Ok one thing I’m verrrrrrry focused on (aside from school) is improving my financial situation… and Lynnette Khalfani (as seen on Oprah earlier this month, amongst her other numerous tv appearances) is a tremendous resource, particularly in the area of eliminating debt. She has a book coming soon about eliminating educational debt effectively that I will definitely have to put on the “books to read” list once it gets out…
Anywho, she sent this out recently. I know I will definitely be making good use of these tips – and I’m not waiting for the new year either. I’m starting as soon as finals are over!
Top 10 List of Smart Financial New Year’s Resolutions
From Lynnette Khalfani, The Money Coach
http://www.themoneycoach.net
1. Eliminate your debt. Answer this question: Do you really want to be in debt year after year and living paycheck to paycheck? If you said “No,” then it’s time to get serious about managing your money and getting rid of excessive debt. You can do it – but you must have an action plan and you must stick to it.
2. Put aside 3 months’ savings. If an emergency happens – anything from a job loss to a car breakdown, your savings cushion will protect you from resorting to credit cards.
3. Prepare your taxes early. Avoid the procrastination and stress, not to mention the hassles and long lines, at the Post Office hassles on April 15th. Early filers also get faster refunds.
4. Make a financial plan. Start writing out your financial goals and what it will take to achieve them. Get help if necessary from groups like the Financial Planning Association.
5. Create or update your will. Nobody likes to think about his or her own death. But you can’t ignore. Look at the Hurricane Katrina, 9/11 or the unfortunate, 150,000+ victims killed by the Tsunami that spread across Asia and Africa. Tomorrow isn’t promised.
6. Fund a retirement plan. If you have a 401(k) or 403(b) plan at work, start contributing. If you already doing so, considering increasing your contribution. No 401(k) plan or you’re not eligible for it? Then open an Individual Retirement Account.
7. Ask for a raise. List the ways you’ve contributed to your company’s prosperity or your department’s well being, and approach your boss for a raise. If you work for yourself, give yourself a raise by raising your prices or offering higher-end products and services.
8. Get proper insurance. Find out what’s reasonable and recommended in terms of life insurance, and make sure your valuables, and property – home, car, etc. – are adequately covered. If something goes wrong, you and your family will be so glad you did.
9. Share your knowledge. Mentor a young person, teach your children about “wants” vs. “needs,” or tell a girlfriend about some smart financial tips you have learned.
10. Improve your financial record-keeping. Get your paperwork in order, and keep good records all year round. This will save yourself money in the long run and reduce your aggravation come tax time.
Copyright 2006/2007 Lynnette Khalfani
Tricia says... 