Buckets Overflowing With Riches
Picture your life as a five-step staircase, with you standing at the top and bottom of the Fulfillment of your choice. Experience, financial stability, quality of life, financial security, financial independence: Fill in this market a lot, an empty bucket on each of the five steps and the labeling of buckets from top to bottom of the picture.
Your goal is to fill every bucket of dollars, as you progress down the stairs, that when a bucket overflows, it starts to fill another bucket.
Survival in the bucket, how do you pay for their basic needs for food and shelter. Once you have take care of all the extra money flows into the second bucket, which is financial stability. Financial stability is the ability to maintain the vehicle suddenly changes and unforeseen emergency event in your life - insurance against natural disaster losses.
To be financially stable, you have an emergency fund savings account equal to three months, the minimum income, and preferably six months of income. You must also have adequate permanent and transferable medical insurance that remains in force, regardless of your employmentstatus, life insurance, including the lifetime, in addition, a term that accumulates cash value and the premium level.
Another critical component of financial stability is not cancelable, individual permanent disability income insurance, which is equal to not less than 70 percent of their monthly salary, but preferably 100 percent. One of the biggest financial blunders most people make is to forget the lost revenue from the possibility of injury or illness is much higher than that for life. Not only are you without income when you are sick or injured, you can do to take care of that period, and costs will continue, although you can not work.
When the bucket is filled with two contingency dollars for your financial stability, you can sit down with your inner circle and to determine what life will bring you to the quality of life: your home, family, education, recreation, objects, etc. These issues should be budgeted with a monthly savings amount but small.
If you can fill your quality of life in a bucket, a little bit of extra discretionary income trickle over the lip and falls into a bucket of four. This financial security is a bucket. Financial security is defined as that part of the property, which will give you an after-tax income you need maintainthe life should have the quality of life you want to set a point in the future the amount will depend on the free day-to-day work.
Less than 10 percent of Americans will never fill the bucket. Your goal is to be in that 10 per cent. This is not a reasonable salary. Many people in the top income will never reach financial security. Many middle-income Americans. To get into the top 10 percent, it is necessary to put 10 percent of their spendable income to fund the investment opportunities offered each month as the mortgage payment.
The fifth and last bucket of financial independence. This is achieved when the beat to the date set for retirement. Create personal property subject to be financially independent from having to work, but you still have your health and still young enough to enjoy the property. Many individuals identify their financial security, the target date of 65 years. The use of compound interest over time, you can meet your target date and set yourself free.
See your life as a ladder to the execution. Put your dollars in the right bucket to the right. You'll be amazed at how money flows from the bucket of a bucket, as the mountain river.
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by: checksandbalances
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Source: http://www.altegen.com/economy-finance/buckets-overflowing-with-riches.html
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