Saturday, September 18, 2021


Five Financial Plans Not Enough People Pay Attention To.

April 27, 2016 by  
Filed under Money/Business, Weekly Columns

(Akiit.com) We’re turning into a world that seems to have a lot less training for the realities of life than before. The up-and-coming generation of millennials shows less awareness of many of the financial realities that will govern and change big parts of their lives. However, they’re not the first to display it. Indeed, there’s a surprising lack of financial awareness that we should be tackling. Some would even go as far to say that things like taxes, insurance and retirement funds should be explained more in school. We’re in no position to change education, but we can highlight some of the concepts more people today should know about.

Savings

One of the most important aspects of having potential financial growth is putting money aside for your savings. Of course, it seems natural to want to spend less to have more money. But this money isn’t just for putting towards luxury goods. A savings account can help us insure some of our own major financial decisions and open up African American couple shaking hands with financial advisorpaths of wealth. Mostly through assets and investments. Saving should start as early as possible and be a constant contribution of our wealth.

Retirement

One of the things we should be saving for, besides our personal savings, is our retirement. Most people want to be able to live comfortably after their working years. This usually requires a bit more put aside than our state or corporate pensions allow. Financial planners at Blueprint Wealth are amongst the many who recommend setting up our own annuity plans. Elderly people in poverty is a serious problem for them and their families, so adjust your plans to take your far future into account.

Credit

We hear a lot about protecting and improving our credit, but not enough realize the impact it really has on their lives. Good or bad credit not only affects the interest rates you get on credit and loans. It can even be the deciding factor in whether or not you can acquire assets like a car or a home. Take care of any debts or payments you have. It affects more than just the short-term late payment you might have to make.

Insurance

Most people who buy a car know well the insurance they’re required to get to legally drive. But when it comes to other kinds of insurance, people don’t realise just how important they are. Many will think they’re putting money towards the risk of something that will never happen to them. But the biggest case of sudden poverty and bankruptcy is due to unforeseen events.

Financial literacy

All the points above are symptoms of a bigger problem in our society. Financial literacy is fast in decline. Our young population finds the subject too obtuse and unwieldy. But the real value of financial literacy is not to become a big-wig accountant. It’s to understand what your banks, your loans, your credit and your savings do for you. Learning about finances gives you better chances of making smarter decisions with your money and thus having more of it.

Staff Writer; Harry Love


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