Today I am going to look at building Financial Resilience.
Financial Resilience means that you are ready to cope with whatever life throws at you.
Even the best financial plans can be upset by an emergency car repair, a sudden illness or losing your job.
It pays to be prepared for all of these things otherwise you could get caught off guard.
Perhaps a pipe bursts in your house. Perhaps you lose your job or get sick so you can’t work.
The fact of life is that these things happen...
It has been widely publicised that the Baby Boomers are the wealthiest generation in history.
Born just after the war, their stratospheric increase in wealth has been largely attributed to rising property prices and a surging stock market, but is it really that simple?
Yes – there is no doubt that the boomers were helped along by their burgeoning property prices and stock market growth, but I don’t think that this really tells the whole story.
If you don’t own a property or...
When it comes to investing, the first step can often be the hardest.
Perhaps you have read all of the blogs and articles telling you how the stock market is the best thing since sliced bread (it is by the way).
You have read the books and taken the courses, but you are just a little unsure how to get started.
There are so many questions to answer when it comes to investing, especially for the first time, that you are not alone in getting a little stuck along the way.
The good news is that...
Let’s face it saving money can be really tough!
You have to cover all of the bills, try to have some fun and then, hopefully, still have something left over at the end of the month to put away for the future. It’s not always easy.
Even if you do have some spare cash, where do you save it and how should you manage the process?
A regular savings account can be a great way to solve many of your savings issues.
I love my regular savings accounts and I always renew them every year,...
We mostly think of debt as a really bad thing that we want to get rid of as soon as possible. However, there are some forms of debt that are really good for your financial health.
Despite them being good for your financial health, all of these ‘good’ debts come with a significant health warning.
Unless you are super disciplined and you know that you will not spend more money when you have debt available, you should skip this post and move on.
Although these ‘good...
Side hustles come in all sorts of different shapes and sizes. What separates a side hustle from true ‘passive income’ is that you will generally need to invest some time in your side hustle business.
If you have money and no time, then passive income ideas might be better for you.
If you have time and no money, step right up – a side hustle is for you.
Some side hustles can be started at zero cost, while others need some start up capital.
Some will start generating income...
Debt has been described as a menace, as a virus, as a destructive force of evil and indeed it can be all of these things, if you let it.
Debt can also be used in certain ways to your advantage, however these methods are only for the most disciplined.
You have to be honest with yourself here, if you are likely to ‘miss-use’ debt if it is available to you, you are better off paying off all your debt and having none available at all.
But how exactly do you pay off debts. It can be...
Earning money while you sleep is the ultimate goal of many people who are trying to achieve Financial Freedom.
Imagine how good it would feel to have your cashflow completely on auto-pilot.
Imagine waking up to find out that your bank account is still full, despite the fact that you have done zero (or incredibly little) work.
If you want this dream to become a reality, you will need to start to build up passive income.
Before we go any...
Please note, in this article I will often use the word ‘retirement’ in inverted commas. The reason for this is that when we say ‘retirement’ it means different things to different people. For the purposes of this post, we shall assume that at the very least, ‘retirement’ means you want to quit your current job.
When it comes to early retirement, things can get a little complicated.
How much income do I want to live on? What will I do with my time? Do...
When most of us think of assets, we think of anything we own.
The opposite of assets in most people’s mind is therefore anything we owe, these are our liabilities.
The problem with these definitions, especially when thinking about Financial Independence, is that they are not particularly helpful to us.
Why might that be?
Well, there are many things that we would typically describe as assets, that do not really help us on our way to Financial Independence.