The problem with financial planning is that it is boring. Everybody wants to hear the latest and greatest get rich schemes, how to start up a social engineering site that will make them millions in 8 months or blink your eyes and grow rich. People who end up making money generally plan for it.
There is always an element of luck and risk and for those who are lucky in their risks their rewards can be astronomical. The other side of the coin is that their risk can be financially devastating as the recent home loan meltdown has proven. Banks and people are being punished for being greedy.
What about the rest of us?
If you have been saving money, paying off your mortgage, keeping your credit card bills down to zero or paying them off monthly, congratulations. You are on the way to for financial success. People who have money will be in a better position to scoop up realty in the current environment and make profitable investments.
There will always be some sort of opportunity to make money and as the cliche goes, opportunities are like Las Vegas casinos. If you see one that is attractive and miss it, don’t fret, there will be another bright enticing one down the block.
Like the casinos, you need to have cash and the easiest way to have it ready is to have been saving for it. If you are working your way out of debt, congratulations as well. You will make it. It may take some time but planning now for getting out of debt will be a lot easier with your eyes open than closing your eyes and hoping it will go away.
Kim Greenblatt
Tags: Business, debt, profitable, saving