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By
Terry Orr
Of all the important skill sets to have – this is one
that I yet to master – one that should have been mastered long before
completing high school – and should be required for all kids going to school. We all need to understand the importance of
financial planning – for our immediate, mid and long-term.
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“If you can, you will quickly find that the greatest rate
of return you will earn is on your own personal spending. Being a smart shopper
is the first step to getting rich.” - Mark Cuban
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Ric Edelman is the chairman and CEO of Edelman Financial Services, LLC
- the author of several personal finance
books and the host of a syndicated weekly personal finance talk radio show
called The Ric Edelman Show. Ric is
extremely popular here in the nation’s capital and most medium to large
companies sponsor him to help their employees financial planning. A very good friend of mine has read all of
his books and took to heart the advice Ric provided – would have been helpful
if I had followed in my friends footsteps.
The first book of Ric’s I read was “The New Rules of Money” - 88
Strategies for Financial Success Today; and the next two I plan on getting are
– “The
Lies About Money” and “Rescue Your Money”.
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“Only buy something that you’d be perfectly happy to hold
if the market shut down for ten years.” - Warren Buffett
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A very good friend of mine told me - that early in his
Air Force career, he got some excellent advice on financial management. With each promotion and or pay raise – put half of that
into your long term savings; but half of the remaining into your short term
savings and the remainder for you. Now
that is pretty simple and straight forward and makes a lot of sense.
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“Experience taught me a few things. One is to listen to your gut, no matter how
good something sounds on paper. The
second is that you’re generally better off sticking with what you know. And the third is that sometimes your best
investments are the ones you don’t make.” Donald Trump
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One of our daughter’s parents came up with a smart
financial plan for their children by establishing CDs and savings accounts for
things like – their education; autos and insurance; and the like. So when they were ready to purchase their
car, then withdrew the funds from their CD and made monthly car payments into
the auto CD.
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Long before laptop, tablets, smartphones were everywhere
– many of us used the back of a napkin to do our planning. This process helped us understand the concept
and identify key factors which were later typed and distributed.
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So here is my advice - do your research, gather your
ideas, sketch out rough plan on what you are hoping to achieve. Then find yourself a good professional
financial adviser. Develop your plan,
begin executing it and make sure you review and update you plan frequently and
the situation warrants. Good luck.
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References and Links:
"The mint makes it first, it is up to you to make it
last." - Evan Esar
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