In your everyday existence, you are confronted with transfers of your wealth. You continuously, unknowingly, give or transfer money away. Not only do you give this money away but you also lose the ability to earn money on that money once it is transferred. This compounds your loss. To eliminate or reduce these transfers, you must first learn to recognize them and then understand how directly or indirectly they cost you money. You may have to confront conventional financial wisdom. Remember, the ones giving you these financial programs tend to profit from them. Always ask, who would profit from these transfers? Here is a list of transfers that are worth investigating further:
-Taxes
-Qualified Retirement Plans
-College Planning
-Disability
-Credit Cards
-Tax Refunds
-Owning a Home
-Life Insurance
-Purchasing Cars
-Investments
These ten transfers can create financial losses for you. You should study each one and determine how they will affect you. On the surface, the transfers seem pretty basic. It is not until you think a layer deeper that you find that these transfers may cause unintended consequences in the future. The future demographics of the country will affect everyone’s financial future.