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Archive for the ‘Financial Goals’ Category

Today we are going to have some fun and ask everyone to join in to tell us what they would do with some extra cash. Let’s make it educational and also fun. You don’t have to spend time thinking and come up with a perfect answer, just whatever you feel like doing with the cash.

I will start by interviewing one of our readers below. But please join in whenever you like.

“If I have lots of extra money, the more the better of course, then I would purchase a cruise to Alaska for my mother, a destination which has been on her wish list for more than 60 years. If there was any money left over from the sale, I would prepay her expenses in the assisted living facility she is residing at for the next 6-8 years. If there was still more funds left over, I would pay on my mortgage which I am 7 months behind on. Any further monies would be donated.”

Thank you for sharing. Anyone else wants to share what they would do with some money?

If you're new to FYInance, we're going to make it worth your while to subscribe to our FYInance RSS feed. It will keep you up to date, on your terms!

The first thing about finance and investing is the financial goal and planning. If you are going to invest your money in something whether it be stocks, bonds, mutual funds, real estate or a business, you need to assess your financial goal first. Goals usually motivate people. So, we have made it our mission to stir some excitement among our readers and ask some of them what they would do if they had a sum of money, say $50k. We are going to do this regularly to make sure that people have not lost sight of what they are trying to work towards. By reminding them of their financial goals, we help keep them more motivated and enthusiastic about learning finance.

So, reader #1: what would you do if you had $50,000 today and tell us why?

“If I had $50,000 I would use the money to pay off part of my house mortgage and other debts. By doing this I could begin to plan my retirement earlier. Perhaps I could retire at 50. It would also help because I would be able to have a smaller house payment if I then refinanced on the remaining amount due. This would make my expenses easier during my retirement.”

We are very happy to learn that our readers are very money and finance conscious and already looking forward to planning their retirement. We, of course, have a ton of resources on retirement planning, IRAs and lots of information to help you invest your money and achieve your financial dreams. Retiring early is most people’s dream and you can definitely do that with good financial planning and following through.