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2008 - Giving Your Financial Plan A Tune-up

Jan 2, 2008
With a new year comes the fresh wind of all types of possibilities. That being said, one of the top areas to consider is your personal financial situation. Here are some tips to follow for 2008 if you can. You'll be much better off if you do.

So, what is the first financial goal you should shoot for in 2008? Ready to be surprised? The goal should be to buy a house! Yes, the market is a mess, but this also represents a huge opportunity for you. Buy low and sell high.

Make objective, not subjective, financial decisions. Put another way, review things objectively instead of emotionally. If people take this small step, they can avoid a host of unwise financial moves throughout their life.

Let's be very clear about one thing. Financial gurus selling books and speaking on television are good at one thing and one thing only - selling themselves. Don't listen to anything they say. If they were right, they would be billionaires.

Buying insurance is not exactly on the top of the list of things to do, but you should. Make sure you have enough to cover big financial problems such as hospitalization and disability. Eliminate insurance for small items such as credit card debt.

Financial planning for the married couple can be a task. It is no secret that the biggest problem in most marriages is finance. Make a pack to sit down and discuss things in a calm manner. You should do it now before problems crop up.

Regardless of your age, retirement planning should be a part of your financial review each and every year. Retirement will be upon you far sooner than you can imagine. Every dollar you save now can be leveraged into gains later.

What is the best investment you can make in the world? How about investing in yourself? You want to live a long, fruitfull life. Join a gym and get some exercise. Go back to school and get that degree or training.

Calling psychic lines probably isn't the best use of your money. That being said, you need to become a bit of a fortune teller. Specifically, your own fortune. You should take into account big things [a child?] you expect to happen next year and plan for them.

As is obvious, we are all different and all in unique situations. This means we all have different financial issues to consider. This article covers some of the basic issues that are common to most people, but make sure to use common sense when reviewing yours.
About the Author
Barry Waxler is a financial advisor with UFCAmerica.com.
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