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These Rainy Days Aren't About the Weather

The last year or so has been a very rude awakening for many. Too many people today are so busy living a lifestyle, they forget that emergencies may need to be dealt with. It's all too easy to take one's cash flow for granted and get lulled into the belief that it will go on uninterrupted. Those who are best able to handle the financial rainy days that inevitably come along are in the habit of living well below their means and paying themselves first.

The Empty Nest Years

Many people look to the 'empty nest years' as a simpler time with fewer life obligations. As couples enter these years, the kids have usually left home, and retirement is just around the corner. In this new life stage, there are many opportunities to encounter new and exciting experiences.

A New Life Phase

Buying and selling the business when an owner dies

Like many business owners, Rick and Warren thought it would be a simple process to continue the business when one of them died. Nothing could be further from the truth.

Rick and Warren had a printing company and were equal partners. Warren died suddenly. Warren's shares passed to his widow, Sarah, who became Rick's new partner. She expected a regular paycheque to continue, even though she knew nothing about the printing business and could not contribute to the daily operations of the company.

The Basics of a Successful Financial Strategy

Before a sky scraper can reach for the clouds, it needs a very strong foundation. Once the building is complete, the foundation is virtually unseen. The same goes for a financial strategy. Following are the basics of a strong financial foundation:

Budget - Governments and businesses use budgets to properly allocate resources. It's known as good business. A budget can help you figure out where your hard earned income is going and to identify ways to cut spending or increase savings.

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