Financial Planning - 5 Ways To Face A Job Loss

Anger is a prelude to courage. - Eric Hoffer

I am sorry to be the bearer of bad new but it is nothing you don't know already.

But there will be more job loses! As a result of the current economic downturn and so the best thing you can do is be prepared. which is why your financial planning is critical.

So what do you do if you happen to be one of those person who gets the pink slip?

I know the shaking as your head reels from the shock and knot of fear in the pit of your stomach as you try to understand what just happened - I've been there, twice!

And I can assure you it is not a good feeling as you try in that moment to figure out what to do next.

The first thing I'd like for you to do is simply take a deep breath and realize that it is not the end of the world. Yes, it is a tough feeling but breath again, you still have life and with life there is always hope!

Secondly, don't allow your feeling to paralyze you. This can happen quite easily and subtly so don't spend to much time thinking about yourself. Someone said the best way to get over this feeling is to go out and find someone that you can help.

You will find that once the focus is off you then your prospective of what's going will change.

Thirdly, its a good time to do the financial planning you never got arount to and take control of your money to ensure that you are able to survive this crisis. And here are 7 financial planning things that can help. Financial Planning - 5 Ways To Face A Job Loss

Financial Planning - 6 timeless money tips to help you

"The same mind that created the problem cannot solve the problem."- Albert Einstein

It is my hope that you enjoyed your Mother’s Day this past weekend. And as much as you didn’t like to be corrected when you were growing up, good ol’ Mom was almost always right in teaching us the basics. Because today you would agree that some of her advice has proven timeless. Basics are important with money, too!

And while you may often have your financial planning at the bottom of your priority list, no fault of yours as the brain makes you undervalue long-term goals and amplify the cost of short-term sacrifice. It is not surprising then that people who do even a little financial planning have twice the savings of those who did not. So here are 6 timeless money tips to help you improve your financial situation.

1. Just do It! Nike has made this line popular but it really captures the essence of financial planning. You will be pleasantly surprised by what you achieve by just doing something. So the first thing you can do is set for yourself concrete, attainable financial goals. By simply deciding to pay an extra $100 a month on my credit card will over time substantially reduce your debt.
2. Share your commitment. Tell someone your plan and ask them to help you stick to your goal. Accountability can be a powerful force.
3. Watch your spending. It is really amazing how you think about savings. A recent study of how consumers think about saving showed that most people confuse discounts or sale on merchandise with saving actual money. If you did not plan to buy the item in the first place and you bought it, you did not save a penny even if it was 50% off- You just spent 50 % more than you needed too. “Taking Control of Your Money” workbook is a useful tool to help you with spending.
4. Hold on to your savings! Instead, focus on holding on to your savings. Whenever, you make a purchase of an item that you intended to buy at a lower price then hold on to that savings by putting that money into your saving account.
5. Discipline yourself to avoid spending! Self-control can be difficult but, if you organize yourself to avoid those temptation that causes you to spend, you will have much greater success at holding on to more of your hard earned money. So be sure not to go in the direction of the Web Cafe's today! I know that is a hard one because they are every where but try.
6. Forget the Jones'! It easy to be influenced by other into making buying decisions. But don't allow your self to fall prey to social pressures or even commercial marketing influences.

You will find that by making these little changes to your money management habit will go a long way in helping you to take control of your money.

"It takes as much energy to wish as it does to plan," once said, Eleanor Roosevelt

Copyright 2009 - Glenn S. Ferguson

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Retirement Planning – Your Attitudes Must Change

“And it is that that we must commit ourselves to change!”- Rt. Hon Prime Minister Hubert Ingraham

It is not often that I am moved by what is said in parliament but this past week provided me with one of those rear moments. A moment so profound that I had to share it with you - And it may surprise you that the comments were not about finance.

Not only were the words gripping but the passion with which they were delivered.

“How is it that a 62 year old man can go to court in The Bahamas on April 15, admit to having engaged in sexual intercourse with a five year old and be convicted and sentenced to 3 years in prison? Where is the outrage? Where is the outrage that our country has one of the highest rates of rape in our Hemisphere?” Those were the words of Rt. Hon. Prime Minister Hubert Ingraham.

I am sure you will agree that those words provokes the need for some serious soul searching. And as the Prime Minister said “we must commit ourselves to change!”

As this passiveness will only continue to erode the moral fiber of our communities and eventually destroy the residual tranquility that is quickly being affected by the other social ill that we have encouraged with the same deaf ear and blinded eyes.

It is up to you to decide and commit to take personal responsibility for what happening in and around your community. I am sure you may feel a sense of helplessness but you would be surprise at the power that resides within you to effectively change what happening around you. For there is no force on earth that is more powerful than a made up mind and no one can do what you can do if you have it!

“The reality is that the Government is only one part of the issue; there are many other parts.” quoting the Prime Minister again. But you will find that the most important part is you!

Another critical area where there is considerable complacency and passiveness is Retirement planning.

Today more than eighty percent of Bahamians have done nothing towards planning for their retirement years. Resulting in an increasing number of Bahamians having to depend on the government, charity or family for support. A position that will certainly be unsustainable as you retire.

Therefore, planning for your retirement is important. This is why you can not afford to leave your planning for retirement until you're retiring!

Many retirees regret not having planned their retirement better and according to some analysts-
"satisfaction in retirement is remarkably greater when you can plan for your retirement."

And the longer you have to plan your retirement, the higher will be the satisfaction and happiness of your retirement. Successful retirement doesn't just happen without being prepared and intentional about your planning.

As you will probably spend about one third of your life in retirement. You will need to be proactive in the way you confront and deal with real life issues. There is much more to retirement than having a financial plan.

Other than financial needs, developing a holistic retirement plan will mean you need to consider and deal with a range of issues. These include:

1. Health issues
2. Legal issues
3. Relationship issues
4. How to make productive use of time
5. Apprehensions & Fear about aging
6. Life Purpose issues
7. Life Balance
8. Relocation issues & Housing issues
10. Legal issues; and
11. Safety issues

Your retirement is your responsibility. Nobody else is going to do it for you. You are solely responsible! I believe that doing the proper retirement planning today will improve the quality of your life now and into the future. And if need help the workbook “ Strategies for Achieving A Comfortable Retirement-Yours” or its coaching program is a good tool to get you started.

So start now to plan how you would like those years to be and don’t let someone else decide how you live your golden years!

"Success is nothing more than a few simple disciplines, practiced every day; while failure is simply a few errors in judgment, repeated every day.”

Copyright 2009 - Glenn S. Ferguson- Financialcoachingwithglenn.com