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Advice for Locating the Best Financial Planner to Secure Your Future

financial plannerWhen it comes to wealth management, having an effective plan of action can keep you financially independent for years. Be that as it may, most Americans today are struggling to make ends meet and therefore don’t have the finances or the time to map out a plan. Sometimes this is because they lack the necessary tools, and other times it is because they cannot see outside of their current financial status. Whatever the reasons are, a financial planner can do a great deal to assist you in getting back on the right path.

Make Sure You Interview Prospects

It is not enough to Google financial advisors and hope that you get a good professional for the job. You must really take your time in finding someone that you can trust with your money, and essentially with your future. Therefore, you should make sure that you interview potential financial professionals to see if they are a good fit for you. During the interview, it is important to find out what types of training and experience they bring to the table. How can their skills and abilities best help your current situation.

 

How Will You Interact with Each Other

It is important to know how you will be working with your financial advisor on the regular basis. Technology has afforded so many people different means of communication that you want to make sure that you will find a planner that will engage with you on a level that is comfortable for you. For instance, find out if they will be meeting with you in person, will you be working via email or on the phone, do you have your own personal advisor or is there a team?

 

What is Their Specialty

Most financial advisors have a specialty they like to focus on like insurance claims or equity trading. Finding one that is trained in an area you need assistance in is best. There are a wide range of topics that could be covered including debt management, risk management, taxation, education, investing, retirement planning, or estate planning.

Of course there is a lot to consider when it comes to choose a financial planner that will help you to learn wealth management skills that you can carry with you throughout life. However, by following these three guidelines, you can most certainly secure a financial professional that has experience, great communication, and the specialized expertise to help you reach the next level in your life.…

5 Mistakes to Avoid When Investing Your Money

money investing

If you’re new to investing, there are a lot of things that you need to learn, but the problem happens when you don’t do research and don’t head off potential mistakes that may happen. Here is a list of five mistakes that many first time investors make and why.

  1. Investing in only “safe” investments. This happened a lot during the recession, because people were afraid that we were going to fall into a depression and they were going to lose all of their hard earned money. Investing in only “safe” investments is a big mistake, because you could be missing out on a lot of interest and other perks that you can get.
  2. Not being able to take a loss and move forward. Psychologically, you have to be a strong person in order to invest well, and you have to be able to deal with it after taking a loss, sell the stock, learn from your error in judgment, and keep playing the investment game in order to get the results you want.
  3. Not doing your research. If you don’t do research on your stocks, you’ll start throwing your money places that you shouldn’t, and you could end up losing a lot of money. So be sure to keep up with all of the latest investment news and learn what you need to in order to make good decisions.
  4. Not keeping track of your investments after you make them. This is one of the biggest mistakes that people make when investing. It’s not like a roast; you can’t just “set it and forget it.” You have to keep up with market trends, check out what the company you invested in is doing, and watch how other companies in the same sector are faring. Otherwise, you could get in a situation where the stock should be sold, and you totally miss it.
  5. Hesitating in your selling of stock. This is another huge mistake that people make. If a stock skyrockets quickly, sometimes people hesitate in selling it, usually because they’re trying to hold out a little longer to see if they can make more money on it. What that usually results in is a loss, because they hold out too long and never sell it. Think about it- wouldn’t you rather miss out on earning a couple of dollars as opposed to losing a few because you didn’t make the right move?

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Ways To Cope With Student Debt

One of the biggest nemeses of Millennials isn’t the prospect of becoming an adult. In fact, becoming an adult is ‘easier’ than ever for Millennials, otherwise known as young people.

Lots of Millennials can bear the brunt of adulthood. But, can you imagine taking on adulthood with thousands of dollars of debt?

The problem with student debt

student debtMany young people enter college to better themselves. Of course, at the recommendation of their parents, guidance counselors, teachers and peers. However, a lot of young people are feeling the heat, so to say.

According to one Manitoba news source, the cost of college tuition has ‘skyrocketed’ to an average of ‘$8,893’ at the standard 4-year college institution. It doesn’t seem so bad, until you realize that many colleges and universities charge tens of thousands of dollars annually for a degree.

Not to mention, that average applies to public institutions. Private institutions actually require students to pay three times as much.

According to a study by research firm Wintergreen Orchard House, students in New Hampshire have to pay as much as $12,000 per year on average, just for college tuition. Students on the East Coast in the U.S. are subject to higher college tuition fees than students in other parts of the country.

But, college tuition anywhere in the United States is still at an all time high.

How to cope with student loan debt

If you’re a Millennial with student loan debt, you’re certainly not alone. Here are some tips to help you cope with student loan debt.

Learn more about what you owe

The National Student Loan Data System helps students keep track of their outstanding loans. So, if you have an account, make sure you use it to keep track of your current outstanding debts.

Private loans might need a bit more effort when it comes to tracking them. You can either ask your school’s financial aid office for assistance and/or look up your credit report at a free credit report site. It’s recommended to look at all of your credit reports, and not just one, since not all lenders report to all three.

Don’t ignore your bills

Always pay your bills when you can and, naturally, on time. If you have private loans, to provide an example, it’s better to get those paid off first. Private loans are usually trickier to manage, since they don’t have as much flexibility (in repayment terms) as other loans.

If you just keep deferring loans or ignoring monthly payments, it might seriously affect your credit history/report and your chances of getting hired or even approved for more credit.

Got any more tips for managing student debt? Leave them in the comments below.…

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Is Your Safe Money Really Safe?

Is your safe money really safe? Or, will you have to make your own bank run in the future?

safe money

Lots of people worry about this, especially if they’re already savvy about financial planning. After all, every time people assume they’re set with their nest egg, something unexpected happens to take all of those accumulated funds.

The ‘safe’ nest egg

If you have any substantial amount of money, it’s safer to keep it in some kind of financial account. But, with the prospect of institutions closing by the year, how do you know if it’s safe to store your money in ‘whatever’ account?

To start, it’s always important to learn more about the financial accounts you might want to use. So, let’s take a look at some of the ‘safe’ accounts, like a Manitoba Public Insurance broker might say, to use to build that nest egg of yours.

Certificates of deposit (CDs)

Certificates of deposit issued by banks are generally protected under the Federal Deposit Insurance Corporation, otherwise known as the FDIC. They insure CDs up to $250,000 per financial account.

So, if your bank or financial institution were to become insolvent, they would be able to cover your funds and pay you back (more or less), should that happen.

Thanks to the FDIC’s promise, you can count on your CD to be pretty safe.

Fixed income annuities

A fixed income annuity gives prospective retirees and retirees the ability to create a personal pension without some of the risks associated with the market.

These annuities provide a fixed lifetime payouts or payments over a certain payment term. Unless inflation is counted, these payments generally remain fixed throughout the lifetime of the annuity.

Fixed income annuities are considered safe because they’re ‘as safe as the financial ability of an insurance company to deliver on providing them to their customers.’ In other words, they’re safe as long as the insurance company has a great reputation for fulfilling them. Of course, that means you should research insurance companies before selecting one.

U.S. Treasures

Owning United States government Treasury bills, bonds or notes practically guarantees safety. These securities are considered incredibly safe because they’re backed by the federal government, ensuring they have to pay you the security’s interest and principle upon its maturity.

These securities more or less depict you buying debt from the U.S. government for a certain period of time, that they’ll repay later after the investment matures.

They’re also safe because they have lower interest rates than other investments with fixed incomes, such as floating rate bonds and corporate bonds.…

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Learning To Take Control Of Your Finances

managing financesFor a lot of us, financial planning is a hit or miss situation. We don’t know how much to invest or how to do it. This is where a financial planner comes into play. Find a certified financial planner with help with your investing and make things more understandable. wealth management is a harrowing process. You have to decide how much money you are going to invest and what you are going to invest in for house insurance Winnipeg.

The first thing you should do is sit down and figure out how much money you have to invest. This includes savings and how much can be taken out of your paycheck each week. The next thing you should do is find a certified financial planner who can help you determine in what to invest. The best place to find a certified financial planner is through friends and family who have used one before. If you do not know anyone who has used a certified financial planner, the next place to look is the phone book. Flip through the pages and look at ads that stand out to you. Especially look for ads that mention “certified” in them. Narrow it down to a handful of financial planners and then be ready to make phone calls armed with questions.

Are you a certified financial planner? How long have you been in business? What is your average rate of return? Do you belong to any professional organizations? Do you belong to the Better Business Bureau? If so, what is your grade? Do you handle the amount of money I have to invest? Do you do free interviews to see if we fit?

After all those questions, you should be able to narrow it down to one. When you go to his or her car insurance office, expect him or her to be professional and courteous. Expect him or her to be able to explain in plain English what investments are recommended and why they are recommend.

Dealing with wealth management can seem like a daunting task. Finding a reputable certified financial planner is worth his or her weight in gold.…