4.The Budget – The Ultimate Financial Management Tool
Posted By George on August 4, 2009
A carpenter uses a set of house plans to build a house. If it is not possible to get a room at once.
Rocket scientists will never begin construction on a new booster rocket without a detailed set of design specifications. But most of us go blindly out into the world without any inkling of an idea about finances and without any plan at all.
Not too smart of us, is it?
A money plan is called a budget and it is very important to get us to our desired financial goals.
Without a plan we will drift without direction and end marooned on a remote coral finance.
If you have a pair or a significant other, you should make this budget together. Sit down and find out what your joint financial goals are … long-term and short term.
* Determine your risk tolerance. You know the risk comfort level and compare it with what you’re capable of. In general, the longer you invest, the greater the risk that you can do.
* Consult a professional. To avoid financial pitfalls later, it is often wise to seek professional guidance when putting together a portfolio.
“Recent research shows that investors continue to grapple with some of the most basic investment concepts, suggesting a greater need for financial advice and guidance,” said Doug Lockwood, a certified financial planner.
To help investors meet their financial goals, American Century Investments has developed On Plan Investing, a program designed to help investors build and maintain diversified investment portfolios – without additional cost.
Combining educational tools, advice, market information and product investments, the Investment Plan to help investors develop a personal investment strategy, whether they are new to investing, seeking guidance, but still want control over their investment mix, it is necessary to help position their portfolios with long — term perspective or need help in understanding how markets work.
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