepared ahead of time. 

4) KnowYour Strengths.  You need to be aware of the options available to you.  Not using Michael Jordan or your 401K can have disastrous results. In regards to retirement, you need to know what is offered by your employer.  You need to educate yourself about these options so you can maximize the benefits you are offered.