Tag Archives: Managing Finances

10 Financial Mistakes You Should Avoid

10 Financial Mistakes You should avoid
10 Financial Mistakes You should avoid

10 Financial Mistakes You Should Avoid- Strategies Designed to Help Keep Your Money SAFE and Growing by Stephen.  S. K Ng

It is extremely important to be plan for ones retirement and grow their existing funds. In his book Stephen shares with the readers 10 Strategies to prevent yourself from being broke in your golden years.

One of the most important thing that you need is A PLAN. There must be an idea of how you would like to grow your limited funds. You need to know your time horizon and whether the finances set aside is for long or short term.  The plan that you execute has to be one that will beat inflation and taxation while and even longevity risk.

The author goes through the meaning of annuity and how to avoid taxation which depletes your savings. There are several different instruments which one can use for investment. It will certainly be prudent to find out which one is suitable for you and also how each one works.

It is very important to be educated about the different investment vehicles available.  Not all strategies that are currently used are applicable to you. One has to look at their age and a host of other factors before determining which is the best course of action in  dealing with  financial investments.

One must remember not to put all eggs into the same basket and develop a diverse financial portfolio.  It is important to seek advice from professionals before deciding on what to invest in.  They will be able to give you a clearer idea of what is more suitable for your  in the short and long term depending on your goals.

There are certain types of insurance which one may need to consider to secure your estate for future generations.  Some of the insurance which the author recommends is term, disability and long term care.  Longivity risk is something which has to be addressed as nowadays many people are living well into their nineties and beyond.

My thoughts

Reading this book by  Stephen Ng made me reflect on my own personal financial planning. I haven’t really been thinking much about retirement and having enough to sustain the kids and my needs as for the past 20 years I left this to the  Ex who  is a CPA/CFA. On hindsight it was really naive and foolish to do so as he has been financial manipulative and I’m still working towards regaining my financial independence and freedom.

I definitely recommend this book if you are looking to know what are the 10 financial mistakes to avoid. It was certainly an eye opener for me reading the book and have encourage me to think more about my financial stability.

Disclaimer:  I received a copy of this book for review purposes.  Opinions are 100% mine.

[Book Review]-The Money Code by Joe John Duran,CFA

The Money Code
The Money Code

The Money Code: Improve Your Entire Financial Life Right Now by Joe John Duran, CFA is a comprehensive short read about how you can improve your current financial situation.

In the 10 chapters of the book you will learn about the lessons that Jack had gone through while managing his money.

Joe starts of the book by mentioning that Money is only good for three things

1. Avoid pain—by protecting you and helping you to take care of what you’re afraid might cause pain in the future.

2. Feel good—by getting you the things that provide you with happiness and satisfaction
3. Take care of the ones you love—by meeting your obligations to family, community, and society at large

He goes on to share the 5  money secrets  and how they affect all decisions which you make regarding money.  In subsequent chapters Joe talks about how important it is to know the following

1. Clear understanding of what is currently most important to you in life.

2. What you are willing to adjust to meet your goals.

Through the online lessons that Jack went through with the Alchemist he learned more about his own thought process regarding his finances and he learned how to prioritize what he needs against what he wants financially.

 My thoughts

I found this an excellent book as it  makes one examine what triggers purchases and woes about money in a person. It also teaches us how to plan the usage of money rationally. How we can control our financial life by taking charge of our spending patterns.

We can control our spending,  savings, timing on when we need to make major financial changes and the amount of risk we want to take. Reading the book makes me think through in more detail preventing me making any hasty decisions regarding my finances.  I’m blessed to be living with a CFA who does make prudent decision regarding our family finances.

The tips shared in this book are applicable to any lay person and can really change your financial status.

Get your copy of The Money Code: Improve Your Entire Financial Life Right Now to learn more about managing your money.

Disclaimer: I received a copy of the book for review purposes. All opinions are 100% my own.This post has a compensation level of 3. Please visit Dominique’s Disclosure page for more information.