Phil's Personal Finance Tip of the Day:
Eight Keys to Financial Security
Pay yourself first. Protect your loved ones. Borrow sparingly. And don't go for the home run.
Key 1: Invest in yourself
Your own earning power -- rooted in your education and job skills -- is the most valuable asset you'll ever own, and it can't be wiped out in a market crash. Keep your earning power growing through continuous education, training and personal development. If you work in a field prone to periodic layoffs or falling earnings, think about a career change, especially if there's something else you've always dreamed of doing.
Your own earning power -- rooted in your education and job skills -- is the most valuable asset you'll ever own, and it can't be wiped out in a market crash. Keep your earning power growing through continuous education, training and personal development. If you work in a field prone to periodic layoffs or falling earnings, think about a career change, especially if there's something else you've always dreamed of doing.
Consider this: A $30,000 pay hike can be viewed as an annual return on a capital investment, like earning a continuous yield of 6% on $500,000 of savings. You know how hard it is to save up $500,000. Maybe that $30,000 boost in salary is easier to achieve.
Key 2: Protect yourself and your loved ones
Before you acquire any financial
assets, make sure you have enough insurance against life's big risks -- serious illness, disability and early death. Most people, young families in particular, are woefully underinsured, especially for disability. When an emergency arises, you and your family will never regret having "wasted" all those annual premiums on insurance you "don't need."
Before you acquire any financial
assets, make sure you have enough insurance against life's big risks -- serious illness, disability and early death. Most people, young families in particular, are woefully underinsured, especially for disability. When an emergency arises, you and your family will never regret having "wasted" all those annual premiums on insurance you "don't need."Read more at http://www.kiplinger.com/article/saving/T065-C014-S001-eight-keys-to-financial-security.html#FQxMgsjJQsb4qqQx.99
Most of us are just about as happy as we make up our minds to be. - Abraham Lincoln
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