Dr. Mark Alch, a financial author,offers the following tips:
- Find a financial advisement team.The financial landscape changes constantly,so it's good to have an expert tohelp when it comes to the IRS, insurancepolicies, asset protection, and investing.
- Talk with your spouse. If your familyis not on the same wavelength as far assaving and investing, it's a difficult task.Sit down and discuss your financial goals.Make sure that you and your spouse bothagree on objectives.
- Pay yourself first. Make sure discretionarymoney is taken out of your payimmediately, as if you're the mortgage.
- Make a commitment to read theWall Street Journal and other financialnewspapers, books, and newsletters.
- Develop a long-term investmentstrategy. Short-term trading is usually arecipe for disaster.