Possible Personal Finance Actions

Possible Personal Finance actions

You should minimize your use of credit/Debt Financing. Esp non-Mortgage.

Your Mortgage debt should be Fixed Rate.

If you have assets and dependents, you should have a will. NoLo has a nice WebApp-based service for $70, or a Cd-Rom with Word Processing files for customizing, for $25. (Jihi and I used their software in 1999 for our first wills, having had Number One Son in 1998.)

Anyone in the household, having an income on which other people are dependent, should have Life Insurance. (Children, being net-expenses, should not be insured, regardless of what the scamsters of Gerber tell you.)

In case you and your spouse die together: you should have a financial custodian/trustee who's different from the guardian who will raise the children.

  • you also want to name a back-up person for each role, in case the primary person dies or is unable to serve
  • if the guardian lives far away, you may want to name a temporary guardian who's near-by. (Are the kids going to move in the middle of a school term?)

Pay down Credit Card-s; change credit cards

Pay down Student Loans

Buy Life Insurance, Homeowners Insurance, etc

Pay into 401k, IRA

  • in particular, take advantage of full employer-matching if available in your 401k

Pay into other PayrollAccounts: HealthCare, etc

Pay into Tuition Fund 529c (or other College Savings), get government Student Loan for your kid

Make household budget. Study actuals. Track actuals ongoing.

Avoid your parents' Estate Tax: trust, 529c, etc

Join Automatic Savings Program; increase savings reserve

Buy House; Refinance Mortgage; Accelerate Mortgage Paydown; take out Home Equity line

Make other Financial Investment-s

Protect your records from loss/damage.

Make Real Estate Investment

Start FreeLance work

Start Side Line Company

Start InternetBusiness side-gig

Buy a Franchise

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