With the current financial crisis in going on in the world today, financial training for families is indeed needed. This is important because it will keep their health, family needs, and stability in a position to excel and succeed in life. After reading The M Word by Lori Sackler, there were five key points that were brought out for every family to be successful in achieving wealth. Through the discussion in the contents and in-depth analysis as a financial analyst, I summarized the author’s message in a five-point review so you can get the bulk of the book and make a decision if it is right for you.
1. Track income as well as spending
Never let fear prevent you from achieving your financial dreams, fear will paralyze you if you let it, but you must prevail over fear. As a family, you must be alert and stay focused to your achievements with or without the help of any family members or friends. You must also assess your financial situation as an initial step towards alleviating financial anxiety. Write down your expenditure as well as income to balance off your savings. Refrain from buying out of your expenditure list and stay faithful your needs. The main purpose for tracking your spending and income is so that you can save for your goals.
2. Ensure you have suitable life insurance coverage
Statistics show that numerous families spend money on unnecessary health insurance after been cheated by the insurance companies. Make sure you only buy an appropriate insurance coverage that matches the associated risk at a recommendable price. Never allow the insurance companies to exploit you through their dubious policies that may rob you your finances in the long run. Consult with the qualified insurance professionals before making a decision to an insurance policy or not. It is important for the man of the house to have suitable coverage in case he dies so that his family will be cared for.
3.Mulitple Streams of Income
If there is a will there is a way! Sure the economy is bad right now but you can have peace of mind financially by adding additional sources of income.
Here are some ideas of things you can do to make extra money:
- Get a second job ( not a fun choice but in the end you will be rewarded for your labor)
- Improve vocation by seeking better employment. This isnt easy but if you work hard you can move up the ladder or get your resume out to better employers.
- Start a side business: Do you have some skills? hire your self out to clean, yard work, paint, maintenance etc.
- Sell your Jewelry can be a great way to earn some extra income.
Additional income is a great way to help pad your savings and help your family become financially free.
4. Obtain health insurance if you are uninsured as financial assistance for family
A big medical emergency may lead to the state of bankruptcy. In the event that you or your spouse or employer lacks low-cost insurance, seek other companies where you can be covered at lower rates. Being covered helps you in cases of uncertain and abrupt events. Ensure you discuss the insurance policy details with experts before signing a contract to avoid falsification of details by the insurance companies.
5. Build an alternative savings fund
Every family must have savings plan in order to achieve a financial stability as a family. Do not put all your eggs in one basket, for every dollar you save, reinvest in different places such as shares, bonds, and real estate. These profits from the investments can be helpful in ensuring that you achieve a financial freedom starting at an early age if you start soon enough. No family shall ever be financially stable without incorporating the culture of saving and investing for future returns.
In conclusion, financial intelligence and knowledge learnt in his amazing book is very essential in achieving your dreams as well as those of your family. I believe when you apply the above discoveries on the book as well as the book’s story as a family, your family wealth is guaranteed.
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