Getting The Most From Your Financial Planning
Most people are fearful that they might only get burned with their financial planning. The best thing to start with financial planning is to come prepared and research as much as possible. By determining what you need at the very beginning, you will have a direction to follow and lead your financial planner rather than him leading you. What is financial planning then? It is by all means a form of planning which is personally customized and successfully meets your needs. It is founded on your preferences helping you reach your financial goals in the long run. Clearly, one of the main requirements of a financial plan is that you fully understand your own needs. This is because if the needs are already clear, your implementation will be much guided. Finding the right financial planning can only be proven with a full assessment of your finances. Usually, before beginning a plan, you are already pre-assessed with your financial situation. After a certain time following the plan, you are consulted and an overall assessment of your financial status will be gauged. This will be compared to your pre-financial plan status. If you see some improvement with your financial life, you are on track. Remember though that most financial planner will not assess you if they had already predicted a negative result. Only the most objective ones do this and if your planner is willing to give you one, then, you are probably very lucky to stumble upon a very objective financial planner. That is probably the reason behind that you must only have the best man behind your the planning. Almost anybody can call themselves a financial planner and that’s pretty crazy. Be on the lookout for someone who has the education, experience with the vital skills to work for your success. Be very wary with finding the one. Other professionals might call themselves a planner. But they may only be knowledgeable in a narrow range of products and this might lead to recommending you products that are not securities. Your best bet with your search is to only take into account professionals who are a Certified Financial Planner (CFP). Get the best leads on reputable advisors from your network of family, friends, and colleagues. A CFP will prepare your financial plans. He or she assesses your savings, investments, insurance, taxes, retirement, and estate planning. By assessing all the aspects of your financial life, a planner will help you advance a detailed strategy to meet all your financial goals.
Watch the video related to financial plan
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Help answer the question about financial plan
What is the average cost for a financial plan?a simple one,
and a more complex plan.
August 22nd, 2009 at 2:22 pm
Good old fashioned research. There's a plethora of knowledge out there that young and upcoming financial planners ignore while chasing some lead they think they understand or have inside information on. The fact of the matter is most of these leads are bogus and don't generate the epic returns promised by the messenger. I subscribe to the Motley Fool because, while it isn't the best journal on most investments outside of stocks, it is an exellent way of seeing trends in the market.
Once you develop a sense of the trends the economy/market you are studying takes, you'll be able to create your own leads.
August 22nd, 2009 at 2:24 pm
Most critical problems already overcome:
Credit card debt
Credit cards no longer used (bad habit)
Car loans paid off
House loans paid off
Child support caught up and reduced
Most important problems facing my family now that we're above water:
Getting work in my field
Saving for college for our youngest son (we've got about $10k, good enough for 1 year)
Saving for college for our oldest son (we've got about $2000 and need to get him caught up)
Having an emergency fund
Having decent medical coverage
Least important problems, but on the horizon:
Home schooling the youngest son
Educational stuff for the son (telescope, microscope, field trips around the country, etc.)
Retirement stuff for the parents (we have our house paid off, so that's half the battle)
August 23rd, 2009 at 9:51 pm
O.K. Financial planning, first off, majority of your work is in the evening and weekends, when working folk are available.
If you are still interested, you should know that it is a lucrative business, however it takes a little while to build your commissions, sometimes commission is not paid until an investment has been in place for a certain amount of time, or until it is cashed in.
It is like owning your own business in that it takes time to build up your client list. Definately lucrative, however it requires a very serious committment, make sure you are ready.
August 24th, 2009 at 1:48 pm
You have 1.5 years left. I would ask the company that asked you to take the new position what the chances are if you do take the job then can you become a CPA for the company after graduation?
If it's a better position and the same amount of hours, the stress level may be a bit higher, but the experience of moving from Accounts payable to Financial Planning Assistant may be a good choice. First it will demonstrate that you excelled at your first job to be noticed and offered the job as the Assistant. Then, it does show that you have a solid background in Accounts and Financial Planning.
Right now you're building a resume and learning how to conduct yourself in the adult world. If the pay is better and the hours are the same, I'd take the new job and learn from it. If you don't like it, you can always look for another Accounts Payable position and return to that field. Furthermore, ask the new company if they will allow you some time for shorter hours during slow seasons so you can concentrate on your studies. If they realize you are balancing school along with their work and showing great promise, you'll probably make a good impression. Negiotiate some terms, know what you can do and cannot do based on the hours you may need for the advanced accounting courses–give your two weeks at your old job if you choose to take it (Leave in good standing as you may need them as a reference) and move forward.
It sounds like a fantastic chance, just know what you want and be clear. If the job meshes with your goals, then go for it.
August 25th, 2009 at 12:58 pm
Licenses are portable. All you need to do is fill out the appropriate paperwork with any new agency you work for.
August 25th, 2009 at 1:59 pm
All the financial planning in the world isn't going to be worth squat if you don't have the legal power to protect it.
You need a will, living will, power of attorney etc. If you are seriously hurt in a automobile accident and are not able to communicate, your spouse has very few choices without the power of attorney and the living will. You may end up as a "turnip" in a nursing home spending all that money you have worked to save, just to care for you.
Or, if you and your spouse somehow are both killed, what will happen to the child? Think about your family and your spouses family and image that there could be conflicts over who should be in charge, and who will control the finances. Who will be the legal guardians? Who will help your child decide what happens to all the money you have amassed? Who will control that child's future? Without a will, living will, and power of attorney, there will be problems.
Take care of this planning. Once this is done, then continue your progress on financial planning.
August 25th, 2009 at 8:59 pm
If you are just starting out, consider contacting larger financial companies- investment firms like Smith Barney, Merrill Lynch, etc. or insurance companies like MetLife, Pru or John Hancock.
These companies will train you, get you licensed (for securities and insurance) and help you start your career. You may find that you really enjoy working for a big company- there are some benefits- or you may find after a few years that you would like to be on your own. That's what I did and have been successfully self-employed since I was 26 years old. (I'm 38 now.)
August 25th, 2009 at 9:04 pm
Hi,
I can recomend you a piece of software I have been using lately and am quite happy with – Personal Finance Associate by Parcus Group.
Simple to use software with features incl. budgeting, financial planning templates, shares valuation, real estate investments analysis, life insurance, taxation calculator etc.
Definitely check it out at:
http://www.parcusgroup.com/
Great value for money for US$24 or AU$29 for a single user license.
August 26th, 2009 at 1:23 am
Call your state securities commission. They can give you all the information you need. Or contact FINRA at finra.org and they can tell you who to contact in your state.