FYInance

Posts Tagged ‘Financial Planning’

I’m looking for a financial planner in San Antonio, TX. How much does a planner usually charge? Any recommendations?

Financial Planner San Antionio TX

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Since the job market is so bad right now, I’m thinking of getting a job as a financial planner since it is the only one I can get! I was wondering if it is a good idea to get the series 63 on my own because it is one of the few Series exams that require no sponsorship? I know that I will also have to take things like Series 7 and a lot of other exams. I guess I am ready for them.

Today we are going to have some fun and ask everyone to join in to tell us what they would do with some extra cash. Let’s make it educational and also fun. You don’t have to spend time thinking and come up with a perfect answer, just whatever you feel like doing with the cash.

I will start by interviewing one of our readers below. But please join in whenever you like.

“If I have lots of extra money, the more the better of course, then I would purchase a cruise to Alaska for my mother, a destination which has been on her wish list for more than 60 years. If there was any money left over from the sale, I would prepay her expenses in the assisted living facility she is residing at for the next 6-8 years. If there was still more funds left over, I would pay on my mortgage which I am 7 months behind on. Any further monies would be donated.”

Thank you for sharing. Anyone else wants to share what they would do with some money?

Today we are going to discuss briefly why financial planning is so important. First of all, you can do your own financial planning even though most people seek the help of a good financial planner or financial advisor. A financial planner can examine your financial situation while having your short term and long term goals in mind and help you come up with a plan (a financial plan) that outlines how you can reach your financial goals.

If you go to a financial advisor, he or she might be able to help you but a financial advisor does not usually come up with the financial plan himself/herself. Besides, there might also be a conflict of interest because a financial advisor has investments to sell whereas a financial planner usually do not sell investments or you can choose one that is independent of investment firms.

It is important to differentiate your long term goals and short term goals as well as examine where you current are financially. Without a financial plan, you will be lost and wouldn’t know where to start to achieve your goals and if you did know then it is still hard to keep track of what you are trying to achieve and what you have already achieved. Everything you do financially should be part of a big plan.

Any thoughts?

Too many people live paycheck to paycheck. However, with a little bit of financial planning, you can improve your financial situation in a big way. We learned from Ed, a financial planner who has been in this industry for 11 years, that without proper financial planning, it is hard to work towards a goal and achieve any financial goal. After all, you can say, I want to have $50k by next year but how are you going to achieve that? That’s why financial planning is very important. First you have to know your financial goal, and then you can work with a financial planner to come up with a plan to achieve that financial goal. Financial planning is very important.

The $50K question is back!

We asked our readers again, what would they do if they had $50k today and one of our readers said:

“If I had $50,000 I would pay off my credit card debt of $30,000, pay off the remainder of my husbands student loan of $10,000, and pay off the remainder owed on my car of $10,000. I would pay off the credit cards and school loan to eliminate the monthly interest charges. Since the interest has already been added in to the car loan there would be no savings of interest by paying it off, but I would pay it off because that would free up my income for savings.”

Wow, this reader has definitely been paying attention. She has a specific plan for the $50,000 and she has some financial knowledge. She doesn’t just want to pay off debt, she knows exactly what debts she is going to pay off first.

We also thank Ed today for his wisdom in financial planning and how he drilled into us the importance of financial planning.