Women know what men have long forgotten. The ultimate economic and spiritual unit of any civilization is still the family.
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Saturday, October 13, 2012

Cycle of life

 Understanding the personal lifecycle
Age 20 years
  •  try to save 5 to 10 percent of gross income.
  •  have an emergency fund of six months of the monthly fee.
  •  start a credit history, it can be from a credit card, credit history is very important to do, especially in  developed countries like America.
  •  purchase or repair homes. investing for growth not to long.
  •  make pension savings.
  • have adequate insurance.
  •  making a will.
Age 30 years
  • budget and expenses should be scrutinized more carefully.
  •  include a broader tax planning
  •  raise funds for savings / investment retirement
  •  saving for children's education funds
  •  start retirement planning
  •  re-evaluate insurance needs
  • will change according to the change in family status.
Age 40 Years
  •  continued to provide funding for the education of children, it could be to finish college.
  •  add personal savings.
  •  continue with the add investment funds for retirement.
  •  monitor the tax consequences on investment.
  •  investment for the long term.
  •  reviewing insurance requirements because the kids are out of the house.
  •  reviewing homeowner's insurance.
  •  legacy planning more seriously by using wills, transferring ownership of the property by way of gift, grant or even start making trusts.

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chitika