The old adage that money can't buy happiness may be true, but it's also true that money can go a long way in helping you achieve what you seek. Wealth can enable you to do many things not otherwise possible-obtain a secure financial future in which you know you can cover your basic needs, provide financial help to family and friends, give to charities, travel, try new things and more.
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Wealth comprises not only cash but also assets of every kind. Below is a listing of common assets you may own. When you think about your property, consider what it's worth today. This is called "fair market value"-that is, the cash you would receive if you sold the property to a willing buyer in an arm's-length transaction (a transaction involving two strangers).
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Net worth refers to what you're worth at any given time, balancing out all of your assets (the things you own) against all of your liabilities (the debts you owe). The excess of your total assets over your total liabilities is your net worth.
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If you're already collecting Social Security, you know this to be true. If you're a GenXer, you probably don't think about what Social Security will do for you in the distant future, and you may not believe you'll ever see a penny from the Social Security system. But if you are middle-aged and not yet retired, you need to be realistic about the role Social Security benefits will play in your financial picture. This is especially true for the 78 million baby boomers poised to start collecting full benefits in 2012.
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It's unfortunate that most people don't make savings or investment plans or set financial goals. They are reactive, living off what they produce, rather than proactive, designing strategies that lead to increased wealth.
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The task of handling money, making investments, protecting assets from creditor claims and planning for the future can be daunting for many individuals. The sheer range of issues is enormous. What's more, some people simply hate numbers. Others are overwhelmed by the amount of information available or don't have time to process it. Still others don't understand what's necessary for effective money management. There's an army of financial professionals ready to help.
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Here are some questions to ask:
• What is the professional's education and experience?
• What do you expect the professional to help you with?
• What fees or other costs can you expect?
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Attorneys are professionals who handle legal matters. Whatever you disclose to an attorney remains confidential, adding a level of comfort to discussions of financial matters. In your finances, attorneys can play an important role in key areas:
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You may be fortunate and receive unexpected money suddenly. A rich uncle may remember you in his will or name you as the beneficiary of his million-dollar life insurance policy. That dollar lottery ticket may pay off handsomely or you may successfully answer all of the questions on Who Wants to Be a Millionaire. On the other hand, you may be unfortunate-for example, the victim of an accident-and receive money through an insurance settlement or legal action.
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You may be sitting on a windfall without even knowing it. According to one statistic, one in eight Americans owns unclaimed property in the form of bank accounts, inheritances, prizes and the like. Total value: More than $400 billion.
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Financial planning isn't a onetime exercise. It requires constant monitoring of your investment performance and periodic changes to your goals and strategies. Regular reviews-perhaps monthly or quarterly-are certainly advisable. But be absolutely sure to conduct year-end examinations of your investments, taxes and other financial positions. This will enable you to make last-minute changes to reposition investments, save on taxes and have a long-range view of your financial position.
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Coordinating benefits for working couples
If you and your spouse work for separate employers, you should coordinate your benefit selections to optimize protection at the lowest cost.
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