Here's a great introduction to personal finances for newbies and a wonderful reminder for the rest of us to cover the basics of money management. It's from Entrepreneur magazine and lists eight steps to take control of your finances. I'm listing all of the steps below along with links to posts I've written that provide additional information:
Step 1. Create and review a financial plan.
- Bad Advice from a "Financial Planner"
- How to Become a Millionaire (How to Become Rich)
- Financial Planning Tips for Each Stage of Life
Step 2. Organize your financial records.
Step 3. Calculate your net worth.
Step 4. Establish a spending plan.
- Why We Hate Budgeting - But Shouldn't
- A Great Alternative to Quicken and Microsoft Money, Part 2
- Five Keys to Developing a Successful Budget
- Three Ways to Track Your Spending
Step 5. Build an emergency fund.
Step 6. Reduce or minimize consumer debt.
- 7 Credit Card Trends that Can Cost You
- Strategies for Dealing with Credit Card Debt
- Nine Ways to Pay Off Debt
Step 7. Draft four, key estate-planning documents.
- How to Write a Good Will
- How to Choose a Guardian for Your Children
- Wills that Work
- Benefits of a Will
Step 8. Obtain adequate insurance.
Comments