If you don’t know how much you are saving or when you will be able to retire, it’s time to look at the benefits of setting financial goals. It’s important to look at what your potential plans are, how much you can add to them, and how you plan to manage and grow your wealth. By working with a financial adviser to formulate a plan, you can be secure in the knowledge that your investments are growing appropriately and that you will be able to retire comfortably when you are ready.
Get the basic design on paper as soon as possible. This would include plans, elevations and specifications. Whatever can be determined up front should be. This will help solidify your budget.
If you decide you want to own some Cabo San Lucas real estate, your first step would be to tour the area and see what property is available. Visit travel agents and talk to the locals. Asking the locals is a great idea, especially if you have friends or family who live in the area. They often know of houses for sale that an agent may not be aware of. Look at as many properties as possible before making any final decisions.
Even before you start to discuss who gets what, you owe it to yourself to complete a thorough inventory of what you own and owe. Long before you rush off to the lawyer’s office make an inventory of everything. Make copies of all papers having to do with money. Tax returns, wills, financial statements, banking information, loan documents, credit card statements, deeds to real property, car registration, insurance inventories, and all insurance policies.
And there are two ways to put extra money in your pocket. The first, which is the easiest and fastest, is to cut out that unnecessary spending. At first glance, you might think that your budget is very tight and there is nothing inn there to cut. As a Samuel Rad Financial Advisor for 23 years, I have found that this is seldom the case. There are almost always ways to save money.
When I asked my attorney how I could pay her without any money, she told me I would think of a way. So how did I get money I didn’t have? Though I hate to admit it, I borrowed the money I needed from one of the credit cards I was claiming in the bankruptcy. I’m not advocating using this method to claim bankruptcy, but nobody had money to lend me for the attorney, because everybody kept lending me money to help pay my bills. The attorney refused to work pro bono for me and my debt was so abysmal, I knew I would eventually lose everything I owned, including the mobile home in which I was raising my children, if I didn’t claim bankruptcy. Today people in my situation have more options.
One of the fastest ways to lower your score is to bite off more credit than you can afford to pay back. People do this for numerous reasons. They use credit cards to start a business and it doesn’t pan out. The next thing they know, they’re wallowing in an ocean of debt that won’t go away. The best advice any financial advisor can give you is to live below your means.