Setting Up Your Personal Economy
- Author Carla Jack
- Published November 12, 2010
- Word count 381
When one assesses successful individuals against ordinary individuals there is often more than luck to be thanked for their success. Generally a successful person has a plan and sets both financial and personal goals for themselves. Hiring a personal tax consultant or financial planner might be the best decision you can make for yourself and your family.
Your personal financial planning must be structured in a way that takes external factors into account whilst maximising on what you can do to better your situation. Taking advantage of tax incentives, Investment planning and detailed budgeting can be important elements in maximising wealth and ensuring long-term financial stability.
A top tax consultant in Ireland recently stated that personal financial arrangements could be much better managed if you paralleled the functions to that of a country planning its economic activities. Managing your personal economy as a 'small nation' can be narrowed into 5 main themes namely
-
Capital Spending ('Weekly Expenditure' for individuals)
-
Foreign Borrowings ('Financing & Debt Control' for individuals)
-
Taxation ('tax planning' for individuals)
-
Savings Incentives ('Retirement planning' for individuals)
-
Government Bond Issue ('investment decisions' for individuals)
Managing only one aspect of the above would not result in great personal economy. For example: hiring a tax consultant that only focuses on legal compliance. The route to successful financial planning encompasses all of the above items and requires realistic but intuitive goal setting strategies.
Ideally you would want to manage all the above at one service provider for an integrated approach. Of course choosing the right service provider comes with its own pitfalls.
Here are a couple of tips on how to choose a financial planning partner and avoid the common scams/pitfalls.
Immediately cut off contact with financial sales consultants who press for immediate answers and cannot adequately simplify their service description into everyday language. Scam artists often bury their victims in jargon and put time limits response times from you. Never judge an individual's work ethic based on their appearance or mannerisms. Con artists are often polite and great with people.
When choosing a financial planning expert they will quick often have to be registered with your country's Financial Regulator. Ask for their registration details and do your research on the company both online and offline. Don't be scared to ask for references either.
Personal Economy is a unique concept developed by McNamara and Associates Financial Services. The company are professional tax consultants in Dublin, Ireland, with a focus on wealth protection. http://www.personaleconomy.ie
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- The Transformative Power of Yamaigel’s Certified Gel Eye Masks
- Checking account with cell phone protection!
- Keeping Cool This Summer: Air Conditioning Installation Services in Milwaukee
- A DIY Guide to Fixing Your Garage Door (with a Call to Garage Door Magnolia When All Else Fails!)
- Can a Bent Garage Door Be Bent Back into Shape? Don't Panic, Call Kiki Garage Door!
- How Can I Tell If My Garage Door Opener Sensor Is Bad?
- Maximizing Profitability: The Economics Behind Customizable Design Assets
- Exploring the Hidden Gems of Si Racha, Thailand
- DIY vs. Professional Movers: Pros and Cons in 2024
- MK Web Celebrates Top Position in Bourne's Premier Web Design Rankings
- The Road to Sobriety: Understanding Substance Use Disorders
- MotorKote Ultimate 40/60 Synthetic Hyper Mix 5W-30
- Exploring Denver on a Dime: A Frugal Travel Guide
- Top 10 Ways Production Scheduling in Business Central Transforms Manufacturing
- Strength Training and it's Incredible Benefits for Fat Burning
- Enhancing Home Security with Aluminum Shutters: A Focus on Weatherwell Elite
- 5 Easy Ways to Make Oral Hygiene Fun for the Whole Family
- Transforming Plastic Extrusion Machines into Recycling Powerhouses
- Unraveling the Potential of Plastic Extrusion Machines
- The Rise of Plastic Recycling Machines: A Step Towards Sustainability
- Strawberry Cheesecake Ice Cream: OMG! Unreal!
- The Advantages of Using Professional Home Cleaners in Ilford
- 8 Compelling Reasons to Hire Professional Home Cleaners
- The 12 Steps Narcotics Anonymous Program To Recovery
- Send Money to Tanzania: Effortless Transfers with SafariRemit
- Stylish Savings: 10 Frugal Ways to Stay Fashionable in 2024
- Fly Cheap With FlightPapa To Any City
- How Collaborating with a Software Development Company Can Propel Your Business Forward
- A Comprehensive Guide to Choosing the Best Hair Transplant Method
- 15 Frugal Tips for a Memorable Wedding Day