Probably because it is time for New Year's resolutions, a lot of us focus on our finances around this time of year. Everyone I know has the same resolutions. They want to make more money, find their soul mate, lose weight, exercise more and get healthy. I am terrible at keeping resolutions, so this year I am focusing on my goals. That way I won't fail in the first month of the year!
So, what kind of financial goals should we work on this year? I was reading an article in one of my magazines called "10 Rules For Building Wealth". As I read it, I realized that it was a pretty negative article. Some aspects were good, but most point to the fact that we really are not choosing our investments correctly. It suggests that we need more education in the area of wealth accumulation. Our net worth needs to increase and be protected. Risk is really not an option when it comes down to it. I work with clients daily who need to know what there portfolio really says. I find it true that most of us receive our quarterly statements, see if there was an increase or decrease, than file it away. Never looking deep enough to decide whether a change is needed.
Maybe it is time to set a goal to really read your statement! You might need to make some course corrections or move your money to a risk free product. But, whatever it is, education is the key to our financial health!
I do not play the stock market any longer after losing half of my retirement in 2001, and this article made me feel I made the right choice. But if you are looking into investing in something new, here is my advice;
1. Whether it is a stock, mutual fund, real estate or any other investment product, make sure you do your due diligence before buying the investment. This is a process that cannot be avoided.
2. Get expert advice to be sure you have all your "ducks" in a row.
3. Know what fees you will be charged for the investment you are looking at.
4. Don't take your financial advisor's word for it.
5. Ask yourself, Will this investment work for me? Will it get me on the road to financial freedom and a secure retirement?
The main thing here is to "Think Twice" before making any financial decision. The only one who really cares about your money is you!
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
I HAVE A 403b THOUGH MY EMPLOYER, I have lost a ...
By: Diana L Evans | 16-07-2008
I HAVE A 403b THOUGH MY EMPLOYER, I have lost a large amount of money and I'm thinking of closing my account what steps do I need to take
What is the right time to start with stock investing?
By: Tadday | 11-07-2008
Stock Investing - what is the right time to start with stock investing?
Looking for a hotel/motel help
By: jen walker | 10-07-2008
HelloI dont know if any one out there can help me or not, but i would like to know, i am trying to buy a hotel/motel start property but my credit score is 500 and no bank is willing to loan me the money to but a property, the size of the preproty that i am looking for is from 30 to 60 room with NO resturant. where i would like to have it is in AK,WA,ID.MT,ND,PA BUT If SOME ONE WOULD LIke me to be some where els thats fine. At this time i am a manager for a wearhouse with a B.S in hospitality and i would be glad if i can get my first starter property. yes i will do what i have to, get down to give you your money back. Please if you can help me let me know.
Tax liens and tax deeds
By: Sara Winter | 06-07-2008
I am a Canadian citizen living in Canada wanting to invest in U.S. tax lien certificates and/or tax deeds..Can I invest or do I have to be a U.S. citizen/resident?
Stock Market Recommedations - where i get it?
By: Anthony | 18-06-2008
Stock Market Recommedations - where i get it?
BTW- I am a coin dealer if anyone has any coin ...
By: petunyabug | 17-06-2008
BTW- I am a coin dealer if anyone has any coin questions!
Q&A Powered by:
Latest Finance Articles
The History of the Global Forex Market
By: Orlando Thompson | 07/10/2008
In this article we explain what the global forex market is and how it came to be this is very insightful information that will help you in your forex trading system choices.
How To Go About Improving Your Credit Score
By: MIKE SELVON | 07/10/2008
While it'd be nice to live a "credit-free existence," it can be difficult to do so in today's world.
Self Directed IRA Possibilities With A Small Business
By: Jerry Glynn | 07/10/2008
It is normally not possible to set up a self directed IRA with a small business. This article describes a little known strategy that can be used in conjunction with a small business.
Understanding Debt Consolidation Loans
By: Richard Greenwood | 07/10/2008
It can be all too easy to end up in debt and especially during the current times of financial uncertainty you may find yourself unable to make repayments. Consolidating your debt can make your debts easier to manage and lower your interest charges meaning you become debt free faster.
Credit Card Comparison
By: Richard Greenwood | 07/10/2008
Credit card offers are everywhere and all claim to out do each other. How do you cut through the marketing talk and understand the key features you need to compare to make an informed decision. Find out with this informative article on credit card comparison.
Shopping For Auto Insurance
By: Brenda Williams | 07/10/2008
When you get your license for the first time before you begin driving you need to get car insurance as it's mandatory to have car insurance while driving. Car insurance can be rather expensive, especially for new drivers which is why you'll need to ensure that you're getting the best...
Taking 100% Responsibility - the Prerequisite for Creating Money & Marriage Success
By: Leslie Cunningham | 07/10/2008
It's a simple concept, to refrain from blaming and complaining, and yet it's a challenge to change a habit, especially one that everyone else has. Like sticking to your diet, when everyone else around you is enjoying chocolate cake. Keep reading and you'll find out how this relates to your marriage and finances. Then I'll share some action steps to help you become 100% responsible for your life.
Retirement Income Investing and Your Portfolio
By: Steve Selengut | 07/10/2008
Brokerage firm monthly statements are designed to promote either fear or greed, depending on the current market environment. Nowhere on your statement can you find numbers that report your net investment, your total working capital, or your true asset allocation. Current and projected income numbers are given little attention
More from Janet Majoulet Foust
What is Your Daily Intention?
By: Janet Majoulet Foust | 06/07/2008 | Self Improvement
For me, an intention means something I want to have happen in my life or business. As I write them down each day, I really try to feel that the goal or intention is happening now. Then I watch to see if any positive evidences of that set intention appear
How Can a Life Insurance Policy be a Good Investment?
By: Janet Majoulet Foust | 04/06/2008 | Finance
This article is Life Insurance and how insurance may be a good thing to think about when you are considering the state of the economy and another way to diversify your portfolio.
Are You Prepared for Times of Uncertainty?
By: Janet Majoulet Foust | 13/05/2008 | Home and Family
This article talks about being prepared for economic shifts, and other things that happen in everyday life. We have to be ready for times of uncertainty so we can live our life to the fullest every day.
Will You Ever be Able to Retire?
By: Janet Majoulet Foust | 20/04/2008 | Finance
Many of us are NOT even thinking about getting ready to retire. It is time to start no matter what your age. This is an article about retirement.
5-steps to Teach Your Kids the Value of Money!
By: Janet Majoulet Foust | 01/04/2008 | Home and Family
Education is important for ourselves, but also for our children. We are not taught in schools about how to manage money. We learn how to count money, but thats about as far as it gets. This article is a great one for those who have children or thinking about having kids some day.
5 Things to Do With Your Government Rebate Check!
By: Janet Majoulet Foust | 15/03/2008 | Finance
With most of us receiving a Government Rebate Check and are expected to use it to stimulate the economy I give your other ideas on how to use this money that you did not expect.
Learn How to Make Your Money Work for You!
By: Janet Majoulet Foust | 27/02/2008 | Finance
How to start your wealth success through education. Gain financial confidence and clarity now with a proven 9-step wealth coaching system. A stress free place to learn about your net worth and why your financial independence number is so important to you.
Finance 
