Be Responsible For Your Own Financial Secutiry

by Denis Waitley

There is no job security. You can’t rely on staying with the same company through retirement. Pension plans, when available, are woefully inadequate. Social security benefits won’t come close to covering your living expenses in retirement.

The only way to reach financial security is to plan for it now, regardless of your age. You have to define financial security in your own terms. Have you defined the amount of assets that you need for financial independence?

Financial security is that amount of assets that will give you a specific income, after taxes, to live like you want to, without having to depend on day-to-day employment.

What is that amount for you? I believe it is more than you think. And, I feel that if you define it, you can reach it in ten years or less. Do you have a financial plan and the assistance of a financial planner? You need both. Always retain a financial planner on a fee-for-service basis. Don’t mix financial planning with an investment broker or insurance agent. What are your financial goals and what is your time line? Because I started late in my quest for financial independence, I have a maximum five-year period remaining for capital accumulation.

Action Idea: Wealth is not only based on income, but also on expenditures. Are you spending or investing? Are your purchases goal-achieving or tension-relieving? How do you use credit cards? Use your credit cards for services or purchases that retain their value or that build your business. Don’t use credit cards for vacations and personal entertainment, unless you plan to pay the entire balance in one or two months. Try to pay all your balances in full monthly. In this way, you avoid the ridiculously high interest payments. Realize that paying minimum balances, at high interest rates, means that you are paying two or three times what the original purchase was worth.

Most importantly, save at least 6 to 10 percent of your take-home pay each month, by writing a check into a savings account or mutual fund for that amount, as if it were a utility bill or house payment. The secret of most self-made multi-millionaires is compound interest. If parents saved one dollar each day for their newborn infant, by going without a cup of Starbuck’s coffee, or a Big Mac, or a soft drink for that day, by the time the child reached age forty, he or she would have a million dollars cash. No lottery windfall. No brilliant investment strategy. Just compound interest, which Baron von Rothchild labeled "The Eighth Wonder of the World."

Reproduced with permission from Denis Waitley's Weekly Ezine. To subscribe to Denis Waitley's Weekly Ezine, go to www.deniswaitley.com or send an email with Join in the subject to subscribe@deniswaitley.com Copyright © 2005 Denis Waitley International. All rights reserved worldwide.

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PROTECT YOUR CREDIT CARD FROM THE FRAUD GRINCH
The holiday shopping rush has begun.
Do you know where your credit cards are?
Credit card theft and fraudulent charges cost consumers hundreds of millions of dollars annually.
During this time of year, thieves take advantage of the hustle and bustle, when you have so many things on your mind and so many things are happening at once, to steal your credit cards and credit card numbers.
It can happen in many ways.
People can go through the garbage cans of stores to find credit card receipts. They can rummage through your garbage to find credit card slips. Dishonest store clerks can copy down your card number when you are not looking and either use it themselves or sell it to someone else. Or, you might set your card down on the counter, just for a moment, and a quick-handed thief takes it while you’re distracted.
Also keep in mind that pickpockets are very active during the holiday season.
Don’t let a thief ruin this happy time for you.
Take steps to protect your credit cards:
When you receive a new card in the mail, sign it immediately. If you don’t, someone else can forge your signature if you lose the card.
Don’t carry your cards in your wallet. Instead, keep them in a business card case, in a zippered compartment in a purse or briefcase or a separate pouch. And keep your eyes on that purse, pouch or case!
Keep a record of each card number and expiration date, as well as the phone number and address for the card issuer in a safe place at home.
When making a purchase, watch your card during the entire transaction and take it back quickly.
Void any receipts that are incorrect.
If the store still uses carbons, tell the clerk to give them to you. Tear them up into several small pieces and take them with you. Dump the pieces in several different waste baskets or shred them at home.
Save your receipts to compare with your billing statement.
When you receive your statement, examine it as soon as possible for fraudulent charges.
If there are any fraudulent charges, call and write the card issuer immediately to report them. Many credit card companies have toll-free numbers and 24-hour service.
If feasible, consider making all of your holiday purchases on one card. It will be easier to keep track of what charges you actually made.
If you plan to move, notify your credit card companies in advance so they can send your bills to the correct address.
Don’t lend your card to anyone.
Don’t leave receipts laying around. If someone should break into your house, they will give thieves the information they need to use your credit cards.
Don’t sign a blank receipt. If there are any blank lines above the total, draw a line through them.
Don’t give out your credit card number over the phone unless you initiated the call and it’s to a business that you know is reputable.
If you lose your card or someone uses the number fraudulently, you are not responsible for any charges made on the card after you make the report. By law, you are liable for a maximum of $50 for each card if fraud has been committed.

To learn more about credit cards and improving your credit, visit http://upyourcredit.blogspot.com/

If you own a small business, learn 51 reasons why people buy, written by marketing guru Jay Conrad Levinson.

visit http://smallbusinesswinner.blogspot.com

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