As I have traveled the country speaking and teaching about personal finances, I am continually reminded that this crusade has A LOT of work to do! Many people just do not have a clue about how to win with their money. It was not taught to them in school (and they may not have paid attention even if it were), they have not taken any classes since, and time is so limited that the last thing they want to do is to use the one spare moment they do have to read about money. BUT if one does not take control, money will usually always be a problem and a source of endless frustration. It can even cause lasting injuries to relationships.
With that said, I want to share what I believe are the Top 5 Things People LACK In Their Financial Plan:
- Monthly Written Spending Plan The old adage is true: “Fail to plan. Plan to fail!”
- A “Get Out Of Debt!” Plan Debt robs us of our ability to go do EXACTLY what we have been put on earth to do!
- A Written Will Statistics show that nearly sixty percent of people do not have a written will! If you do not prepare a legal will, the government will decide who gets what.
- Life Insurance Again, statistics show that a majority of people who have dependents relying upon their income to sustain their lifestyle do not have adequate life insurance. Term life insurance is just too cheap for this to happen!
- Health Insurance We know that it is EXPENSIVE, but it is way more expensive to not have it!
I hope that these help you take your finances to the next level! Would you add anything to my list?