The average individual undoubtedly understands that there is a difference between saving and investing, even if those terms are sometimes used interchangeably. The key to taking advantage of saving and investing is understanding the difference between them. In short, saving and investing differ in terms of risk and liquidity. There is much more to it, including the challenge of determining whether you should save your money or invest for the future.
A Look at Saving
If you want to get a handle on your finances and change your ways, you first need to identify your bad financial habits. It may seem obvious, but until you identify what you are doing wrong, you will not be able to make changes to improve your financial situation.
Today people use a variety of apps and tools to help themselves get organized for just about anything. There are apps that allow you to track your health and strive toward fitness goals, and others to help you keep the grocery shopping list in check. The most common calendar apps help you track meetings, appointments, and upcoming vacations. Why not consider a personal financial calendar to get you organized in the coming year?
Familiarize Yourself with Your Current Financial Health
The cool fall breeze is in the air. The nighttime temperatures are dipping a little further every night. Right now, retailers are focusing on Thanksgiving, which rolls nicely into Christmas specials and door busters at stores around the country. As retailers think about the spending spree that accompanies the end of the 2015 calendar year, it's not a bad idea for you as an individual to start looking ahead to the year 2016. What things would you like to achieve in the future? What financial goals would you like to meet? Now's the time to set your S.M.A.R.T. goals for 2016.
The holiday season is just around the corner, and for many people that means months of overspending and years of debt. It does not have to be that way - with the right planning, preparation and some self-control, you can enjoy a generous and bountiful holiday season without getting buried under a mountain of credit card debt.
This year is quickly approaching its end, and the time we have to get all of our financial ducks in a row is running out. While filing end of the year taxes may seem like one of the most daunting tasks to tackle, there are several things you can do to prepare. Then, when it comes time to see a financial professional, you are already ahead of the game.
Standard vs. Itemized Deductions
In today’s corporate climate, women are becoming integral to future success, and are assuming leadership roles in a host of industries. Women possess the characteristics to serve as exceptional leaders, and are being appointed to positions of power more often. More women are owning and leading companies than ever before, and as a whole, the benefits of women in leadership roles cannot be denied. It is not to say that one gender is better than another at leading, men and women are scientifically different and that does show in the area of business and how they approach it.
The concept of retirement is a young ideal in the history of mankind. Throughout most of human history, people continued working or remained with their family as they aged. It wasn't that long ago that the Golden Years of life were characterized by part-time jobs and taking up residence with grown children. If you want to maintain your independence and enjoy your Golden Years, responsible financial planning is a must.
Everyone should have financial goals to ensure that their money is spent wisely now, and invested wisely for the future as well. Setting financial goals is, generally speaking, a generic practice, with basic principles that are applicable across demographic boundaries. The following tips will help anyone establish solid financial goals.
Establish SMART Goals
You should, of course, be smart when setting any financial goal. In this case, however, smart doesn't mean wise, but instead stands for: