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Welcome Visitors
Tips
and Frequently Asked Questions (FAQs)
Got some holes in your portfolio that need to be filled? A professional
financial planner is trained to advise you. In the meantime, here is some
advice to get you started.
Should financial planning stop during the retirement years?
Concern about outliving retirement funds has made financial planning a vital
tool for those who have already retired. Not only can it help people save as
they approach retirement, a financial plan also can help them live through
those golden years in comfort. Many retirees are afraid that investment
losses will eat into their capital, but there are several types of
investments that not only protect your principal, but can actually increase
it over a five- to 10-year period.
As a single parent, what should be included in my financial plan?
Single parents often shoulder most of the financial responsibility for their
children's well-being. Therefore, an estate plan and college fund are
financial-planning priorities for single parents.
I am getting divorced. What can a planner do for me?
You need a professional financial planner if you are going through a divorce!
The planner will review your financial situation and determine what you need
financially in a settlement. They will provide an objective opinion to help
you avoid decisions based solely on emotion. In addition, a mediator should
be involved as early as possible to assist in establishing a fair settlement
for both parties.
Do I own too much of my company's stock?
Most professional financial advisers agree that diversification is the single
most important financial planning step for those owning employer stock. Many
stock plan participants rely too heavily on company stock and don't diversify
their portfolio. Diversification is vital. Regardless of how optimistic you
are about your company's outlook, why take needless risks with your future?
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What are the most common personal finance mistakes?
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- Not developing a financial plan
- Failure to think in terms of the "big
picture"
- Not keeping a handle on day-to-day cash flow
- Allowing lifestyle expenditures to increase as fast
or faster than income
- Failure to maintain a savings account
- Carrying credit card debt
- Not having adequate insurance
- Buying too much house
- Not investing for the long term
- Ignoring retirement opportunities provided by your
employer
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What does a typical financial plan cost?
A financial plan (one addressing all facets of your financial situation)
might range from $250 for a basic plan to $4,000 and up for a complex one.
Fees vary widely depending on the complexity of your financial situation, the
area of the country in which you live, and the financial adviser or firm with
whom you work. If you are single, with no dependents, a limited estate and
straightforward goals, you will likely pay a lower fee for a plan than
someone with a more complex financial situation.
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