Your FFG Financial Needs Analysis
Step One - Inspect What You Expect
Track Earnings and Expenditures. The power of the Internet is now a valuable tool to monitor your personal finances online...
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Step Two - Increase Cash Flow
Earn Additional Income. If possible, explore a second career option, or look for part-time work that can bring in additional...
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Manage Expenses. Money that you don't spend is money in your pocket that can be applied toward debt reduction and wealth accumulation...
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Step Three - Eliminate Debt
Consolidate Debt. ...a debt consolidation refinance can combine your monthly bills and produce a substantial annual savings...
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Step Four - Develop an Emergency Fund
Have a Plan for Emergencies. An adequate emergency fund should: Be in a place that's safe, Return a better interest rate than...
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Keep a Stash of Cash. As a general rule of thumb, you should keep a minimum of three months income or salary (preferably six months)...
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Step Five - Protect What You Have
Protect Against Loss of Income. During a person's younger "income-earning" years, it is important to have adequate insurance...
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Insure Family Assets. As a person nears retirement age and has built substantial assets for retirement, one's financial plan...
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Step Six - Build Long-Term Financial Independence
Stay Ahead of Inflation. There is no real secret to staying ahead of inflation - your assets simply have to earn more interest...
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Minimize Your Tax Burden. No one can escape death, and escaping taxes appears to be just as unlikely. Suggestions on ways to minimize...
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Step Seven - Estate Planning
Prepare an Adequate Estate Plan. When it comes to providing for your family's future - not having an estate plan in place can...
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