Securing Your Financial Future, Research Paper Example

Finance is an integral part of human life. Finances play a huge role in determine the success of any given individual, institution or economy. Personal final is particularly great importance as it determines one’s own individual success. As such, it is important that any given individual acknowledges, understands the importance of securing one’s own future. In doing so, it makes it possible to formulate strategies, relative to available resources and prevailing limitations, in order to realize the desired goals. This paper will highlights the different sources from which one can find crucial information on securing one’s own future.

Interview with Financial Advisor

One of the most important sources of information on securing one’s financial future can be found from existing professionals in the financial sector. The following is a record of an interview with a financial advisor.

Question #1: When can I start thinking of my financial future?

Response: any given individual has the ability to secure their financial future regardless of age. The most important thing is to begin as soon as possible.

Question #2: Why is it important to have an early start?

Response: having an early start would allow you to achieve a lot in a lifetime. It would save you a lot of worry in your latter years.

Question #3: So that means retirement?

Response: Yes, retirement. Thinking of retirement at an early stage is the key to a comfortable financial future.

Question #4: what can I do to secure my financial future?

Response: securing one’s financial future can be a complex endeavour. It requires the application of different strategies and exercising patience.

Question #5: What are the key steps?

Response: recognize what you have and take advantage of it. It is important to dream big, but it is important to identify the resources you have and take advantage of them.

Secondly, seek professional guidance. It is important to identify a professional in the field of finance. They can be instrumental in helping you identify advantages that may not be obvious.

Thirdly, always layout a comprehensive plan. A ship without a compass is lost. A plan would be your guide to ensure you stay on course with your intended goals and objectives. Have both short-term and long-term plans.

Fourthly, always match your lifestyle and income. It is important that a financially aware individual adopts a lifestyle that is within their budget. This is important in developing financial discipline.

Finally, become financially literate. If one would like to realize financial success and freedom, it is important that stay ahead by being well informed.

Question #6: What words of advice or caution would you share with a person looking to invest in a good financial future?

Response: My word of advice would be to never put all your eggs in one basket. Specialization has become an important thing in the 21^st century. However, diversifying your portfolio would reduce your risks in a world of shifting economic conditions.

“9 small money steps that pay off big” from CNN.com

This article highlights small steps any individual can apply to secure their financial future. This article highlights the fact that macroeconomics is integral to the success of an economy. However, microfinance is the most important determinant of personal financial success. The author takes a simple approach, but manages to highlight some of the mostimportant tools that ordinary individuals can employ. They are;

• Save Time; this looks at the act of saving little amounts on a monthly basis to create an eight-month cushion in case of emergency. This could be as a result of unemployment or health complications
• Self-discipline: this highlights the choice of lifestyle. Lifestyle has to adhere to the availed financial constraints.
• Invest in Roth IRA; this highlights the numerous advantages of Roth IRA. It flexibility allows for any individual to save and have access to funds when needed.
• Invest in stocks; stocks are usually a good way of investing much of one’s incomes. This is crucial in creating a buffer for emergencies while creating wealth in the process.
• Four Crucial Documents; this highlights the need for four documents that are vital to financial stability in case of demise or incapacitation as a result of health complications. They are;, (1) a will, (2) revocable living trust, (3) durable power of attorney for health, durable power of attorney for finance.

“This Way To Wealth: Discipline, Budgeting Needed To Secure Your Financial Future”, from Journal Online

This journal article provide advice on key issues that everyone has to consider in order to realize economic and financial freedom. The article concentrates on actions that are geared towards realizing a suitable retirement as opposed to focusing on realizing success at the present. Of importance is the mention of analyzing and regularly checking credit rating. This is because an individual’s credit rating affects their ability to access credit when they need or require it.

The article also reiterates the importance of having a foundational understanding of the various financial concepts. This is identifies as a key tool for managing one’s investment portfolio. The success of one’s investment portfolio is the ultimate measure of financial security.

How We Made Our Millions

This is an economic documentary fill that Peter Jones, an experienced business, goes in search for the important elements that made some of Britain’s biggest billionaires. Jones goes in search of the human elements that defined the success of these millionaires. Jones is a very successful business man but looks for the qualities that makes two of Britain’srenowned, multi-millionaires. He interviews and follows Richard Reed and Michelle Mone.

Reed started one of the most successful smoothie business. His business realizes up t0 165 million in turn over on an annual basis. However, the most interesting thing about Reed is the business model he has adopted. His business model is hinged on a social corporate culture, much similar to the ones adopted by American firms like Google. He believes that an individual who feels at home in the place of work would be the most productive employee. As such, he has endeavored to create a business environment that is community-oriented.

Michelle Mone is started her own lingerie company that has become one of the most successful in Britain. The company is estimated to be worth just over 50 million pounds. Mone is employed sheer determination and inspiration to achieve her quest. She epitomizes an aggressive business person in the 21^st century.

This documentary highlights the decisions that these two multi-millionaires made to secure their financial future. Of importance was the habits that each of the business persons highlights as critical for personal financial success and freedom.

Kiplinger Articles

Strategies to Boost Your Social Security (Kiplinger Article)

This article looks at ways that one can secure their financial future by boosting their social security. The author highlights the inherentbenefits of having a large social security. These benefits are not limited to the investor, but their next of kin. One interesting view of the author is how they analyze social security as a potentially vital asset that an investor could add to their investment portfolio. Social security is guaranteed as long as regular payments are made. As such, including social security in an investment portfolio may guarantee access to financial assets that offer credit.

He highlights the different strategies that individuals anticipating retirement should employ. One of the most notable ones is investing in the IRA and Roth IRA and opting to wait before claiming funds. This provides for higher returns in the social security, saving thousands of dollars in the process.

5 Steps to Secure Retirement

The author looks at the strategies individuals can employ to recover from the effects of the 2008/2009 great recession. They highlight the effects that the recession had on people’s savings and what steps they would follow to assure them of a better financial future. One of the most important strategies is ensuring the 15% of one’s income goes into their retirement savings. A complementary strategy highlighted is the creation of retirement income by making investments that are specifically geared for retirement.

Money Magazine Articles

Ditch ‘The Number’ and find a realistic retirement savings goal

The author highlights the importance of creating realizing retirement goals, relative to one’s current financial position, the economic and financial environment and other limits that may apply. The most crucial element of the discussion that the author offers is the identification of the amount of money one would require for their retirement. This would assist in determine the current and future value of their retirement.

How to Build a Solid Financial Future

This article highlights crucial elements to a solid financial future. The author reiterates the need to build a future in a solid financial foundation. While this foundation may not solely comprised of finances, but what matters are the principles that one decides to adopt so as to realize a solid future. The author highlights the importance of developing a blueprint for one’s life. It is crucial to map out one’s desired life relative to their limitations. This goes in hand with adopting an affordable, yet comfortable, lifestyle.

The author highlights the importance of developing a culture of saving. An individual who saves and stocks up is better swerved to get through any financial crisis without much difficulty. Building up an emergency fund may be crucial to help to cushion one from unexpected shocks within the economy that affects every individual within the economy. Debt is generally regarded as the enemy of a good financial future. However, if checked and managed, it can be one of the most important tools to realizing one’s financial goals.

The Money Book for the Young Fabulous & Broke

This book is a personal finance book that focuses on the young generation, especially graduates. It highlights the challenges of creating income so as to secure a good financial future. It highlights the various stages of a young person’s life and the key strategies they can use. These include their FICO score, positive and calculated career moves, using credit and student debt.

Nickel and Dimed: On (Not) Getting By in America

This book looks at the challenges of a low paid worker and the difficultyof securing a good financial future in the United States. The author finds it very difficult to survive on the pay of a low-income earner and realized the difficulty in saving. This book highlights the challenges of creating a secure financial future without the adequate resources. However, the author highlights the stories of few who have managed to overcome such challenges, rising to the top of the business world. The author highlights the stories of a few individuals during his journey, who he noted had developed strategies to help them secure a good financial future. Some of these strategies involved working longer hours and engaging in economic activities that were group oriented. These mainly involved SACCOs and the use of credit to make investments, both long-term and short-term.

Works Cited

Ehrenreich, Barbara and Cristine McMurdo-Wallis. Nickel and dimed : on (not) getting by in America. Prince Frederick: Recorded Books, 2004. Print.

Franklin, Mary B. “5 Steps to a Secure Retirement.” October 2011. Kiplinger. Internet Source. 17 December 2014. <http://www.kiplinger.com/article/retirement/T047-C000-S002-5-steps-to-a-secure-retirement.html?page=2>.

Friedlander, Alan. “This Way To Wealth; Discipline, Budgeting Needed To Secure Your Financial Future.” Journal Online (2013). Internet Source. 17 December 2014. <http://www.journal-topics.com/business/article_c184dda6-2017-11e3-a0af-001a4bcf6878.html>.

Gerald, Susan B. “Strategies to Boost Your Social Security.” January 2013. Kiplinger. Interet Source. 17 December 2014. <http://www.kiplinger.com/article/retirement/T051-C000-S004-strategies-to-boost-your-social-security.html>.

How We Made Our Millions. Perf. Peter Jones. Films Media Group; BBC Worldwide Ltd; Films for the Humanities & Sciences. 2013. DVD.

Kapoor, Jack R, Les R Dlabay and Robert J Hughes. Personal Finance. Boston: McGraw-Hill, 2004. Print.

Magnarelli, Margaret. Personal finance. New York: Amsco School Publications, 2011. Print.

Mandura, Jeff. Personal finance. Boston: Pearson Addison Wesley, 2007. Print.

Orman, Suze. “9 small money steps that pay off big.” 9 October 2009. CNN. Internet Source. 17 December 2014. <http://www.cnn.com/2009/LIVING/personal/10/09/o.small.financial.steps/>.

—. The money book for the young, fabulous & broke. New York: Riverhead Books, 2005. Print.

Updegrave, Walter. “Ditch ‘The Number’ and find a realistic retirement savings goal.” 9 December 2014. Money Magazine. 17 December 2014. <http://money.cnn.com/2014/12/09/retirement/retirement-savings-goal/index.html>.