I’m now reading book entitled ‘Personal Finance for Dummies’. I’m not a bookworm and it takes time for me to finish reading the 419 page book. It is also hard for me to memorize what I’m reading as I’m getting old and the read access memory (RAM) in my brain is going to breakdown. So to repair the memory, it is better for me to read and rewrite some of the main point.
For this entry, I’ll write about the chapter on ‘prioritizing your savings goals’. I know it is illegal to rewrite the content but I hope Eric Tyson (the author ) won’t sue me as I’m not a rich blogger. Just sharing his education could make benefit to him too.. Hehee..
Prioritizing Your Savings Goals
If we want to get better financial, we must have goals. It could reflect our financial as below :
1. Becoming part of the landed gentry
– Renting and dealing with landlords can be a financial and emotional drags. Many people want to buy and own some real estate (mostly own a house).
2. Making major purchases
– Most people need to plan ahead for major purchases such as a car, furniture, vacation trips and others entertainment purchases.
– Retiring ain’t just sitting without doing nothing. It is a catchall term for discontinuing full time work or perhaps not even working for pay at all.
4. Educating the kids
– Education for kids is expensive purchasing. It could increase year by year.
5. Owning your own business
– Many people (including me) want to become the boss. It ain’t easy as there’s more risk to face.
Everyone have different view and goals. To accomplish this goals it requires saving money. One of Chinese proverbs say’ Do not wait you are thirsty to dig a well’. In other words, don’t wait to save money until you’re ready to accomplish a personal or finance goal.
How about that? Do you know how to prioritize your saving? If not, then I’m recommend you to buy and reading the other’s chapter of Personal Finance For Dummies