3 Things to Plan For in the New Year
Proverbs 24:27 (NLT) “Do your planning and prepare your fields before building your house’.
The Bible says we should not worry about tomorrow, but it also tells us that we should plan for it. Planning is probably not the way you want to celebrate the holidays, but please consider at least reviewing three areas of your finances while you have some free time. Make some time a day or two after Christmas because before you know it, you will be super busy again in the New Year.
1. Plan to RETIRE!!!
Food, housing, clothes, cars, healthcare, etc. If you think a loaf of bread and a gallon of milk is expensive now, can you imagine how much it is going to cost 20 years from now? As the cost of living increases, you will need more retirement money later to pay for it. The sad truth is people take more time to plan for a family vacation than for retirement. The only way you can be ready for this is by setting aside money now. If you have not been putting any money away for retirement, make a commitment to start putting something away beginning in January. Even if it isn’t a lot, something is better than nothing! Consider meeting with a Certified Financial Planner ™ (CFP®). He or she can help you plan a road map to retirement. You can find a local CFP® by going to www.letsmakeaplan.org
2. Plan to be DEBT FREE
Would you believe it if I told you that American’s 50 and up had a higher combined balance on their credit cards in 2012 than do people who are younger? You would think older but wiser, but that isn’t the case when we are talking about debt. Having debt at any age puts you at a higher risk for a financial disaster but as you get older that risk grows exponentially. Let’s say you have a house payment of $2,000, credit cards that cost you $200 every month and a $300 car payment. When you are working it might be manageable but having to pay out $2,500 each month on a fixed income can really hurt. Your goal should be to be completely out of debt by the time you retire, ideally earlier. Start earning interest on your own money instead of paying interest to someone else.
3.Plan to SERVE
Proverbs 11:25 (NLT) “The generous will prosper; those who refresh others will themselves be refreshed.”
Money can’t buy happiness but serving can! Serving others will develop discipline and make you aware of others’ misfortune which can help you stay focused on what is truly important, which by the way can have a major impact on your money as well as every other part of your life. Plan time once a month with your family or friends when you can serve others so you can experience true joy that money can never buy!
Original Articles Posted on http://nicoleodell.com/2014/12/3-thin...
The Bible says we should not worry about tomorrow, but it also tells us that we should plan for it. Planning is probably not the way you want to celebrate the holidays, but please consider at least reviewing three areas of your finances while you have some free time. Make some time a day or two after Christmas because before you know it, you will be super busy again in the New Year.
1. Plan to RETIRE!!!
Food, housing, clothes, cars, healthcare, etc. If you think a loaf of bread and a gallon of milk is expensive now, can you imagine how much it is going to cost 20 years from now? As the cost of living increases, you will need more retirement money later to pay for it. The sad truth is people take more time to plan for a family vacation than for retirement. The only way you can be ready for this is by setting aside money now. If you have not been putting any money away for retirement, make a commitment to start putting something away beginning in January. Even if it isn’t a lot, something is better than nothing! Consider meeting with a Certified Financial Planner ™ (CFP®). He or she can help you plan a road map to retirement. You can find a local CFP® by going to www.letsmakeaplan.org
2. Plan to be DEBT FREE
Would you believe it if I told you that American’s 50 and up had a higher combined balance on their credit cards in 2012 than do people who are younger? You would think older but wiser, but that isn’t the case when we are talking about debt. Having debt at any age puts you at a higher risk for a financial disaster but as you get older that risk grows exponentially. Let’s say you have a house payment of $2,000, credit cards that cost you $200 every month and a $300 car payment. When you are working it might be manageable but having to pay out $2,500 each month on a fixed income can really hurt. Your goal should be to be completely out of debt by the time you retire, ideally earlier. Start earning interest on your own money instead of paying interest to someone else.
3.Plan to SERVE
Proverbs 11:25 (NLT) “The generous will prosper; those who refresh others will themselves be refreshed.”
Money can’t buy happiness but serving can! Serving others will develop discipline and make you aware of others’ misfortune which can help you stay focused on what is truly important, which by the way can have a major impact on your money as well as every other part of your life. Plan time once a month with your family or friends when you can serve others so you can experience true joy that money can never buy!
Original Articles Posted on http://nicoleodell.com/2014/12/3-thin...
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