Comments on: Personal Financial Plan is Important to Avoid Unnecessary Money Hurdles

By: cynrae2000

cynrae2000 — Fri, 12 Jun 2009 08:53:59 +0000

On Medicare you can expect to pay $95 a month for part B, and if you want an insurance supplement expect between $100 and $150 a month with no deductibles or co pays. If HMO around $78 a month with co-pays and deductibles. If you are not 65 plan on about $500 a month for private coverage until you are 65.

By: tigerlily10

tigerlily10 — Fri, 12 Jun 2009 05:25:58 +0000

There are 2 ways that CFPs might be compensated. On a fee basis, or on a commission basis. If the CFP is not trying to sell you specific investments, $3,500 to $4,500 is probably very reasonable for a fee-only comprehensive plan (Goals, investments, insurance, retirement, and estate planning).

If however you are going to be encouraged to buy particular mutual funds or insurance products, then the planner is probably being compensated by commission. In that case, charging $3,500+ is probably double dipping. The complexity of your financial situation factors into whether the fee on the whole is reasonable. Think in terms of the CFP having professional fees equivalent to those of a CPA or attorney. If professional fees in your part of the country average $200 hourly and the bill ultimately is $4,000, then that translates to about 20 hours of professional services work on the part of the planner.

By: Jay

Jay — Thu, 11 Jun 2009 03:26:56 +0000

Most people need a goal to work toward in order to succeed. Even though it may vary significantly, it gives you a figure to strive for, and hopefully exceed. Then when you do exceed it, it's a great feeling that you wouldn't have if you hadn't set the original goal.

By: pianoluk

pianoluk — Wed, 10 Jun 2009 18:43:06 +0000

Blue chip stocks

By: uncanny valley

uncanny valley — Wed, 10 Jun 2009 10:06:19 +0000

Your personal financial plan must be based on your personal financial goals. First, determine what goals you want, then write a plan. You could visit your local bank and ask the financial planner at your branch to help you set a financial plan.

By: Shaunda C

Shaunda C — Wed, 10 Jun 2009 07:05:00 +0000

BusinessPlans.org contains a large library of business plans
http://www.businessplans.org/index.asp

By: Raquel

Raquel — Tue, 09 Jun 2009 09:45:28 +0000

Hamilton's idea was for rich people to loan the government money through bonds. In order for those bonds to retain any value (and the people holding them to be able to cash them in later), the government would have to survive. Therefore, those rich people would use their influence to make sure the government succeeded. Common people living hand-to-mouth didn't have extra money to loan out, or influence that would affect the fate of the new government, so they were pretty much left out of this process.

By: Munch_101

Munch_101 — Tue, 09 Jun 2009 08:43:32 +0000

So many things to do, hard to boil it down without more info but…

1. Determine your goal. Can't plan to get there if you don't know where you are going.

2. See where you are so you know what you are dealing with. Look at your bills, spending patterns, debts, assets, etc.

3. Work on your high interest debt. Get rid of credit card bills or any other debt with high interest. If it is going to take some time, try to negotiate lower rates or consolidate into a lower rate.

4. Set up a regular savings plan so you have some emergency funds.

5. Once your credit card / high interest debt is out of the way work on 'bigger debt' like student loans, car loans, etc. If renting do the math and see if an affordable house can save you some money. Make sure to keep up your regular savings plan until you have a few months backup

6. Work on getting house, car, big loans paid off and keep that savings plan going

Also want to make sure to: Check out life insurance for dependents, check out / make a retirement plan, make sure I'm making good daily decisions on my spending.

Just my 2 cents worth.

By: John S

John S — Tue, 09 Jun 2009 08:31:57 +0000

I set up his budget form (modified to our specific bills) on Excel. Now that was about 4 years ago.

Now he has software (about $25) available on his website or subscribe to My Total MOney Makeover section of his website and you can do the budget there (link below). Or Crown Financial (originally started by the late Larry Burkett who Dave gives a lot of credit to) has budgeting forms and online software. (Link below) Crown also has software (last link)

Both would be the best way to stay completely in line with Dave's principles. Both of the on-line subscriptions have free trial periods.