By: Tomiko “Miko” Hopper
What are my short term financial goals?
The definition of a short term financial goal is generally a goal you can have accomplished within one year. Some of your short term financial goals might be to pay off your credit cards, save for a home down payment, save for a cash car, save for vacation or for Christmas. It's crucial to prioritize your goals so that the most important ones are met first.
How can I tackle my short term financial goals?
· Make a budget.
· Evaluate your budget.
· Cut expenses and create a surplus.
Short Term Financial Goals can be determined fairly easily by creating a budget. Saving your receipts is a great way to know exactly where you are spending what. Cut expenses to create a surplus. I have a great list of 100 suggestions that I can email to anyone who would like them. Allowing yourself an allotted amount for expenses and specific needs can help you save, thus paving the way for your long term financial goals.
What are my long term financial goals?
The definition of a long term financial goals is generally a goal that can be achieved over your lifetime. Some of your long term financial goals may be paying for college, your children’s college, a long and comfortable retirement, or leaving your children and grandchildren an inheritance. With long-term goals, you can be more risky in investing your money, because you will have time to recoup any losses and take advantage of buying during down markets
How can I work toward my long term financial goals?
· Savings Accounts
· CD’s or MMA’s
· Stocks and Bonds
· 401k’s and Retirement Plans
Choosing which options are right for you depends on the time frame of your goal and the amount of money you will need. When choosing a savings account, find the bank with the highest APY. Think about the timeframe you want to commit to when purchasing CD’s or MMA’s so that you are not hit with any early withdrawal penalties. There are many professionals that can advise with the purchase of stocks and bonds, it is important to study the trends and patterns of these securities before investing. A lot of companies will match your contribution into your 401k up to a certain percent, so it is a good idea to see what your company has to offer.
So you have evaluated your short term financial goals and you have your budget, you’ve started a savings plan for your long term financial goals, and you think you know what you want, now you need to take time to look at your career and see if it is going to be able to accommodate the lifestyle that you are planning for…
Showing posts with label money. Show all posts
Showing posts with label money. Show all posts
Tuesday, November 03, 2009
Everyone is STILL Broke.
There are many factors that caused the United States of America to spiral downward into a deep economic recession. This month American economist Ben Bernanke made this statement to the New York Times: "Even though from a technical perspective the recession is very likely over at this point, it's still going to feel like a very weak economy for some time…" I’m no economist but to me if the economy “feels” weak, than the economy is weak. Despite what you have heard, the recession in America is not over, in fact the deficit is at an all time high, the war is in the middle east has not stopped, and the national unemployment rate is almost 10 percent.
The American deficit is projected to be over $1.6 Trillion dollars by the end of this year. Taxpayer money pays that back. I’m confused as to where all of this money has gone. The people of the United States of America are still without universal healthcare. Apparently this money went to bail out banks and continue the war. Yet the American population suffers, not knowing if they are going to have a place to sleep, let alone afford Christmas for their children. All this money has been spent yet we have nothing to show for it.
The war in the Middle East has not stopped. The amount of money used to fund that war should be placed back into the United States economy. That money could fund better causes such as the building of America’s roadways and bridges, educational scholarships, and services for the general population, such as childcare and healthcare for low income families. But rather than put that money to good uses it continues to fund murder and hatred. This war is making private sector corporations that make defense weapons and machinery such as Northrop Grumman Corporation wealthier. In fact according to Forbes.com, Ronald D. Sugar, CEO of Northrop Grumman Corporation makes $8.56 million dollars each year. With a paycheck like that, I’m sure that he hasn’t felt the effects of the recession at all.
Unemployment in America is absolutely outrageous. It hurts me to see how many families suffer in silence. The best numbers that I have found in relation to the unemployment rate come from the Bureau of Labor and Statistics. Their site suggests that the national unemployment rate is a whopping 9.8%. The site reports the fields with the highest unemployment rates are in construction, manufacturing, the retail trade (consumer goods), and government. These are regular people who used to spend money here in America, thus the real reason why companies are going broke.
It is a sad but true realization but unfortunately this recession is nowhere close to being over. If people do not have jobs, how are they going to pay taxes? How will they be able to spend money in this economy if they do not earn any? Where will unemployed Americans live when they can no longer pay for housing? I can’t believe that an economist could actually say that this recession is over.
The American deficit is projected to be over $1.6 Trillion dollars by the end of this year. Taxpayer money pays that back. I’m confused as to where all of this money has gone. The people of the United States of America are still without universal healthcare. Apparently this money went to bail out banks and continue the war. Yet the American population suffers, not knowing if they are going to have a place to sleep, let alone afford Christmas for their children. All this money has been spent yet we have nothing to show for it.
The war in the Middle East has not stopped. The amount of money used to fund that war should be placed back into the United States economy. That money could fund better causes such as the building of America’s roadways and bridges, educational scholarships, and services for the general population, such as childcare and healthcare for low income families. But rather than put that money to good uses it continues to fund murder and hatred. This war is making private sector corporations that make defense weapons and machinery such as Northrop Grumman Corporation wealthier. In fact according to Forbes.com, Ronald D. Sugar, CEO of Northrop Grumman Corporation makes $8.56 million dollars each year. With a paycheck like that, I’m sure that he hasn’t felt the effects of the recession at all.
Unemployment in America is absolutely outrageous. It hurts me to see how many families suffer in silence. The best numbers that I have found in relation to the unemployment rate come from the Bureau of Labor and Statistics. Their site suggests that the national unemployment rate is a whopping 9.8%. The site reports the fields with the highest unemployment rates are in construction, manufacturing, the retail trade (consumer goods), and government. These are regular people who used to spend money here in America, thus the real reason why companies are going broke.
It is a sad but true realization but unfortunately this recession is nowhere close to being over. If people do not have jobs, how are they going to pay taxes? How will they be able to spend money in this economy if they do not earn any? Where will unemployed Americans live when they can no longer pay for housing? I can’t believe that an economist could actually say that this recession is over.
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