Road to Financial Peace of Mind - by the Wealthy Barber

David Chilton is a Canadian author, investor, and television personality from Waterloo, Ontario. Today, he resides in Kitchener, where he runs his own financial planning business and publishing company.

Financial peace of mind is very important as people will spend their life worrying about money and providing for their loved ones. Here are 10 - Steps to help you have financial peace of mind. Adjust for taxes and other regulations as they may apply in your country.

1. Make tax deductible contributions to Retirement Plans such as  

     RRSP's in Canada and 401 k's in the USA.

2. Invest at least 10% of your income for long term growth. 

    Buy assets that will appreciate over time not "trendy" hot 

    tips of the day schemes.

3. Buy Mutual Funds or Exchange Trade Indexes rather than 

    in one or two stocks. This will spread your risk over more 

    companies and let you buy into shares you would not 

    otherwise be able to afford. Be careful of Mutual Funds 

    that they are well managed funds with a track record of 

    success.

4. Make a will and also prepare powers of attorney so that 

    someone can speak if you cannot. Don't let your estate to 

    fall into the hands of the government.

5. Buy enough life insurance to protect your loved ones in 

    the event that someone unforeseen death happens to you.

6. Make sure you understand what safeguards exist in the 

    event that you suffer and illness or accident that leaves

    you disabled for a lengthy period of time. Anything can 

    happen at anytime totally unexpectedly. If necessary take

    out additional insurance if you believe you are not 

    adequately covered by your government or employer

    plans.

7. Real Estate is not a "for sure" investment. Put as much

    money down as you can to reduce your mortgage. Homes

    will require maintenance and upkeep and of course 

    property taxes.

8. You can have credit cards but be disciplined and controlled

     in how you use them. Don't use credit cards because you 

     have them. Is the purchase absolutely necessary?

9. If you are earning above average wages consult with a tax

    specialist before the tax filing date to ensure you are 

    advantage of all tax deductions available to you.

10. Learn how to manage your money as nobody will care

      about you and your money the way that you do. You

      worked hard to earn it "don't piss it away"  

Study this list and learn how you can create financial peace of mind