{"id":257,"date":"2018-12-05T04:55:47","date_gmt":"2018-12-05T04:55:47","guid":{"rendered":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/?p=257"},"modified":"2018-12-05T04:55:47","modified_gmt":"2018-12-05T04:55:47","slug":"personal-finance-after-50-some-important-finance-tips","status":"publish","type":"post","link":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/uncategorized\/personal-finance-after-50-some-important-finance-tips\/","title":{"rendered":"Personal Finance After 50 – Some Important Finance Tips"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0Numerous life changes come when we are getting older. Our approach to personal finance management also changes with time when we get experience and maturity.When we are in our fifties, just a decade away from our retirement or we may be retiring \u00a0much sooner , one has to be very careful with the finances. The right financial decisions could make or break your future plans, so don\u2019t leave them to chance. You must have the best of information you need to make informed decisions regarding your investments, spending and how to best protect your wealth.<\/span><\/p>\n

\u00a0<\/span>Personal Finance Management Tips<\/b><\/span> : –<\/span><\/p>\n

Some of the important points , which the individuals in advanced age, must keep in mind are as under ;\u00a0<\/span><\/p>\n

\u00a0First<\/b> : – A life of constant competition with others like cars, home, holidays, children education\/ career etc. should be stopped. Live your own life.<\/span><\/p>\n

Second<\/b> : – Stop obsessing about mastering the stock market, if you have not learned the skill of equity investment .<\/span><\/p>\n

Third<\/b> : – Make sure you have an investment philosophy. Write it down and make a plan to implement it.\u00a0\u00a0<\/span><\/p>\n

Fourth<\/b> : – Do not brood over past mistakes and errors. FOCUS on making corrections. Save atleast 30 percent of your income.<\/span><\/p>\n

Fifth<\/b> : – Get some control over expenses. Live within your means and make choices that fit your income. STOP taking personal loans.<\/span><\/p>\n

Sixth<\/b> : – Get rid of DEBT. Save sufficient amount for your retirement as well as rainy days.<\/span><\/p>\n

Seventh <\/b>: – Get serious about long term goals. Make a detailed financial plan and set specific target.<\/span><\/p>\n

Eighth<\/b> : – Ensure that you have conversations about money with your family- spouse and grown up children about savings and wealth.<\/span><\/p>\n

Finance Tips From Billionaires around the world<\/b><\/span> : –<\/span><\/p>\n

Many people instinctively look in amazement at the thought of getting personal finance tips from rich people, as they believe that it is more of a sermon. But there are some solid tips from very wealthy people that make sense regardless of your financial situation and age. Mr. Warren Buffet, considered to be the second richest man, has mentioned the following few points regarding Savings and Management of finances :\u00a0<\/span><\/p>\n

    \n
  1. \u00a0 \u00a01 Our favorite holding period is forever.<\/span><\/li>\n<\/ol>\n

    \u00a0\u00a0\u00a02 Price is what you pay; Value is what you get.<\/span><\/p>\n

    \u00a0\u00a0\u00a03 Risk comes from not knowing what you are doing.<\/span><\/p>\n

    \u00a0\u00a0\u00a04 I always knew I was going to be rich. I don\u2019t think I \u00a0\u00a0\u00a0\u00a0doubted it even for a minute.<\/span><\/p>\n

    \u00a0\u00a0\u00a05 Someone\u2019s sitting in the shade today because someone planted a tree a long time ago.<\/span><\/p>\n

    \u00a0\u00a0\u00a06 Money is not everything. Make sure you earn a lot before saying such nonsense.<\/span><\/p>\n

    \u00a0\u00a0\u00a07 Buy companies with strong history of profitability and with a dominant business franchise.<\/span><\/p>\n

    \u00a0\u00a0\u00a08 We simply attempt to be fearful when others are greedy, and to be greedy only when others are fearful.<\/span><\/p>\n

    \u00a0\u00a0\u00a09 You don\u2019t need to be rocket scientist . Investing is not a game where the guy with \u00a0IQ 160 beats guy with IQ 130<\/span><\/p>\n

    \u00a0\u00a0\u00a010 I try to buy stocks in businesses that are so wonderful that an idiot can run them.<\/span><\/p>\n

    \u00a0\u00a0\u00a011 I have pledged…to always run Barkshire with more than ample cash.<\/span><\/p>\n

    \u00a0\u00a0\u00a0Similarly, other billionaires have some Important tips about the management of personal finances that can apply to just about everyone : –<\/span><\/p>\n

    \u00a0\u00a01<\/span> START Early <\/b>: – Carlos Slim Helu is a Mexican businessman ,was ranked as the richest man in the world for few years. His basic tip is : START EARLY.If you\u2019re 50 and struggling , the advise should be changed slightly to \u201cSTART NOW\u201d. The sooner, the better<\/span><\/p>\n

    \u00a0\u00a02<\/span> Find Your Passion<\/b> : – Billionaire Oprah Winfrey said \u201c you become what you believe.\u201d Change is possible whatever your situation, and the first step is believing in yourself.<\/span><\/p>\n

    \u00a0\u00a0\u00a0\u00a03<\/span> You Don\u2019t Have To Game The System<\/b> : – Warren Buffet says that he made his investment fortune on The FUNDAMENTALS. Whether you have $50 to invest or $5,000, sticking with the fundamentals is smart.<\/span><\/p>\n

    \u00a0\u00a0\u00a04 <\/span>Simplify Your Life<\/b> : – Carlos Slim has lived in the same house for more than 40 years. Warren Buffet\u00a0 lives in a house he bought in 1957. Constantly pursuing things you don\u2019t need puts you on a financial treadmill, not an upward escalator.<\/span><\/p>\n

    \u00a0\u00a0\u00a05 <\/span>Cars Are Consumer Goods<\/b> : – Don\u2019t waste time on the idea that a car is a status symbol. Sure have a car, if you can afford to,. Many billionaires John Caudwell, David Cheriton, Chuck Feeney walk, ride bikes or use public transport for everyday getting around.<\/span><\/p>\n

    \u00a0\u00a0<\/span>Some Important Tips For Long-Term Money Making<\/b><\/span><\/p>\n

    1 \u201c Only buy something that you\u2019d be perfectly happy to hold, if the market shut down for 10 years\u201d.<\/span><\/p>\n

    2 \u201c It\u2019s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price.\u201d<\/span><\/p>\n

    3 \u201c Diversification is protection against ignorance. It makes little sense if you know what you are doing.\u201d<\/span><\/p>\n

    4 \u201c If past performance was all that is needed to play the game of money, the richest people would be librarians.\u201d<\/span><\/p>\n

      \n
    1. \u201c Rule no. 1 – Never lose money.<\/span><\/li>\n
    2. \u00a0 \u00a0 \u00a0 Rule no. 2 – Never Forget rule no. 2.\u201d<\/span><\/li>\n<\/ol>\n

      \u00a0\u00a0\u00a0\u00a0CONCLUSION<\/span><\/b>: –<\/span><\/p>\n

      Some very wealthy people started from very humble backgrounds. Whatever your financial situation, you can improve it, and personal finance tips offered by the very wealthy can make sense in just about any situation. Buy low, sell high and don\u2019t waste money. Find your passion and make time for it. These aren\u2019t just tips for financial success, but for making the most of your life, and isn\u2019t that money is supposed to help you do?. <\/span><\/p>\n

       <\/p>\n

      \u00a0\u00a0\u00a0<\/span><\/p>\n

       <\/p>\n","protected":false},"excerpt":{"rendered":"

      \u00a0\u00a0\u00a0\u00a0Numerous life changes come when we are getting older. Our approach to personal finance management also changes with time when we get experience and maturity.When we are in our fifties, just a decade away from our retirement or we may be retiring \u00a0much sooner , one has to be very careful with the finances. The … <\/p>\n

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