How To Trust Your Financial Planning
A personal financial planner is a practicing professional who can provide you with help in different personal financial issues. These professionals are experts in proper financial planning which includes cash flow management, investment planning, education planning, and even retirement planning. They also propose plans for risk management and insurance planning, tax management, and estate planning. They can even provide business succession planning if you are a business owner. In carrying out the financial planning function, your financial planner needs to create a financial plan with a detailed strategy customized to a client’s specific situation in order to meet the specific goals in mind. Looking for one should involve enough caution as this function is very personal and crucial at the same time. If you are finding for the right financial planner for you, here are a few guides you need to understand. Have a personal point of view of your financial aspirations and objectives. Be very clear before consulting for professional help to have a clear and smooth discussion with your financial planner. Lastly, it is still vital to find someone with whom you can be at ease with. Trust is founded on confidence and value, so find someone you think you can rely on. You might need a financial planner for a reason. Write down your needs; find out what your current life stage requires you set as a financial goal. Your financial goals generally decide the type of planner you are looking for. Here is a great tip. Always look for the certification to give you peace of mind that you are dealing with a professional with high ethical standards. Nevertheless, a certification as financial planner can definitely help but the search does not stop there. Discover your planner with starting from your preferences. Find someone with whom you are relaxed to disclose your financial life. Remember that you are going to share with this person every detail of your financial life, so be cautious with your financial planner at first. Once you get the hang of it and you begin to be confident with your planner, you are to expect a good relationship developing. The first meetings are critical so be very alert in your observations and decide as soon as you can to keep working with your planner or not. These are just some of the steps to finding the right certified financial planner. By taking the time to realizing your own needs and priorities before finding the right certified planner, you are more focused with your financial goal to be concretized in a plan. As a rule of the thumb, find the one you can trust with your money and make every cent of the service worth it. Take the time and be decisive, start now by looking for more information.
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A special series of shows looking at the global impact of the financial crisis and how to minimize the fallout.
Help answer the question about financial plan
Help with Financial portion of my Business Plan?I am wriitng a business plan to obtain funding with the help of the SBA to purchase an exisitng medical practice and have reached the Financial Plan.
How can I write financial projections, cash flow budgets and balance sheets when I don't really have a standing business to reference. Do I need to start searching for a business for sale that is willing to provide financial history or does an accountant conjure up these statements and projections?
August 30th, 2009 at 3:09 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 30th, 2009 at 3:43 pm
yea we no the other party wouldnot lie about anything to get in to office .Give me a break Obama will say anything that he can possibly say to get in to the oval office as well as mccain. Dont fool yourself as i have said before most politicians are a bunch of lawyers including obama
August 31st, 2009 at 4:11 am
nope – have no idea.
wow and the democraps had nothing to do with the mortgage mess?
All the Washington weasels are to blame.
August 31st, 2009 at 9:44 am
It would be difficult to go non-family/-friend direction when you're a beginner.
August 31st, 2009 at 9:48 am
I do not find a question in all this, sorry.
September 1st, 2009 at 2:24 pm
People in the USA seem willing to carry a lot of debt, from what I've seen, and that isn't all that strange. Whether it's a good idea or not is debatable.
On one hand, buying a home can be good, financially for a few reasons. One reason is that you get a tax break for the interest you pay on your mortgage. Another reason is that as once you own the house outright, you will not have to pay mortgage or rent, which can help your financial security in retirement. Also, if you happen to buy a house in an area of town where the property values are going up, it can be a decently good investment.
On the other hand, if he has $50 grand in debt and a tight budget and you're not currently working, it may be hard to get a good deal on a mortgage because lenders may consider you more risky. Also be aware that if your downpayment is small, you may not get as good a mortgage rate as if it were a larger percentage. You should read the fine print very carefully before signing anything.
If I were you, I would ask your fiance to get some quotes from mortgage companies, as well as looking at rents and home prices in the area where you will be living, and see how home ownership vs renting would affect your monthly expenses. Work out a realistic budget with some extra each month for random purchases, savings, and emergencies. Don't forget that there are extra expenses if you own a home, such as repairs and property taxes.
September 1st, 2009 at 10:56 pm
you ask all the right questions. now here is a website that will answer all the questions you might have:
https://www.fidelity.com/frameless_pr_A.shtml
at school, this website was recommended for investments. go mutual funds, you can make your own portfolio, and risks can be minimized with the right combination. usually east asian investments have high returns then anything else, but with high returns comes high risks. when you buy, buy low, and when you sell, sell high.
if your still unsure, you can take one class in finance at your community college, but most of the information you need to start is at that website.
good luck
September 2nd, 2009 at 11:56 pm
As you probably already know, you should be studying for the Series 7 licensing exam. After that, the Series 63 and 65 (or combined Series 66 license if your State allows it).
Although these exams will prove you know what types of products to match clients with, you will not obtain the type of real financial planning knowledge you need for the profession.
Take courses to complete the CFP educational requirement. The American College has a program where you can take all 6 courses in about 7 months – if you have the time to study! Realistically, allow yourself a year or more. They are a great College and the credits you earn are transferable to your current university.
Check it out at theamericancollege.edu.
-Ron, ChFC
September 3rd, 2009 at 12:05 am
the debate ended an hour and a half ago and I'm STILL waiting for McCain's plan, ANY kind of plan. All I heard on it was that he wants to spend 300 billion dollars to enrich the bankers without renegotiating the decline in value of the homes in question.
Brightest Blessings,
Raji the Green Witch