Wednesday, 6 January 2016

John Kim of Syncis - About Personal Finance and Preparing For Your Financial Future

John Kim, a South Korean native and a successful United States businessman, founded Syncis in 2009. Syncis is a financial marketing organization that brings families, small business owners, individuals and some of the largest American insurance companies together. As an established financial professional, John Kim founded Syncis because he and a fellow businessman were upset with how middle-income families are often treated by financial institutions. They hope that Syncis will revolutionize how the financial industry functions.

As part of the services Syncis offers to the public, John Kim and other Syncis associates educate families so that they can make informed personal finance decisions. Managing your personal finances is an essential skill that will help you budget, save and distribute your funds. Planning is the key component of personal finance and it is a dynamic process that requires frequent reevaluation.

The first step of planning is assessing your personal monetary situation by listing all personal income and expenses to determine your current fiscal position. The second step is goal setting, during which you make a combination of short-term and long-term goals. These goals might range from retirement age and net worth to purchases in the next two months. The third step is creating a plan to detail the process of accomplishing your financial goals. The fourth step is execution, during which you must exercise discipline to achieve your financial goals. The fifth and final step is monitoring and readjusting the plan every few months to keep it current with your personal financial situation.

The six areas of personal finance focus are typically defined as follows. The first area is financial position, and it is determined by the planning step mentioned earlier. The second area is adequate protection, and it is the implementation of insurance to safeguard your assets from unforeseen issues. The third area is tax planning, and it is typically managed by a tax professional. The fourth area is investment and monetary accumulation, and it is a plan for how to acquire a considerable amount of wealth for large purchases. The fifth area is retirement planning, and it is the process of understanding how much you must save to retire comfortably. The sixth and final step is estate planning, and it involves deciding how to distribute your assets after death.

When people begin managing their personal finances, they will often begin with planning and then, after they are following a plan, they will consider the full six-area scope. Preparing for your financial future requires patience, discipline, forethought and more. Those who do not feel comfortable managing personal finances themselves often rely on professionals to walk them through the process.

Though personal finance is typically no mystery to high-income families, middle- and low-income families are often in the dark about monitoring their monetary situation. John Kim hopes that, through Syncis, he can help change this and create a better situation for families everywhere.For More Information Visit at :-