File of Bulletins
"My Personal Finance"
There are great the persons with whom I have had the opportunity to speak in these almost 6 years of experience as financial planner that live repeating phrases like “... I spend more than I win... ” or “... I do not know what happens with the money that brings in me... ” or “... not, have not done it –: but let's do it! ”
The curious thing is that in the majority of the cases the solution to these situations is always the same one...
One of the most important aspects to achieve a few healthy personal finance, economic safety and a life focused in the generation of wealth has to do at the level of conscience that you have on the question: What is the most important company in his life?
Many persons answer immediately that the most important company is the company for which they work, or the company of which they are associates or shareholders, or that company that they want to form...
It is common to speak with friends, relatives and clients who assume that in some moment of his lives they will be able to allow working and will devote themselves to live through his golden years; this stage of the life where the freedom is had to do what more loves and if this way he decides, not to have to work again.
I do not try to alarm him, but the numbers show an end of not such a happy history...
Other of the targets that is fundamental to glide and to include inside a suitable process of planeación financier is the education of the children. Every time it is more necessary to try that our children rely on with an excellent university education, since today more that never, the knowledge is key and an engine of professional competitiveness.
It does a time I took part of a conference that a very successful businessman of this country said something that called me greatly the attention and that I want to share with you...
The suitable handling of the debts is a determinant factor in the possibilities of generation of wealth of the persons. Although in some cases they can be a big ally and an element of very powerful leverage, unfortunately, in my experience almost all the persons have bad debts that limit dramatically the possibilities of being financially healthy, prosperous and successful.
It is a fact that still the percentage of persons who invest his money in CDT's keeps on being very high.
Approximately 15 years ago probably were an investment option, or he should say rather of saving for those persons that they were looking for conservative and relatively stable alternatives. The CDT's turned into one of the forms of investment that many persons preferred basically because the offer of a little more sophisticated products in Colombia did not exist yet. Namely out of the CDT's, of the ordinary joint funds of the trustees, of the certificates of capitalization and of other similar products of investment and in many cases obsolete... there was no where more to invest the silver of conservative form!
I have the firm belief that a very important part that all the persons we must think about how to optimize inside our personal finance is everything what has to do with the fiscal topic: how to diminish in a legal way the taxes that we have to pay.
Unfortunately in my experience like financial planner of last 7 years, I me could have realized that the majority of the persons only falls down in the account and begins thinking about this topic when often it is already much late.
When a person is in the process of doing his financial plan or there is already implementing his financial plan product of the consultancy of a consultant specializing in this topic, it is very important that he could make use of all those elements that can do that his way not only is easier and rapid, but less painful in the process of doing it.
Namely it is vital to know the most important levers that you can have in his favor!
One of the most viable forms so that you manage to accumulate an important capital and really “to set the money to work for you” is across the potency of doing investments gradually.
Although obviously between major the total of the investments, major the capital that you will be able to accumulate, I believe that the really important thing is to initiate this process; that is to say, acquiring the habit of doing investments of a periodic way. My recommendation is that you can organize yourself to do it whenever auto-employee receives his monthly revenue, independently if you are used, etc.
In my experience, this habit is one of that it is going to give more benefits to him in his financial life... it is more, it would dare which to say that if you manage to apply this habit in his financial life, all his way is going to be easier.
For this edition I want to tackle a topic that we have not treated in
previous editions of "My Personal Finance" and it has to do with
importance of having additional income and what type of income
additional it is more suitable to structure to be able to construct a life
of financial safety and where the most important element is to be able to have
QUALITY OF LIFE.
In other words to be able to be provided with more income, but without diminishing
another variable of the equation of quality of life: the Time.