Wednesday, July 17, 2013

Investing for Survival--9 steps to financial health

The Nine Steps to Financial Health from Bill Staton

(1) Prepare your personal balance sheet and income statement. Update it each year. (A diligent CPA can be a big help.)

(2) Be organized. Keep detailed records. Save them.

(3) Put your major short- and long-term money dreams in writing. Review them annually. Make all necessary adjustments or changes.

(4) Prepare for financial emergency.

(5) Make sure you've got a will and estate plan that is up-to-date for you, your spouse and your children. Review it with your attorney or bank trust officer every time there is a change in your financial situation or the tax laws.

(6) Waste less. Save more. Give More. Invest wisely.

(7) Invest all the money you can where it grows tax-free and is hard to get out.

(8) Diversify your assets. Use suitable (realistic) investment vehicles to meet your goals. 

(9) Pay the Tax Man as little as possible.

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