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In this tough economic landscape, we have to rely on honesty and integrity to see it through. It has been a difficult path to walk, but we must remain focused and know that things will start to get better as time progresses. With mounting job losses, it is sometimes very difficult to make ends meet and the challenges we face head on everyday can be truly daunting. There are many people who are just barely able to satisfy their financial responsibilities; those who work hard and long hours sometimes barely get by on their salaries. Hopefully, as the economy starts to rebound, life will get better for all of us. (more…)

Everywhere you look, financial planners and economic advisers are telling us to save money for our retirement and our future. But the younger you are, the harder that is to really imagine - why should we put money away now that we can’t access for another thirty or forty years? What if I’m dead before then? What if something happens to that money and I lose it all anyway?

With these thoughts in mind, it’s useful to look into the psychology of saving for retirement. Obviously, our real “self” changes a lot from when we start working, perhaps as a teenager, and as we go through middle age, have a family, and then start looking forward to retirement - and even our attitude to money and savings will be forever changing.

Perhaps the best advice is to try to get outside of your own mind when you are looking into retirement planning and financial issues. Pat Regnier from Money Magazine put it really well:

Imagine that a court put you in charge of the finances of an elderly uncle you don’t know well. You’d set aside your own tastes and try to make prudent decisions for him. Do the same for you.

Whether or not you hire a financial planner is up to you. Before you decide for or against this you should consider the pros and cons. Some people would not know what to do without a financial planner. Others have no reason to hire this type of professional, and never think twice about doing so.

The main benefit of working with a financial planner is the expertise they offer. In other words, if you don’t know much about money and investing your financial planner will be able to clear a path for you. This is something that you have to decide on based on your knowledge. Do you know a lot about your money? Are you comfortable handling all aspects of your investments? If so, you may want to try your own hand before hiring a financial planner.

On the downside, when you hire a financial planner you have to pay them for their services. Do you really want to spend money on something you may be able to do on your own? Again, this is a question that you have to answer based on what you know and what you are comfortable doing. If you know a lot about personal finance and planning why would you pay somebody to reiterate old information? But if you don’t have any knowledge it may be in your best interest to hire a financial planner who can guide you.

Don’t let anybody make this decision for you. If you need a financial planner, hire one. If you don’t, take care of your money on your own but make sure you are open to this idea if your situation changes.

photo credit: epicharmus

Do you have a financial plan? Better yet, do you have a financial plan that you trust? Believe it or not, the proper financial plan can and probably will save you a lot of money month after month. Those who don’t have a plan find themselves in trouble at some point in time. You can easily avoid this by being prepared for everything at all times.

Your financial plan does not have to be a long, complex document full of figures. Instead, it can include a basic outline of your budget as well as any goals you have for your money. With the proper financial plan you can save money by cutting expenses. To go along with this, you will also find your savings accounts growing because of the way you are treating and spending (or not spending) your money.

When you have a financial plan you will feel as if your money situation is in good shape. And remember, you don’t need to be rich to have a plan. Even if you earn minimum wage you can still devise a plan that will help you follow your budget, make the right decisions, and reach all your goals.

Getting good advice on how to plan for your financial future is vital, but finding a financial planner who you can trust and who will take the time to figure out what is best for you and your particular circumstances is a tricky business. At the very least, consider some of these tips for finding a financial planner before you sign up to anything:

• Get some recommendations for good financial planners from your friends, family and your accountant. This is infinitely better than just searching through the Yellow Pages but if you don’t have anyone in your area to ask, then get online to see if there is a forum giving some unbiased recommendations.
• Think about what your financial needs are - for example, are you mostly interested in creating a retirement portfolio - and try to find a financial planner who is more specialized in your area of need.
• Meet with two or three at least - an introductory meeting should be free - so you can find someone you feel more comfortable with.
• Ask about how they get paid - whether it’s by commission, flat fees or fees based on your assets you invest through them - so that you can make more informed decisions about the investments they recommend, and so you don’t get any nasty surprises later.

The new year is upon us, and this means it is time to start planning for the next 12 months. Do you have any financial goals for the new year? If you are behind in this area you need to catch up at once. Believe it or not, financial planning for the new year is not as hard or as time consuming as some so-called experts will want you to believe. Yes, you need to take time to ensure that you are setting realistic goals and making the right moves. But at the same time this does not have to take several weeks of headaches and mess-ups.

The way you plan your finances for the new year is up to you. For instance, some people will want to save more money this year. Others will want to pay down their debt. Some will want to do both. It is up to you to decide on your financial goals for the next 12 months. They can be whatever you want as long as they will benefit you in the long run.

Don’t overlook the power of having a financial plan for 2009. A solid plan, coupled with goals, are what you need to succeed.

Relying on two incomes is much easier than relying on one; there is no doubt about this. And while some couples voluntarily cut out one income others are forced into this. If you are in the latter group what are you going to do to make ends meet? With the unemployment rate increasing more and more families are being forced to live on one income. While this is never easy there are some tips you can follow: (more…)

Is your financial situation stressing you out? This is a feeling that you may be sharing with millions of other Americans. The economy is bad, the stock market is on the same page, and the real estate market is on a downturn. How can’t you be worried about your finances? Fortunately, no matter how bad your situation has become you can fix it. (more…)

photo credit: lumaxart

So you meet with your new financial planner, they give you a bunch of suggestions on how to invest your life savings and provide for your retirement and then leave you with a bamboozling pile of paperwork to sign. Is everything okay?

Sometimes yes, sometimes no. An astute investor reported a bad experience recently when his new financial planner promised the investment plan costs would include just a 1.35% fee per annum for the financial planning consultancy. But when the investor took the paperwork home, he found a bunch of other fees listed, such as fees for entering particular funds, that the financial planner hadn’t mentioned. The investor didn’t sign.

This example goes to show that it pays to shop around for a financial planner that you feel comfortable with. The experts recommend you choose a financial planner who’s not only someone you like, but whose investing philosophy makes sense to you. Above all, don’t sign anything in a first meeting, and as tempting as it seems, don’t sign a pile of paperwork without taking it home to have a look at it. Be especially suspicious if your financial planner is pitching “no fees” packages to you, because if it’s too good to be true, it probably isn’t.

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Sometimes it’s hard to learn without making your own mistakes, but this great list of 10 things that will put in you in the poor house should help you avoid at least some of your own disasters. Some of the highlights of big financial mistakes you can make include:

• Spending more than you have - it sounds obvious, but many people do this. If you don’t have it, don’t spend it.
• Investing in some kind of scheme that promises to make you rich quickly - if it was so easy, everybody would be doing it. If it sounds too good to be true, it probably is.
• Working only the minimum amount - nobody ever became financially well-off by slacking off. If you’re lazy about working then it’s likely you’ll either slip into poverty or float just above it.
• Not making a financial plan for yourself and your family - if you don’t know where you’re going financially, chances are you’ll get nowhere.
• Wasting money on unnecessary things - before you spend, stop and think if the item you’re going to buy will really (truly) make your life better or not.
• Not being prepared for surprises - if you don’t have an emergency fund and don’t have the right kind of insurances at the right levels, then an emergency could cause you serious financial damage.