Review Continued
Posted on August 13, 2008
Filed Under Free Financial Course |
(This a continuation of a review of all lessons on this website).
Lesson 6: Investments
The key to choosing investments is to understand that: the higher the risk, the higher potential return. However, higher risk could also mean a greater loss.
We covered a list of several major types of investments; however, there are literally thousands of other things you can invest money in.
- Savings account.
- Money Market Funds
- Certificate of Deposit (CD’s).
- Bonds.
- Stocks.
- Mutual Funds.
- Real Estate.
We also discussed how to actually purchase these investments. Typically, in order to purchase these types of investments, you will need to open up an investment account with your bank or an investment brokerage firm. Here are the typical accounts that you can open:
- Individual investment account.
- Traditional Individual Retirement Account (IRA).
- Roth IRA.
- 401(k) Plan.
Key Items Discussed:
- Determine how much money you need to retire on.
- Develop a savings and investment plan to make it happen (or contact a Financial Planner.)
- Upgrade your savings account to earn more. E-loan currently offers a great rate of return on an FDIC insured savings account. Learn more here.
- Open an investment account. Or switch to a less expensive account like Zecco.com.
Lesson 7: Wealth Protection
After working so diligently to improve your credit and build a retirement nest egg; it is important to protect both your wealth and your identity from theft or other disasters. In this lesson we reviewed different types of insurance and protection that are available, and how and when to use them.
Insurance is available for just about anything these days; however, most needs can be met with property, health, and life insurance.
We also discussed Identity Theft Protection and several steps that you can take yourself:
- Shred bank and other financial documents instead of just throwing it in the trash bin.
- Keep important records under lock and key.
- Never carry both your driver’s license and social security card together in your wallet or purse.
- Use a secure mailbox to send outgoing mail.
- Pick up mail from your mailbox as soon as possible.
- Never give out your social security number or other personal information over the phone; unless you are sure of the company or individual that you are speaking with.
- Make sure you know that the business is legitimate when making online purchases. Purchasing items online is extremely secure; however, you should always use caution. and make sure you know that the business is legitimate.
Key Items Discussed:
- Make sure that you are properly insured in the 3 areas discussed: Property, Health, and Life Insurance. Get a free quote from NetQuote to see if you could be getting cheaper car or homeowner’s insurance and to get additional insurance needs.
- Get a free quote from Assurant Health for health insurance (if needed).
- Get a free quote from Insure Me for life insurance (if needed).
- Implement the steps mentioned for Protecting your wealth.
- Implement the identity theft protection steps in your life. If you would like to get additional protection against identity theft, visit LifeLock Identity Theft services.
Lesson 8: Entrepreneurship
Starting your own business is a very viable option for building your personal wealth.
The main types of businesses can be segmented into three main categories: Services, Products, or Retail.
First and foremost, when starting a business you need a plan. It doesn’t necessarily need to be a full, written out business plan; however, you should prepare a written outline to organize your ideas. Some items to consider in your business plan are the company’s Market Potential, Competition, and Strategy.
The information covered here about starting your own business is only a start. If you would like to get step by step instructions on how to start a business, then Entrepreneur.com has excellent resources.
Key Items Discussed:
- Determine if you would like to become an entrepreneur.
- If so, consider if your current occupation could become a business, or if you have any other ideas that you could develop.
- Visit Entrepreneur.com if you would like more complete instructions on how to start a business.
Congratulations! You have successfully completed all of the Keyblast.com Free Financial Course! If you implemented the items discussed you very possibly could have saved $305 per month! We hope that each and every month you will strive to save even more.
We want to hear about your success. If you have any additional questions, please contact us anytime, we are here to advise.