Ok so today in my journey of financial stability I inquired of the financial world some definitions of some of their terminology...for instance...securities, mutual funds, annuities, options, stocks, brokerage, managed accounts, and a few others I can't think of off the top of my head. What I learned was fascinating! And it is all starting to come together. Some advice I have gathered from those in knowledge of the world of high finance goes like this...first of all set goals and write them down on a piece of paper no matter how out of this world or inconceivable they may be. Start small and go big!!! Anything you want to buy, invest in, or acquire. The other thing one needs to do is somehow manage to save at the minimum three months worth of your monthly expenses in a bank account...a DO NOT TOUCH account. There is yet another thing one needs to do and that is to start thinking about insurance...hmmm...I've been to the ER approximately twice in the last ten years and have not been to a doctor much more than that. I stay healthy! I keep ahead of that game as much as possible. So, to me health insurance is not a priority but according to most adivsors you really should have health insurance and then put the deductible amount into that DO NOT TOUCH account as well. Then once you have established that...you can begin to look at life insurance. Sounds like a lot of saving to me and with a limited amount of income I'm not sure how long it will take or how much I need to start saving but I will do the calculations and let you know. The good news is...I get paid tomorrow and I still have $10.00 in my pocket! Woo Hoo!!!
TTFN
No comments:
Post a Comment