{"id":295,"date":"2019-01-14T06:28:48","date_gmt":"2019-01-14T06:28:48","guid":{"rendered":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/?p=295"},"modified":"2019-01-14T06:28:48","modified_gmt":"2019-01-14T06:28:48","slug":"personal-finance-after-50-why-to-worry-about-d-day","status":"publish","type":"post","link":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/uncategorized\/personal-finance-after-50-why-to-worry-about-d-day\/","title":{"rendered":"Personal Finance After 50 – Why To Worry About D-day?"},"content":{"rendered":"

\u00a0Most of us get worried at the thought of Retirement , or the D-day . The reason being that most of the Americans have very less in their savings; about 49% are having next to nothing in their Savings\u2019 Account. Maintaining an income stream that will last for the rest of life after retirement will be more difficult as.there will no longer be any healthy income stream that should last the rest of your life, which is now much longer (may be 25 to 30 years) compared to the past when average life after retirement was about 10 to 12 years. <\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0But, if you follow some of the Key Tips<\/strong> to manage your finances, even at this advanced age of 50 years or so, some of these financial problems can be mitigated to a large extent<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Keys To Personal Financial Success<\/strong> <\/span>: –<\/span><\/p>\n

1 Take Charge Of Your Finances<\/strong> : – \u00a0You are already late in planning your finances to meet your goals, long-term and short-term. Procrastinating any further will be detrimental to your long- term financial health. Don\u2019t wait for a crisis or major life event to get your act together.<\/span><\/p>\n

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  1. 2. Don\u2019t Buy Consumer Items (cars, clothing, vacations and so on), That Lose Value Over Time – On CREDIT:<\/strong> – \u00a0As discussed in the earlier posts, use debt only to make investments in things that gain value, such as real estate, a business, or education (only as a last resort).<\/span><\/li>\n<\/ol>\n
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    1. 3. Use Credit Cards Only For Convenience, Not For Carrying Debt<\/strong> : –<\/span><\/li>\n<\/ol>\n

      \u00a0\u00a0\u00a0If you have a tendency to run up credit-card debt, then get rid of your cards and use only cash, checks and debit cards.<\/span><\/p>\n

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      1. 4. Live Within Your Means<\/strong> and don\u2019t try to keep up with your co-workers, neighbors, peers. Otherwise, you will engage in borrowing. This would seriously affect your financial planning of future.<\/span><\/li>\n<\/ol>\n
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        1. 5. Save And Invest\u00a0 At least 10 to 20 percent of your Income<\/strong> : – If you start early in life, from young age, the saving can be 5 to 10 percent. But at this advanced age , it has to be much bigger, say 20 percent of your income as the time available is less.<\/span><\/li>\n<\/ol>\n
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          1. 6. Understand and Use Your Employee Benefits<\/strong> : – If you\u2019re self- employed, find the best investment and insurance options available to you and use them .<\/span><\/li>\n<\/ol>\n
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            1. 7. Research Before You Buy<\/strong> : – never purchase a financial product or service on the basis of an advertisement or salesperson\u2019s solicitation.<\/span><\/li>\n<\/ol>\n
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              1. 8. Avoid Financial Products That Carry High Commissions and Expenses<\/strong> : – Companies that sell their products through aggressive sales techniques generally have the worst financial products and the highest fees and commissions.<\/span><\/li>\n<\/ol>\n
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                1. 9. Don\u2019t Purchase Any Financial Product That You don\u2019t Understand<\/strong> :Ask questions and compare what you\u2019re being offered to what you can get from the best sources. Try to gather maximum information.<\/span><\/li>\n<\/ol>\n
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                  1. 10. Invest The Majority Of Your Long-Term money In Ownership Vehicles<\/strong> : – that have appreciation potential, such as stocks, real estate and your own business. But you have to measure your investment horizon to your long-term and short-term goals and your other financial commitments<\/span><\/li>\n<\/ol>\n
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                    1. 11. Avoid Making Emotionally Based Financial Decisions<\/strong> : – For example, investors who panic and sell their stock holdings after a major market correction miss a buying opportunity. Be careful in making important financial decisions after a major life change, such as a divorce, job loss or any other such change.<\/span><\/li>\n<\/ol>\n
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                      1. 12. Make Investing Decisions Based Upon Your Needs<\/strong> : – Your investment should be based on the long-term fundamentals of what you\u2019re buying and your needs. Don\u2019t make knee-jerk decisions based on news headlines<\/span>\u00a0<\/span><\/li>\n<\/ol>\n
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                        1. \u00a013. Own Your Home<\/strong>: – In the long-run, owning is more cost- effective than renting, unless you have a terrific rent- control deal. But don\u2019t buy until you can stay there for a number of years..<\/span><\/li>\n<\/ol>\n
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                          1. 14. Purchase Broad Insurance Coverage<\/strong> : – The insurance coverage should be enough to protect you and your family against financial emergencies. Eliminate insurance for small potential losses.<\/span><\/li>\n<\/ol>\n
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                            1. 15. Discuss Goals, Issues and Concerns With Your Family<\/strong> : – If you\u2019re married, it is better to discuss joint goals and related financial issues with your spouse and grown- up children. Learn to compromise and manage as a team<\/span><\/li>\n<\/ol>\n
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                              1. 16. Prepare For Life Changes<\/strong> : – The better you are at living within your means and anticipating life changes, the better off you will be financially and emotionally.<\/span><\/li>\n<\/ol>\n

                                17, Prioritize Your Financial Goals<\/strong> : – and start working toward them. Be patient. Focus on your accomplishments and learn from mistakes.<\/span><\/p>\n

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                                1. 18. Hire Yourself First :<\/strong> – You are the best financial person that you can hire. If you need help making a major decision, hire conflict- free advisers who charge a fee for their time. Work in partnership with advisers.<\/span><\/li>\n<\/ol>\n
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                                  1. 19. Invest In Yourself And Others<\/strong> : – Invest in your education, your health and your relationships with family and friends. Having a lot of money isn\u2019t worth much iof you don\u2019t have your health and people with whom to share your life. Give your Time and Money to causes that better our society and world.<\/span><\/li>\n<\/ol>\n

                                    \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Your Relationship With Mon<\/strong><\/span><\/span>ey<\/strong><\/span> : –<\/span><\/p>\n

                                    \u00a0\u00a0As we have relationships with the people in our life, we also have a relationship with money- how we earn it, lose it, waste it, and save it. It is important to take a good, hard look at how we use it and misuse money. In this regard, the personal habits of the individual, their liking and disliking as well as the pattern of their living style plays a very important role. Although, it may be difficult to change your style much at the age of fifty or so, but sometimes you may have to take very hard decisions so that you are able to meet your financial commitments as well as save for your comfortable retired life. In this regard, one must remember a quote of Mr. Warren Buffett, the second most richest man of U.S.A. and an investment wizard-\u201d<\/span>If You<\/b> Buy Things You Don\u2019t Need Soon, You Will Have To Sell The Things<\/b>, You Need\u201d. It is always better to have a close and honest look on your credit and Debit position.<\/span><\/p>\n

                                    .<\/span><\/p>\n

                                    \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

                                    \u00a0Most of us get worried at the thought of Retirement , or the D-day . The reason being that most of the Americans have very less in their savings; about 49% are having next to nothing in their Savings\u2019 Account. Maintaining an income stream that will last for the rest of life after retirement will … <\/p>\n

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