Verify Account Information for an Amortized Loan in Quicken 2012
How to Print a Quicken 2012 Check Register
How to Describe Your Banking to Quicken 2012

Big Temptations of Wealth Building with Quicken 2012

Most users stumble over a couple of big temptations when trying to commit to financial building with Quicken 2012: Spending extra money instead of saving it and abandoning their investment strategy before reaching the end goal of secure retirement.

Temptation #1: Any good financial planner can tell you how to come up with an extra $100 or even $500 per month. Also, if you really do use Quicken in a disciplined way to manage your financial affairs, you’ll find yourself freeing up money.

You’ll save a little bit of money here, waste a little less over there; pretty soon, you’ll find yourself with a bit of extra cash. But you must have the commitment to save and invest that money. You have to decide to dedicate the next $100 or $500 to investments.

If you do, you don’t have to worry about financial security in retirement. And if you don’t, you should worry. But anyway, that’s the first temptation. When you find some extra money, you need to have the discipline to save and invest those funds. And if you do start to do this, you’ll rather quickly amass thousands of dollars.

Ironically, resisting Temptation #1 leads rather quickly to . . .

Temptation #2: After you collect an extra $5,000 or $25,000 or $50,000 in your portfolio, you need to have the commitment necessary to let that money grow. That seems obvious, of course. But a lot of people don’t do this.

A lot of people, after they amass a nice little pot of money, decide it’s time to abandon a strategy that has worked wonderfully. They decide to buy a bigger house or a boat. Or they change investment strategies, maybe by investing in some friend’s or family member’s new business.

Or they turn their money into a hobby — perhaps deciding that they’re going to use their retirement money to try out this online investing thing or leveraged real estate investing.

It’s your money, of course. You get to do with it whatever you want. But if you really want to build up a nice nest egg for retirement, you need to be committed enough to resist these two big temptations.

  • Add a Comment
  • Print
  • Share
blog comments powered by Disqus
How to Set Up Another Banking Account with Quicken 2012
How to Set Up Security Lists for Brokerage Accounts in Quicken 2012
Set Up a Liability Account for an Amortized Loan in Quicken 2012
How to Schedule a Bill Reminder in Quicken 2012
How to Set Up a New File in Quicken 2012
Advertisement

Inside Dummies.com