Tag Archives: financial planner

4 Financial Tips for Starting a Money Saving Plan

At its core, a money saving plan boils down to setting some money aside and saving it for a rainy day, but it’s not as simple to do as it is to say that.

Life gets in the way, and not putting enough thought and detail into your money saving plan to make it actionable can set you up for failure.

“No one’s ever achieved financial fitness with a January resolution that’s abandoned by February.”  – Suze Orman

Financial Tips for Starting a Money Saving Plan

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Start by thinking of a money saving plan as a long-term goal.

Sure, you can save a bit of cash here and there with no plan and spend it when you get in a pinch, but having a plan in place, and sticking to it over the long term can make a difference in your future – not just in your current situation.

“If you want to reap financial blessings, you have to sow financially.”  – Joel Osteen

Figure out your budget (if you don’t already have one.)

In your budget, include what percentage of each pay you want to put in long-term savings, then add a percentage for short-term savings – that you can use for emergencies without wrecking your long term plan.

Set up an automatic savings plan.

Through your bank, credit union, or employer, set it up so the percentage you select to save long-term goes automatically into an account you can’t easily access – then either handle the short-term savings deposits on your own or set them up for automatic transfer, too.

“No complaint… is more common than that of a scarcity of money.”  – Adam Smith

(Automatic transfers reduce the likelihood of spending your savings without thoroughly thinking it through first because, while it’s always your money, it never passes through your hands to tempt you to spend it.)

“A simple fact that is hard to learn is that the time to save money is when you have some.”  – Joe Moore

How to Find a Trustworthy Financial Planner

Consult a financial planner or investment specialist if you need help.

If you really struggle with the  concept of saving money, consult a professional financial planner for some help and direction – just be sure to check the planner’s credentials so you don’t get scammed.

(I really want to stress this part – check credentials if you need help with this type of planning – you cannot be too careful when it comes to your money.)

Choosing a Certified Financial Planner (CFP)

Choosing a Certified Financial Planner (CFP)

By Amit Bhawani

What is a Certified Financial Planner (CFP)?

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A Certified Financial Planner, or CFP, is a financial professional who meets the requirements established by the CFP Board of Standards.

To become a Certified Financial Planner, the board requires the following:

  •  A Bachelor’s degree, or higher
  • Complete a CFP Board-Registered Education Program.
  • Pass the CFP Certification Examination, a 10 hour exam
  • Have at least three years of work experience in personal financial planning
  • Pass a background check
  • Pay certification fees

Once they become a CFP, financial professionals are required to report Continuing Education requirements every other year, to insure they are keeping up with changes in the industry.

How does a CFP compare to other financial professionals?

There are many different types of financial professionals, and the “alphabet soup” of designations may be confusing.

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CFPs are trained to develop comprehensive financial plans for individuals, businesses, and non-profit organizations. It is their responsibility to objectively assess your financial situation, troubleshoot problem areas, and recommend appropriate options. A good CFP should be confident in all areas of financial planning and the way various strategies can be used to create a comprehensive plan suited to your needs.

How do I pay for a CFP’s services?

There are two ways that CFPs can be compensated. First, they may take a commission from a product or service that they sell you. Second, they may ask that you pay a flat or hourly fee for their services. Some financial professionals use a hybrid of fees and commissions. Be sure to talk about this with your planner before agreeing to engage his or her services.

How do I choose a CFP to work with?

You will be working very closely with your financial planner on every aspect of your wealth management, so it’s important that you are completely confident with the CFP you choose to work with. – Talk to your friends and family to see what their experiences are, it’s a good place to get started.

– Feel free to do some internet searches on prospective planners – you should be able to tell a lot by a person’s, or firm’s, online presence.

– Don’t hesitate to check with the various regulatory boards to see if there has ever been a complaint lodged against the planner. You can check CFP.net, as well as Finra.org, and Sipc.org.

– Finally, give the CFP a call. If you set up a meeting, or even just start out with a long phone conversation, it will give you a good idea of whether this is the planner for you.

Amit Bhawani writes on different topics ranging from technology to Financial Planning and gives advices through different articles on choosing professional financial planners at financialplanners.com who can help you make better decisions with your money.

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