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Archive for the Financial Planning Category

Can You Be Your Own Financial Planner?

A great opportunity for the American public and for advisers too Let’s be blunt, by default everyone is really their own financial planner. Regardless of the extent of help they receive from professionals, the consumer ultimately is the goal setter, and decision maker, implementing the steps necessary to accomplish goals. The consumer has more resources… Read More »

How to Thrive Financially after Graduating College

Tips to Thrive Financially After College: Taxes, Spending and Financial Planning The Big Surprise for Recent College Graduates College students are now graduating with more debt than ever, loan payments can be crippling as they enter an economy where almost everything has increased a lot in cost, like food and gasoline. Graduates right out of… Read More »

Expert Tips on Overcoming Financial Planning Barriers

Spot & Overcome Financial Planning Barriers The Society of Actuaries sponsored a study of financial planning for the Financial Literacy Group titled Barriers to Financial Advice for non-affluent Consumers. It was a pretty extensive white paper, and an article I wrote was quoted in this study. Obviously, they were looking for qualified authorities in this… Read More »

Why Do Some Financial Professionals Love DIY Financial Planning?

When we rolled out eFinPLAN in 2007 offering financial planning to everyone, some financial planners reacted a little negatively. They feared that online financial planning was competing for their clients, or might miss some things. However, the current system of financial planning delivery, has its own gaps in service. And since online planning provides a… Read More »

Part 5: Is Suze Orman Right: Can you do your own financial planning?

Suze Orman says: Do Your Own Financial Planning! “I think it’s imperative for you to do as much of the work as possible, rather than turning control over to someone else: your finances.” Ms. Orman and I agree on this. Is this really true, and what does this mean? I think the biggest thing Suze Orman can… Read More »

Part 4: When to Update Your Financial Plan

Certain life events can make significant changes to your overall finances and  can necessitate updating your financial plan. This list of life events is provided to alert you to circumstances that may affect your overall plan. Receiving a large amount of money. “Money is the world’s curse. May the Lord smite me with it! And may… Read More »

Part 3: Financial Plan Basics: Financial Planning Myths

There is a lot of misinformation about financial planning. Therefore, this article exposes some of the myths or hypes of planning. This information may be helpful for people to understand more about financial planning. Financial Plans Should Not Be: 1: Product Purchase Centered:  Financial planning should never be based on the sale of a particular insurance or… Read More »

Part 2: Personal Financial Planning, History, Process and Options

Financial Planning Defined: The devising of a program for the allocation and management of finances and capital through budgeting, investment, etc. In other words, it is the process of meeting your life goals through the proper management of your finances. Financial Planning Trends:  Financial planning has been an emerging profession for about the last 30 years. Prior to… Read More »

Part 1: Basics of Financial Planning – What is Personal Financial Planning?

Personal Comprehensive Financial Planning: A financial plan serves as an ongoing master plan for your money.  It also serves as a cornerstone for decision making throughout your life.  All of life’s decisions affect our finances; education, home purchases, vacations, and children, and a multitude of choices also have an affect on college planning, retirement, etc.  A financial plan should… Read More »