Learn why you must do your due diligence before, during and after you build wealth…
In this month—which is special as it was the month that the creator of TheWealthIncreaser.com came into the world, the topic of due diligence kept coming up as a topic that should be discussed at this time.
In the words of Satchel Paige “it’s about mind over matter” and age does not matter if you don’t mind–or something to that effect. In a similar manner but with an opposite twist–you must do your “due diligence” on the front end so that you can avoid financial mishaps on the back end (give it your best now–so that you can relax later).
As the creator of TheWealthIncreaser.com turns over another year it is also appropriate that you also turn a new page in your life and do the “due diligence” that you need to do to prevent bad things from happening to you.
Questions you need to ask on the front end…
Are the financial advisor(s) or company that you seek to represent you reputable? Are they operating on a fee basis or commission basis or a combination of the two?
Are you comfortable that those who you choose to represent you–can do what you want them to do?
You must get to a point where you can smell it and see it coming when it comes to fraud and unscrupulous behavior of those who represent themselves as seasoned pros in the various financial arenas.
Are those that you choose to assist you with your finances or otherwise choose to represent you competent—based on experience that can be verified? Does the company have a track record of success. Does the company or advisor offer you the ability to meet with them in a comfortable environment to see if you are a good fit with them–and they are a good fit with you?
You must do what is reasonable and expected when you are choosing a financial advisor or planner.
You must also do what is reasonable and expected when you are in the process of building wealth and that includes knowing your monthly and annual cash flow, managing your credit wisely and knowing all areas of your finances that you must address. All of those topics will be addressed in the following paragraphs.
Questions you need to ask about your Cash Flow…
You must know how your cash flows into and out of your household on a monthly and annual basis if you desire to manage your finances more effectively.
By knowing how you manage your finances you open up in your mind the possibility of managing your credit and finances more effectively.
Did you create a cash flow statement that allows you the ability to see how your cash flows into and out of your household on a monthly basis so that you can know how much you have left over (if any) on a monthly basis?
Are you interested in knowing how your cash flow looks on an annual basis? Do you have a desire to know what your assets are and what you owe so that you can know your net worth or how well (or poorly) you are doing financially?
Questions you need to ask about Managing Your Credit…
You must also know how you manage your credit and finances on a monthly and annual basis. You must have working knowledge of the “5” credit factors and how you can use them to your best advantage now–and in your future.
Why must I pay my debt on time consistently and keep my utilization of my available credit at an acceptable level? Why must I keep my inquiries low and have a credit mix as opposed to just one type of credit and how can my knowledge of all of that better serve the goals that I desire?
You can control creditor’s as opposed to giving creditor’s the steering wheel and directing your life.
Questions you need to ask about Addressing All Areas of Your Finances…
You must know the questions you need to ask yourself and you must also know the questions that you need to ask your financial planner or advisor, if you have a desire to use one in your future.
You want to make it a point to understand and review your insurance, investments, taxes, emergency fund, education planning, estate planning/wills and retirement planning on a scheduled basis.
By doing so you can put your mind in position to maximize your finances in the above areas and ask the right questions along the way so that you can achieve more throughout your lifetime while you are here on planet earth.
By doing what you need to do at the various stages in your life you can put yourself on a path to achieving at a much higher level as you move toward achieving the goals that are meaningful and significant to you and your family.
By getting out in front of your finances you are approaching your future in a more intelligent, consistent and proactive manner. Make it a point to bring into reality a brighter future for you and your family and it all starts by doing your due diligence or what you need to do in a proactive manner.
All the best to a lifetime of success…
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