Simple Steps to Financial Stability
January 6th 2009 00:14
:
Tips & Advice
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Yesterday, I chanced upon a helpful guide on how to save money and achieve financial stability. I'd like to share with you several important points I gleaned from the guide:
1. Save 10% of your take home pay every month.
2. Set aside 3 to 6 months worth of salary as your emergency fund.
3. Set realistic short and long term goals.
4. Maintain a savings account but also think of investing a portion of your money through Certificates of Deposit (CD), bonds, mutual funds, etc.
5. Make sure you have Social Security and IRA.
6. Life, Health, Home and Auto insurance isn't a luxury but a necessity.
7. Consult with a qualified and trusted Financial Planner.
The tips listed above is a simplified version of the guide.
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