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Suggest You - How To Use Your Hard - Earned Money To Quickly Reach Your Goals
How to Become a Super Star Sponsor
If you're like most of us, as soon as you've paid your fee to become a distributor, the first thing you want to know is: "How do I build my organization and make "X" number of dollars a month?" Amazingly, a lot of big money earners may give answers to that question that bring you no closer to achieving your goals than you were before.For example: 1. "Talk to people." (Unfortunately, when a new recruit says he or she is not having success doing that, the sponsor or trainer generally says, "You have to talk to MORE people. It's a numbers game!"); 2. "Run some ads." (Without ad-closing training and some experience with your product or service, you or your recruits probably will blow all the leads); 3. "Send brochures or tapes to a mailing list." (This could work with the RIGHT envelope, the RIGHT cover letter, the RIGHT names list, but chances are it will be very expensive and ineffective.) Instead of these ineffective ideas, I want to share my ideas to help you become, "starting today, " the sponsor you wish you had:First of all, check your distributor kit out carefully. Virtually every company has valuable tips and information in that kit: everything from conference call schedules, product informa
tal and emotional interest rate you are burdened with each month you are making loan payments.If you're like most of us, as soon as you've paid your fee to become a distributor, the first thing you want to know is: "How do I build my organization and make "X" number of dollars a month?" Amazingly, a lot of big money earners may give answers to that question that bring you no closer to achieving your goals than you were before.For example: 1. "Talk to people." (Unfortunately, when a new recruit says he or she is not having success doing that, the sponsor or trainer generally says, "You have to talk to MORE people. It's a numbers game!"); 2. "Run some ads." (Without ad-closing training and some experience with your product or service, you or your recruits probably will blow all the leads); 3. "Send brochures or tapes to a mailing list." (This could work with the RIGHT envelope, the RIGHT cover letter, the RIGHT names list, but chances are it will be very expensive and ineffective.) Instead of these ineffective ideas, I want to share my ideas to help you become, "starting today, " the sponsor you wish you had:First of all, check your distributor kit out carefully. Virtually every company has valuable tips and information in that kit: everything from conference call schedules, product informa
Action Step Two:
Take a personal inventory of your debts, and how much they are costing you in mental and emotional energy. Do they bother you? How much? If so, regardless of how low the interest rate is, paying them off should be a high priority. Start today - pay an extra $10, $100, or $1000 on the principal each month. Even better, set up automatic bill payments in your online bank account bill-pay system to make automatic regular extra payments each month or quarter.
Step Three: Goals Funding - Base Level
Now you have set up your Emergency Fund, and paid off your "Bad" Debt, including a loan from a family member, a high-rate credit card, and an old debt from college that was really bothering you.
You have a bunch of goals - retirement, paying off your mortgage, buying your next house, launching a new business, and sending the kids to college.
Which comes first? Retirement? The kids? Paying off your debts? How do you decide?
Step 3 of Where to Put Your Next $1 is to fund your goals, in order of priority, at the base
Career Change
Coping with change is now an everyday occurrence. What’s more the pace of change is accelerating and the need for us all to adjust is greater than ever. Yet, this is a time of opportunity.Career change – Ignore it at your peril or seize the opportunityAll around us we constantly see the changes which are affecting us. Economically power is shifting and the consequences are massive. China and India are emerging nations using modern technology to massive effect as their economies grow at rates previously unheard of. It is predicted that China will be the 4th largest world economy by 2006 overtaking the UK and by 2020 it will be challenging the world’s largest economy, the US.Although these changes will be seen by most as threatening they are really opportunity in disguise. Traditional and new processes are being executed with increasing effect world wide but the net result is that as this happens new situations arise which we as individuals can tap into.The shifts in the world economy are affecting the large corporations and people employed by the corporates. This does not mean that within any community the need for goods and services diminishes. In fact as more people benefit financially
So you have a few dollars to save, payoff debts, or invest for the future. What do you do with the money, so you can reach your goals in the quickest and easiest way possible - and not waste time or money on poor decisions? Coping with change is now an everyday occurrence. What’s more the pace of change is accelerating and the need for us all to adjust is greater than ever. Yet, this is a time of opportunity.Career change – Ignore it at your peril or seize the opportunityAll around us we constantly see the changes which are affecting us. Economically power is shifting and the consequences are massive. China and India are emerging nations using modern technology to massive effect as their economies grow at rates previously unheard of. It is predicted that China will be the 4th largest world economy by 2006 overtaking the UK and by 2020 it will be challenging the world’s largest economy, the US.Although these changes will be seen by most as threatening they are really opportunity in disguise. Traditional and new processes are being executed with increasing effect world wide but the net result is that as this happens new situations arise which we as individuals can tap into.The shifts in the world economy are affecting the large corporations and people employed by the corporates. This does not mean that within any community the need for goods and services diminishes. In fact as more people benefit financially
Step One: Your Emergency Fund
You have received an inheritance of $50,000. What do you do with the money? Yes, you could buy that big screen TV and sound system, and take a major vacation - but what if you wanted to make huge progress on your goals, and not let the money waste away, bit by bit?
You have $500 left after your monthly bills and other fixed expenses are paid, and you set aside money for gas, food, clothing, and other necessary expenses. You could spend this money on little luxuries, pay extra on your mortgage, or save for retirement. How do you make the decision?
The first priority should be setting aside money in your Emergency Fund. Yes, even before you pay off your credit card debt (unless you are in default or delinquent on your bills - then first pay them enough to bring them up to date).
Regardless of how much credit card debt you have, the first step in creating a prosperous future is to change your habits. When the unexpected bill comes (and it always does), you should have money in your Emergency Fund to pay that bill, to avoid racking up additional credit card debt. If you have spent every extra dollar attempting to pay off your debt & have no money set aside, when something unexpected happens, you will rack up even more debt and be right back where you started.
Your Emergency Fund should contain three to six months of your actual bottom-line living expenses. Or more ... I have some clients with up to one year of cash set aside; typically, they are generally risk adverse, are self-employed, or have a fluctuating income stream. Your amount is not three to six months of your salary - it is the bills and necessarily expenses you would have if you were unable to earn income. These funds should be maintained in a cash account, typically a savings or money market account. The Weinstein family Emergency Fund is in an ING Direct Orange Savings Account.
A home equity line of credit (HELOC) does not count. Yes, you could use a home equity line, or take out a loan on your house, if you were unable to earn income or had emergency expenses. But, it would just rack up your monthly expenses and debt even further. And, since interest rates have risen, even the tax deduction does not compensate for the high expense of using the HELOC.
Once you have a well-established habit of saving money each month, and have your Emergency Fund set aside, we can move to the next step - prioritizing debt and your life goals.
Action Step One:
Open up a dedicated savings or money market Emergency Fund account. Set aside a fixed amount of money each month - whether it is $50, $500, or $5,000 - until your fund is at three to six months of your living expenses.
Step Two: Pay Off "Bad" Debt
You've set up your Emergency Fund, and created a wonderful habit of saving $50, $500, or $5000 each month. We don't want to let that habit disappear ... so where do we put your money next?
Step 2 is to pay off any "bad" debt. What that means really depends upon the person, and your tolerance for debt. Some people are not particularly bothered by debt, so their only "bad" debt are those with high interest rates, or minimal tax advantages (non-mortgage and non-student loan debts).
There are two situations where I may ignore the interest rate, and recommend the client pay off the debt ASAP.
(1) Loans from family or friends. These loans, while low interest, may be eating away at the relationship, without you even knowing it. They may reduce the relationship to a formal, strained, money-based transaction, instead of a loving, friendly, supportive bond. You may know the debt is a problem, or ask other relatives to see if the debt is a problem in culture of the family - if so, pay it off quick.
(2) Debt that is keeping your up at night, or making you feel unsuccessful. Debt may be the new "American way" - but it is not right for everyone, or even most people. Monthly payments, or even the idea that you could be repossessed or foreclosed upon, may be eating you up at night. You may feel venerable, or like you have never achieved any of your goals until that debt is paid off.
If this is you, then your debts may become a high priority, even over other goals, like college funding or purchasing a new home. Whether your debt should be paid off as a high priority, depends not just upon the interest rate, but upon the mental and emotional interest rate you are burdened with each month you are making loan payments.
Action Step Two:
Take a personal inventory of your debts, and how much they are costing you in mental and emotional energy. Do they bother you? How much? If so, regardless of how low the interest rate is, paying them off should be a high priority. Start today - pay an extra $10, $100, or $1000 on the principal each month. Even better, set up automatic bill payments in your online bank account bill-pay system to make automatic regular extra payments each month or quarter.
Step Three: Goals Funding - Base Level
Now you have set up your Emergency Fund, and paid off your "Bad" Debt, including a loan from a family member, a high-rate credit card, and an old debt from college that was really bothering you.
You have a bunch of goals - retirement, paying off your mortgage, buying your next house, launching a new business, and sending the kids to college.
Which comes first? Retirement? The kids? Paying off your debts? How do you decide?
Step 3 of Where to Put Your Next $1 is to fund your goals, in order of priority, at the base
It Takes More Than Money To Motivate Team Members
Team Building Question:How do you treat team members who have reached the salary bar and cannot be promoted to the next level just yet? What do you do to keep them motivated?The Team Doc Says…This happens in many organizations due to the workforce getting older and maintaining a large number of veteran team members in the mix.Take the focus off money. It’s a motivator, but short term. Take a look at what the team member values and see what you can do to provide motivation to accommodate those values.One thing you can do right now is to understand how each team member perceives their fit in your organization. You can find out how your employees feel by asking them: What do you find most challenging about your work? What aspect of your work provides the most satisfaction? What are the biggest obstacles to completing your work? What resources would make your work easier? Finding the answers to these questions can help you in nailing down just the right motivational tactic to keep each team member on the right track. Then create action plans to maintain team member involvement in the growth process.Another option
ture is to change your habits. When the unexpected bill comes (and it always does), you should have money in your Emergency Fund to pay that bill, to avoid racking up additional credit card debt. If you have spent every extra dollar attempting to pay off your debt & have no money set aside, when something unexpected happens, you will rack up even more debt and be right back where you started.Team Building Question:How do you treat team members who have reached the salary bar and cannot be promoted to the next level just yet? What do you do to keep them motivated?The Team Doc Says…This happens in many organizations due to the workforce getting older and maintaining a large number of veteran team members in the mix.Take the focus off money. It’s a motivator, but short term. Take a look at what the team member values and see what you can do to provide motivation to accommodate those values.One thing you can do right now is to understand how each team member perceives their fit in your organization. You can find out how your employees feel by asking them: What do you find most challenging about your work? What aspect of your work provides the most satisfaction? What are the biggest obstacles to completing your work? What resources would make your work easier? Finding the answers to these questions can help you in nailing down just the right motivational tactic to keep each team member on the right track. Then create action plans to maintain team member involvement in the growth process.Another option
Your Emergency Fund should contain three to six months of your actual bottom-line living expenses. Or more ... I have some clients with up to one year of cash set aside; typically, they are generally risk adverse, are self-employed, or have a fluctuating income stream. Your amount is not three to six months of your salary - it is the bills and necessarily expenses you would have if you were unable to earn income. These funds should be maintained in a cash account, typically a savings or money market account. The Weinstein family Emergency Fund is in an ING Direct Orange Savings Account.
A home equity line of credit (HELOC) does not count. Yes, you could use a home equity line, or take out a loan on your house, if you were unable to earn income or had emergency expenses. But, it would just rack up your monthly expenses and debt even further. And, since interest rates have risen, even the tax deduction does not compensate for the high expense of using the HELOC.
Once you have a well-established habit of saving money each month, and have your Emergency Fund set aside, we can move to the next step - prioritizing debt and your life goals.
Action Step One:
Open up a dedicated savings or money market Emergency Fund account. Set aside a fixed amount of money each month - whether it is $50, $500, or $5,000 - until your fund is at three to six months of your living expenses.
Step Two: Pay Off "Bad" Debt
You've set up your Emergency Fund, and created a wonderful habit of saving $50, $500, or $5000 each month. We don't want to let that habit disappear ... so where do we put your money next?
Step 2 is to pay off any "bad" debt. What that means really depends upon the person, and your tolerance for debt. Some people are not particularly bothered by debt, so their only "bad" debt are those with high interest rates, or minimal tax advantages (non-mortgage and non-student loan debts).
There are two situations where I may ignore the interest rate, and recommend the client pay off the debt ASAP.
(1) Loans from family or friends. These loans, while low interest, may be eating away at the relationship, without you even knowing it. They may reduce the relationship to a formal, strained, money-based transaction, instead of a loving, friendly, supportive bond. You may know the debt is a problem, or ask other relatives to see if the debt is a problem in culture of the family - if so, pay it off quick.
(2) Debt that is keeping your up at night, or making you feel unsuccessful. Debt may be the new "American way" - but it is not right for everyone, or even most people. Monthly payments, or even the idea that you could be repossessed or foreclosed upon, may be eating you up at night. You may feel venerable, or like you have never achieved any of your goals until that debt is paid off.
If this is you, then your debts may become a high priority, even over other goals, like college funding or purchasing a new home. Whether your debt should be paid off as a high priority, depends not just upon the interest rate, but upon the mental and emotional interest rate you are burdened with each month you are making loan payments.
Action Step Two:
Take a personal inventory of your debts, and how much they are costing you in mental and emotional energy. Do they bother you? How much? If so, regardless of how low the interest rate is, paying them off should be a high priority. Start today - pay an extra $10, $100, or $1000 on the principal each month. Even better, set up automatic bill payments in your online bank account bill-pay system to make automatic regular extra payments each month or quarter.
Step Three: Goals Funding - Base Level
Now you have set up your Emergency Fund, and paid off your "Bad" Debt, including a loan from a family member, a high-rate credit card, and an old debt from college that was really bothering you.
You have a bunch of goals - retirement, paying off your mortgage, buying your next house, launching a new business, and sending the kids to college.
Which comes first? Retirement? The kids? Paying off your debts? How do you decide?
Step 3 of Where to Put Your Next $1 is to fund your goals, in order of priority, at the base
Beginning And Improving Your Adsense Income
AdSense is a monetization revolution for small content publishers. AdSense is an ad serving program run by Google. Webmasters can enroll in this program to enable advertisements on their sites. These ads are administered by Google and generate revenue on either a per-click or per-thousand-impressions basis. Google is also currently beta-testing a cost-per-action based service." appears on the Wikipedia definition.Google's Adsense program can generate for your website some money that can range from a few dollars to some hundred dollars a day (about 500$/day)....Why Should you use AdSense? Here are some reasons for you to consider about google adsense program:- It's free to sign up for google Adsense. It's free to use. - Whenever you have more than $100 in your Adsense account, Google mails you a check at the end of the month. - You can change the colours of the adsense ads displayed. - Ads can be delivered in many languages. Google AdSense figures out your webpage's language and displays ads in that language. - You can have up to three ad blocks on one page.You can maximize your revenue potential by displaying Google ads on your website. Google puts relevant cost
d emergency expenses. But, it would just rack up your monthly expenses and debt even further. And, since interest rates have risen, even the tax deduction does not compensate for the high expense of using the HELOC. AdSense is a monetization revolution for small content publishers. AdSense is an ad serving program run by Google. Webmasters can enroll in this program to enable advertisements on their sites. These ads are administered by Google and generate revenue on either a per-click or per-thousand-impressions basis. Google is also currently beta-testing a cost-per-action based service." appears on the Wikipedia definition.Google's Adsense program can generate for your website some money that can range from a few dollars to some hundred dollars a day (about 500$/day)....Why Should you use AdSense? Here are some reasons for you to consider about google adsense program:- It's free to sign up for google Adsense. It's free to use. - Whenever you have more than $100 in your Adsense account, Google mails you a check at the end of the month. - You can change the colours of the adsense ads displayed. - Ads can be delivered in many languages. Google AdSense figures out your webpage's language and displays ads in that language. - You can have up to three ad blocks on one page.You can maximize your revenue potential by displaying Google ads on your website. Google puts relevant cost
Once you have a well-established habit of saving money each month, and have your Emergency Fund set aside, we can move to the next step - prioritizing debt and your life goals.
Action Step One:
Open up a dedicated savings or money market Emergency Fund account. Set aside a fixed amount of money each month - whether it is $50, $500, or $5,000 - until your fund is at three to six months of your living expenses.
Step Two: Pay Off "Bad" Debt
You've set up your Emergency Fund, and created a wonderful habit of saving $50, $500, or $5000 each month. We don't want to let that habit disappear ... so where do we put your money next?
Step 2 is to pay off any "bad" debt. What that means really depends upon the person, and your tolerance for debt. Some people are not particularly bothered by debt, so their only "bad" debt are those with high interest rates, or minimal tax advantages (non-mortgage and non-student loan debts).
There are two situations where I may ignore the interest rate, and recommend the client pay off the debt ASAP.
(1) Loans from family or friends. These loans, while low interest, may be eating away at the relationship, without you even knowing it. They may reduce the relationship to a formal, strained, money-based transaction, instead of a loving, friendly, supportive bond. You may know the debt is a problem, or ask other relatives to see if the debt is a problem in culture of the family - if so, pay it off quick.
(2) Debt that is keeping your up at night, or making you feel unsuccessful. Debt may be the new "American way" - but it is not right for everyone, or even most people. Monthly payments, or even the idea that you could be repossessed or foreclosed upon, may be eating you up at night. You may feel venerable, or like you have never achieved any of your goals until that debt is paid off.
If this is you, then your debts may become a high priority, even over other goals, like college funding or purchasing a new home. Whether your debt should be paid off as a high priority, depends not just upon the interest rate, but upon the mental and emotional interest rate you are burdened with each month you are making loan payments.
Action Step Two:
Take a personal inventory of your debts, and how much they are costing you in mental and emotional energy. Do they bother you? How much? If so, regardless of how low the interest rate is, paying them off should be a high priority. Start today - pay an extra $10, $100, or $1000 on the principal each month. Even better, set up automatic bill payments in your online bank account bill-pay system to make automatic regular extra payments each month or quarter.
Step Three: Goals Funding - Base Level
Now you have set up your Emergency Fund, and paid off your "Bad" Debt, including a loan from a family member, a high-rate credit card, and an old debt from college that was really bothering you.
You have a bunch of goals - retirement, paying off your mortgage, buying your next house, launching a new business, and sending the kids to college.
Which comes first? Retirement? The kids? Paying off your debts? How do you decide?
Step 3 of Where to Put Your Next $1 is to fund your goals, in order of priority, at the base
Mastering The Lunch Interview
Interviews can be nerve-racking, brain-draining, headache-inducing experiences. These days, recruiters have found a way to make the interview even more difficult by combining the experience with a meal. This means that in addition to listening to the interviewer, formulating intelligent responses, and trying your hardest to be confident, you now have pay attention to how you look while eating.Interviews over lunch or dinner are an increasingly popular recruiting tool. This http://www.WorkTree.com career article gives you the need-to-knows of the meal interview.1. Mind your manners 2. The dish dilemma 3. Consume and converse 4. Finish with a bang1. MIND YOUR MANNERSIt may seem unnecessary to mention, but those basic table manners you were taught as a child still matter. In casual settings, poor manners are not always corrected. Therefore, you could have picked up some habits that your mother would be ashamed of and more likely than not, your interviewer probably will not be too be impressed by them either.Here are just a few of the habits you should be mindful of during a meal interview:- BE POLITE. In addition to evaluating your answers to q
s).Interviews can be nerve-racking, brain-draining, headache-inducing experiences. These days, recruiters have found a way to make the interview even more difficult by combining the experience with a meal. This means that in addition to listening to the interviewer, formulating intelligent responses, and trying your hardest to be confident, you now have pay attention to how you look while eating.Interviews over lunch or dinner are an increasingly popular recruiting tool. This http://www.WorkTree.com career article gives you the need-to-knows of the meal interview.1. Mind your manners 2. The dish dilemma 3. Consume and converse 4. Finish with a bang1. MIND YOUR MANNERSIt may seem unnecessary to mention, but those basic table manners you were taught as a child still matter. In casual settings, poor manners are not always corrected. Therefore, you could have picked up some habits that your mother would be ashamed of and more likely than not, your interviewer probably will not be too be impressed by them either.Here are just a few of the habits you should be mindful of during a meal interview:- BE POLITE. In addition to evaluating your answers to q
There are two situations where I may ignore the interest rate, and recommend the client pay off the debt ASAP.
(1) Loans from family or friends. These loans, while low interest, may be eating away at the relationship, without you even knowing it. They may reduce the relationship to a formal, strained, money-based transaction, instead of a loving, friendly, supportive bond. You may know the debt is a problem, or ask other relatives to see if the debt is a problem in culture of the family - if so, pay it off quick.
(2) Debt that is keeping your up at night, or making you feel unsuccessful. Debt may be the new "American way" - but it is not right for everyone, or even most people. Monthly payments, or even the idea that you could be repossessed or foreclosed upon, may be eating you up at night. You may feel venerable, or like you have never achieved any of your goals until that debt is paid off.
If this is you, then your debts may become a high priority, even over other goals, like college funding or purchasing a new home. Whether your debt should be paid off as a high priority, depends not just upon the interest rate, but upon the mental and emotional interest rate you are burdened with each month you are making loan payments.
Action Step Two:
Take a personal inventory of your debts, and how much they are costing you in mental and emotional energy. Do they bother you? How much? If so, regardless of how low the interest rate is, paying them off should be a high priority. Start today - pay an extra $10, $100, or $1000 on the principal each month. Even better, set up automatic bill payments in your online bank account bill-pay system to make automatic regular extra payments each month or quarter.
Step Three: Goals Funding - Base Level
Now you have set up your Emergency Fund, and paid off your "Bad" Debt, including a loan from a family member, a high-rate credit card, and an old debt from college that was really bothering you.
You have a bunch of goals - retirement, paying off your mortgage, buying your next house, launching a new business, and sending the kids to college.
Which comes first? Retirement? The kids? Paying off your debts? How do you decide?
Step 3 of Where to Put Your Next $1 is to fund your goals, in order of priority, at the base
Laying a Foundation for your Business
Running a business gets so demanding, that we often can't see the wood for the trees. We become preoccupied with ensuring that everything in the business works the way it is supposed to. In other words, we spend most of our time working in the business.The problem with this operational focus is that it is easy to lose sight of what could be done in the business to make it run better. The business will only prosper in the long term if you devote a lot of attention to improving how the business works and increasing its capacity.Spending a lot of time working on the business, makes it grow in the long term. Business growth is sustainable and things just keep on getting better. If necessary, get other people to work in the business. Working on the business should be your top priority.Failure to work on the business causes it to become trapped. It is almost like the business gets stuck in a box. The business is unable to dynamically take advantage of opportunities. And it fails to adjust to a rapidly changin g environment. Eventually, the business starts losing its competitive edge. A one way downhill trip becomes almost inevitable.Most businesses fail or under perform beca
tal and emotional interest rate you are burdened with each month you are making loan payments.Running a business gets so demanding, that we often can't see the wood for the trees. We become preoccupied with ensuring that everything in the business works the way it is supposed to. In other words, we spend most of our time working in the business.The problem with this operational focus is that it is easy to lose sight of what could be done in the business to make it run better. The business will only prosper in the long term if you devote a lot of attention to improving how the business works and increasing its capacity.Spending a lot of time working on the business, makes it grow in the long term. Business growth is sustainable and things just keep on getting better. If necessary, get other people to work in the business. Working on the business should be your top priority.Failure to work on the business causes it to become trapped. It is almost like the business gets stuck in a box. The business is unable to dynamically take advantage of opportunities. And it fails to adjust to a rapidly changin g environment. Eventually, the business starts losing its competitive edge. A one way downhill trip becomes almost inevitable.Most businesses fail or under perform beca
Action Step Two:
Take a personal inventory of your debts, and how much they are costing you in mental and emotional energy. Do they bother you? How much? If so, regardless of how low the interest rate is, paying them off should be a high priority. Start today - pay an extra $10, $100, or $1000 on the principal each month. Even better, set up automatic bill payments in your online bank account bill-pay system to make automatic regular extra payments each month or quarter.
Step Three: Goals Funding - Base Level
Now you have set up your Emergency Fund, and paid off your "Bad" Debt, including a loan from a family member, a high-rate credit card, and an old debt from college that was really bothering you.
You have a bunch of goals - retirement, paying off your mortgage, buying your next house, launching a new business, and sending the kids to college.
Which comes first? Retirement? The kids? Paying off your debts? How do you decide?
Step 3 of Where to Put Your Next $1 is to fund your goals, in order of priority, at the base levels - the amount of money you need to satisfy the minimum requirement of your goal.
For example, how much money do you need to pay your bills in retirement - not live an extravagant lifestyle, or play golf every day for 20 years, or travel the world - but how much to keep out of a cardboard box and live comfortably?
How much money do you need to save to send the kids to State College, as opposed to Ivy League? How much would it cost for the house you need, as opposed to the house you want?
Then fund the minimum, base level of those goals in order of priority. This may mean you start by contributing to your retirement plan or IRA, then contribute to a 529 Plan for the kid's college education, then set aside money in a CD to start a business in 3 years, and then, finally, invest to raise funds for a bigger house.
How do you decide the order of priority? First, determine if there is another way to pay for the goal, besides your own savings - if so, then it is probably a lower priority than goals for which you have no other alternative. For instance, there are loans easily available for college education, but not for retirement (with the exception of a reverse mortgage). Also, you could obtain investors or take out a loan to fund a new business, and pay them off with the new income stream.
Second, evaluate if you are giving up "free money" by not utilizing pre-tax or matching savings or retirement plans. If you can save pre-tax, the federal government is contributing to your goal (since you don't have to pay those taxes), and if you don't take advantage of this each year, you are leaving money sitting on the table. Similarly, if you are lucky to be employed by a company who matches a 401(k) plan, you may want to contribute at least the match, to "let" your employer help fund your retirement.
Action Step Three:
Make a List of Your Goals, in order of priority. Look at your #1 Goal - is it really your most important, or is it just first in order of time? Any special types of accounts or matching available for this goal? How much will your goal cost? What's the base level for that goal?
Set aside money each month to fund the base level of your #1 Goal - use your automatic savings or investment plan help you execute this week's Action Step.
Step Four: Above and Beyond ...
You've maxed out your Emergency Fund, paid off your "bad" debts, and funded the minimum levels of your most important life goals. Great job! What's next?
Step 4 is to fully fund your goals, in order of priority. For example ...
* Max out your Roth IRA, if you are eligible. * Max out your 401(k) and IRAs (yes, you can do both, the IRA just might not be deductible). * Purchase ESPP stock (and don't forget to regularly sell and diversify). * Contribute to a 529 Plan and/or taxable investment account for college education. * Invest in taxable or tax-advantage accounts for miscellaneous future goals, or additional retirement funds. * Buy investment real estate and/or rental property. * Pay off your mortgage. * Purchase CDs or Bonds for specific, time dated goals. * Leave money sitting in your Health Savings Account, invested and tax-deferred, until you can roll it over to an IRA in your retirement.
Wow, do you still have money sitting on the table? Wonderful! If your goals are already funded, then don't forget to enjoy your money now. Take a first-class vacation, hire a errand service for a few hours each week, buy a new sound system, or make a significant donation to your favorite charity. Balance saving for your future goals with living life now.
Action Step Four:
Choose your highest priority goal from Step 3. Have you fully funded this goal, to achieve your ultimate dream? Evaluate whether you have funded the minimal level of your other goals. If you have, then choose an action step from the list above ... and enjoy your prosperity!
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