Five Secrets for Long-term Financial Success

Future financial success is not a guarantee that any one of us can rely upon, no matter how wealthy we are now or intend to become.

There are however five future proofing financial steps that we can take to protect our current financial status, improve our future financial prospects and secure our long-term financial success.

1) Know The Different Between Good Debt & Bad Debt

Bad debt is any debt that accrues interest month after month on outstanding balances and includes credit card debt of course, which is now the most common type of bad debt that we are all burdened with. Other examples of bad debt include store card debt, home secured loans other than your mortgage and any money borrowed from lenders dealing with high risk borrowers as they charge the highest rates of interest and have the most restrictive and inflexible terms and conditions.

Good debt is really only your mortgage, although some people would argue with me and include car finance in this category even though a car is not an essential item for most people ? if we're honest with ourselves! Good debt in the form of your mortgage enables you to afford the roof over your head and for most of us it is the only way we will ever be able to afford a home.

A mortgage with an attractive and affordable interest rate will of course cost you money but at the same time it enables you to purchase a capital growth appreciating asset that you can later sell and redeem cash from or pass to your heirs upon death and that will be a positively tangible asset to benefit their financial futures.

2) Get Out Of Bad Debt

Examine all of the bad debt you have and prioritize the amounts to be paid off first by beginning with the most expensive debt in interest and charge terms. Every month pay off as much as you can afford from your number one debt and proceed with this approach right through every bad debt you have until you have no outstanding amounts remaining.

Then ? take on no new bad debt! Keep out of credit card and loan hell.

3) Pay Off Your Good Debt

Having worked hard for as long as it takes to pay off all of your bad debt you can now turn your attention to your mortgage ? some mortgage lenders penalize for early repayment so consider re-mortgaging if you can get a better or same rate of interest and you won't incur arrangement fees, or try to arrange new terms with your current lender that will allow you to make regular lump sum repayments.

The shorter the life of your debt the less interest you will pay and the sooner you will own your own home ? your most significant financial asset ? outright. This will give you massive security and also free you up financially to enjoy life to the full and save more towards your retirement.

4) Save For Retirement

Most governments of the civilized world reward their citizens with tax breaks on retirement savings made. Furthermore many conscientious employers add to an employee's contribution to a works pension scheme. Find out what benefits you're entitled to and get a retirement savings plan in place immediately. It is never too early to start saving for retirement.

Whilst paying off your debt is an essential step on the road to long-term financial success, so ensuring your future is secured through saving today for your own financial wellbeing is an essential step. After all, if you don't look after your best interests, no one else will.

Put as much as you can possibly afford each month into the best savings or investment product to suit your requirements and circumstances ? and start today.

5) Protect Your Personal & Financial Assets

Insure your life, your family, your health, your business and your home ? then use the services and advice of qualified taxation and trust professionals to find out whether there are legal and legitimate ways in which you can reduce your overall taxation burden and your estate's future inheritance or death taxation burden.

Look after your personal interests today and ensure that your financial assets are protected for life.

Rhiannon Williamson is a freelance writer whose many articles about onshore saving and offshore investing have appeared in financial publications around the world. Visit this link to read her latest articles about Offshore Investment

---

Budgeting Made Easy

Well, dang! From what I've heard and read, it looks like we've reached an all-time world-class new record in the amount of personal debt on the books.... Read More

Risky Business: You May Not be as Daring as You Think

I thought I was through with exams when I finished college. Then my financial adviser (a.k.a. stockbroker) had me take a test to measure my tolerance for... Read More

Want Your Savings to Earn a Higher Rate of Return? Try Internet Banking

Doesn't it seem like the only impressive numbers we've seen this summer are the digits on the thermostat and the unaffordable prices of homes? Real estate has... Read More

10 Quick And Cheap Ways To Cut Your Heating Bill

When you received an energy (heating) bill last winter, were you afraid to open it? Granted that we have a home with a lot of really big... Read More

How You Feel Affects How You Shop & How Much You Spend

Have you ever stopped to think about how your "mood" affects the way you shop, not to mention the amount you spend? Think about it.If you want... Read More

Save Money on Gas

Gas prices have soared to unimaginable heights of late. Since most of us are not likely to turn to bikes or horse-drawn buggies we will have to... Read More

Financial Readiness: Preparing for BRAC (Base Realignment And Closing)

The recommendations for military base closings have been released and the news is not good. If the recommendations are accepted, you will lose your job. So what... Read More

Personal Checks ? Extreme Benefits

Millions of people have a checking account and many people have two of three. They have the choice of choosing a variety of check designs to compliment... Read More

Tips To Save Money At The Supermarket

Are you interested in saving money off your grocery bills? If so, then a few "Smart Shopper" tips are all you need to start saving hundreds off... Read More

Introduction to Australian Superannuation

Australians, in general, constitute some of the worst savers in the world. Current estimates suggest that, on average, Australians save just 4% of their income. This is... Read More

How to Choose the Right Bank for Your Online Business

You should thoroughly consider your business needs when selecting a financial institution or bank for your small/home business. You may want to consider the following points:- The... Read More

Healthy Eating On A Budget

It is possible to eat a healthy, balanced diet without breaking the bank! Here are some suggestions:-Eliminate junk food. You may have to do your grocery shopping... Read More

Financial Fitness - Are You Exercising the Right Muscles to become Financially Fit?

Are your financial muscles well toned and healthy or flabby and weak? Do you want to change your relationship with money so you can have control over... Read More

Planning Your Financial Future

Millions of people give a lot of thought to financial planning but get frustrated and give up before ever making any progress. Making yourself aware of the... Read More

Are You Sick of the Financial Insecurity of Fluctuating Seasons and Income?

Finding a stable and secure income that will come year in, year out, no matter what happens on the farm, will give you real peace of mind.... Read More

Adverse Debt Levels Blight UK Consumers Personal Finances

Debt levels are at an all time high in the UK. The younger generation tend to be feeling the pinch the most, but parents are increasingly being... Read More

Bankruptcy Chapters Explained

Chapter 7The potential chapter 7 debtor should understand that a straight bankruptcy case does not involve the filing of a plan of repayment as in chapter 13,... Read More

Top 10 Ways Managing Your Money Is Just Like Riding a Bike

An avid cyclist and bike racing fan, I sit transfixed during the many hours of Tour de France coverage every July when the race rolls around. This... Read More

10 Steps to Take if You Are a Victim of Identity Theft

There have been an estimated 9.9 million victims on America and over 40% of all consumer complaints in the U.S. involve identity theft. About half of the... Read More

The Origins of Check Writing

People haven't always written checks to buy goods and services. But you know that right? So how did people transfer money from one place to another in... Read More

Honor Those Who Serve with Checking Account Supplies

Our global society has had a wake up call in the last five years regarding our safety. But there are those in our communities that fight to... Read More

How to Obtain a Non ChexSystems Bank Account Without Being Scammed

Predatory lending exists in the mortgage industry. It's typically when a mortgage broker add's on unnecessary fee's to a bad credit application, because he or she knows... Read More

I Want to Buy a Home - Now What?

If you were to ask 100 women "What would you like to achieve financially?" Buying a home or apartment is usually one of the answers. Some women... Read More

Your Dry Cleaner?s Double Standard

Women are charged more for dry cleaning services. Don't fume, find a better way. While it is true that the practice is unfair it is also true... Read More

Debt Management ? More Ways to Save on Gas Consumption

The price of gas continues to climb, and with continued uncertainty in the Middle East, they will probably continue to do so. In California and elsewhere, prices... Read More

Money Matters: Strengthen Your Marriage by Putting Finances in Order

Did you know that 43% of all married couples argue over money issues, making it the major reason couples fight? If you and your spouse handle money... Read More