by Jorge Herrera

Created on: November 14, 2009   Last Updated: November 16, 2009

The first thing to start working on creating an updated retirement plan is to figure out why the present one failed.

This investigation will possible show you many causes, since it could be lack of planning or bad planning, wrong use of economic laws, careless approach to risk or factors out of your control like manipulation of markets or economic conditions by big corporations, government.

Simply you could have been a victim of fraud, dishonesty or unintended consequences.

Second, since it happened once, you want to make sure that it is not going to happen to you again, this is the positive side of failure, the fact that you can learn from your mistakes or bad choices.

To a lack of planning we need to make sure that we review our present situation and look carefully at what options we have that can take us to where we want to be so many years from now.

Wrong use of economic laws sometimes allow us to progress momentarily or for a short period of time but are going to take us down on the long run. Speculation based on rumors or ill advice that are not based on real value or proved earnings or sustainable trends always bring bad results.

When we take on risk without taking protective measures against that risk always put us in a situation where pure luck will determine the outcome of our endeavor, and luck has a problem with consistency and reliability.

Manipulation by big corporations and government can be avoided by selecting the type of market or investment we want to get involved in. Looking for proved reputable risk/speculation adverse companies and staying away from using financial vehicles qualified by the government, can give us more control of our financial future and results.

Being a victim of fraud or dishonesty can on a good measure be avoided by challenging offers or statements and by using common sense on that something that sound too good to be true probably is. Unintended consequences are more difficult to be avoided.

I have given you a good amount of explanations and cautions to keep in mind but I have not offered a solution or recommendation as far as to what to do to create that retirement plan.

Good financial planners will advise you to work on a well diversified asset plan like paper assets, precious metals, real estate, and commodities. You should also work on providing yourself and your loved ones of legal and insurance protection plus tax strategies.

To accomplish all that you should look for help from professionals including an attorney,

• 1
• 2
• Next Page >>