4 Life Actions That Impact Your Personal Finances

Even the most organized person may not have all of their personal finance details in place.

You consider yourself to be a pretty organized and sensible person. When it comes to thinking about your future, you might think you have it all figured out. However, there are some financial decisions that you may not have considered.

The definition of financial stability includes more than where your next paycheck is coming from. You need to put plans in place, so that your love ones know what to do, should you pass away or become disabled.

Getting your finances in order and preparing for your future, however, requires some time and effort. Here are some important steps to take now.

1.Your Will

Planning for the disposition of your money and estate can be a hugely complicated process, especially when you’re new to everything.

You can never be too prepared when it comes to getting your will together, no matter how old you might be. Take a look at the following website and see how you could start preparing for your future.

Invest the time to ascertain your goals, evaluate your assets, and figure out what you would like to do with your possessions. Over time, these choices can be amended, so work with an attorney to set up a will.

Take action to monitor your credit report, correct errors, and improve your credit score. Read this article to learn about recent changes in the credit scoring process.

2. Saving For Your First House

The reason that people don’t diet, don’t exercise, and don’t resolve bad personal relationships is that change is hard. As a result, we don’t really, truly change and grow unless we’re in real pain. When we’re at that point, the pain of change is less severe than that pain of not changing.

If you find saving for your first home to be difficult, read on.

With discipline and time, I think most people can accumulate far more wealth than they think is possible. But growing wealth requires change- which is precisely why most people don’t make the effort. The changes I’m suggesting involve an old friend:

Delayed gratification.

Some decisions are relatively small:

• Dropping a subscription music service and just listening to the free version (Pandora, for example).
• Making coffee at home two days a week, which means that you stop by Starbucks less often.
• Buying afew more generic products when you go to the grocery store and Target. (I’m not going generic on salad dressing, however).

Since these are smaller decisions, the amount of gratification you’re delaying is small. You don’t mind listening the commercials on Pandora (I certainly don’t- I just turned down the sound), and the coffee at home isn’t bad.

OK- so what do I get out of all this delayed gratification?

You build wealth- which can give you peace of mind.

Here’s a practical example: By making changes to your spending and building a savings account, you create a savings account to purchase that first home.

3. Starting Your Business

If creating a business is something you have always dreamed of doing, it’s never too early to get your plans into place.

Start crafting a clear and concise business plan that outlines every detail of your idea. You will need a certain amount of capital to put into your business, but once your thoughts are on paper, you will be able to get started.

Find out more about business credit scores here: Know Your Business Credit Score.

4. Making a Ten-Year Plan

A good ten year plan maps out everything you want to achieve in your life over the next decade.

You can never been too young to have a solid ten-year plan in place, so start thinking about it right now. Do you want to have a family? Own a certain car? Earn a particular amount of money? Write down all of your goals and you will be more likely to attain them in the future.

Feel Better- Plan

So think about all of these notions and put them into action as soon as possible.

Even if you’re a young millennial now, you won’t always be this way forever. You can conquer your goals and get organized for your future in a whole host of different ways. As soon as you have completed these steps, you’ll feel a lot more prepared for anything that comes your way.

This post is for educational purposes only.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/

(you tube channel) kenboydstl