Developing a plan for your future

What is the best way to motivate families to save, invest, and prepare for their financial future? Some experts suggest using a carrot. Others suggest using a stick. And still others suggest using a combination of carrot and stick. It is estimated that about many Irish people are saving little or nothing for retirement and more than one-third of adults admit to sometimes or often spending more than they can afford.

And this is not just in Ireland. In 2005 the average savings rate for an American household was -0.5%, something that has not happened since the Great Depression. In 2006, this number dropped even further to -1.0%. In 2007, the US foreclosure Market Report reported foreclosure filings on 1,285,873 properties, up 75% from 2006. Recent reports in Ireland are equally frightening.

Finally, about half of adults are concerned they have not paid enough attention to managing their finances as they should have and that they do not know enough about financial planning.

Now is your chance. With everything happening in the economy, you need to have a personal financial plan. Such a plan for your personal finances will help you navigate the roads of your life. No matter what situations life may throw your way, a financial plan will help you plan for rather than react to situations that may arise, make better choices, and ultimately achieve the financial goals you have for you and your family. This is your chance to start getting your personal finances in order.

With the proper advice from an accountant and Financial Advisor, you will be able to:

Get an in-depth nalysis of your current retirement plan to make sure you will be able to comfortably retire

Determine the type and amount of life insurance you should have

Find out the different ways to save money for your children’s education

Develop a household-budget that is right for you

Find out how to get out of debt faster than you thought possible

The current Recession has left many Irish families struggling. Recent articles have shown how middle class Ireland is caught in an economic squeeze forcing many families to live above their means just to pay for the basics such as housing and health care. Studies have shown that one of the biggest factors contributing to financial success is having a personal financial plan and the best way to go about this is to take to a professional.




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