Thinking of the future?

Do you save money each month? Or contribute toward assets that will enlarge your cash flow?

If so, have you asked yourself what you are saving for? Have you set yourself financial goals and determined how you will get there? Are you saving enough to reach these goals?

If not there is no time like the present to start planning for the future. The most expensive future milestone for most people is retirement.

What lifestyle do you anticipate for your retirement? Do you want to keep working? Or be able to live off your pension funds? Will they be sufficient given your current savings rate? Are they in the currency you plan on using when you retire? If not have you taken into account the potential currency fluctuation?

Do you plan to use some of your savings every month and then worry that it will run out during your lifetime? Or will you manage to live off assets that generate a sufficient cash flow with out touching the principal?

While the later is indubitably ideal, most people don't think about retirement until it is too late to acquire assets that will generate sufficient income to make this situation a reality.

Are you the typical Israeli?

If you answered no to some or all of these questions then you are in good company, along with the majority of Israelis. An article published in Calcalist Hebrew newspaper has

all the facts (in Hebrew) The survey carried out by Calcalist states that over 50% of Israelis claim they don't manage to save money from their monthly income. 25% enlarge their overdraft every month. 42% said they have an overdraft in the bank, and most of them did not know what their overdraft interest rate was. If you would like to join the 49% of Israelis who know the difference between a Pakam (Short term bank deposit, CD) and a Makam then contact me here to find out more.

We know that a financial education is the first step to securing your financial future.