Successful Financial Plan

download-12On the surface, the cost of a financial plan is simple: generally between $2,000 and $4,000, depending on its complexity and where you live.

But dig deeper and you’ll find that the plan’s success also depends on you spending time to implement it.

Consider the case of a young physician who recently came to my office inquiring about a financial plan. His primary issues were cash flow with tax considerations, debt service and investment advice. I suggested he would also need an insurance review and estate planning, since he had none. At the conclusion of our getting-acquainted meeting, my colleagues and I quoted a fee for the financial plan and what it would include. He decided to work with us.

Next we had a goal-setting meeting and collected his pertinent financial documents such as his tax return, investment statements, debt statements and more. We provided risk-tolerance questions and discussed his short- and long-term goals in greater detail. Then there was an interim meeting where we reviewed his goals — to be sure we prioritized them correctly — his risk-tolerance results and his investment analysis.

A couple of weeks later, we had a plan-delivery meeting, where we reviewed the recommendations in all the areas of his financial plan. He took the binder home to review and start implementing the plan.

He returned in a month for a progress meeting. He had made some headway on our list of recommendations, but not as much as I had hoped for. At the conclusion of that meeting he told me: “You were very clear as to what the plan would cost me in dollars. What I did not know was the time it would take me to collect the information on which the plan is based, to meet with you, to read and study your recommendations and then to finally implement them.”

He was correct: It costs both time and money to enact a financial plan that will really help you. Eight months later, I received an email from the doctor, letting me know he’d completed all the recommendations. In the end he said the total cost, in terms of dollars and time, was well worth it.

Beware of additional costs

Keep in mind that with some financial service providers, there could be huge additional costs in the form of fees or commissions. This could also be a conflict of interest if your advisor recommends products that pay him more, rather than the ones that are best for you. So be sure you know exactly what fees are involved when you start working with an advisor.

While my recommendations in the doctor’s plan included specific changes to his insurance and investment holdings, I did not sell him any of the coverage plans that I recommended, nor did I sell him the investment products he needed. That’s because I am a fee-only advisor. I want my clients to know that I have no vested interest in the implementation of the insurance or investment part of the plan.

This is not the case for advisors who provide both a plan for a fee and then sell you the investments or insurance products as well. All too often, the insurance recommendations made by those who sell the products, too, include more and larger policies than what I would recommend. It is a sad fact that the commission may be driving the plan recommendations, rather than what is best for the client.

When you are looking for a financial plan, be sure that you use the services of a Certified Financial Planner and that the planner does not sell any products. To find such an advisor near you, contact Garrett Planning Network or the National Association of Personal Financial Advisors.

Tips for Prepare for Emergencies

images-33Last week Kristen and Julia, our rising high-school senior, visited McGill University in Montreal, Canada.  By all accounts it was a hugely successful trip. Julia is thrilled at the prospect of furthering her education and expanding her horizons. She will be 18-years old soon and “on her own” as a freshman, hopefully, at a college of her choice.

Students may be worried about making new friends, studying, and adjusting to college life. Parents or guardians may share these concerns too, but they should not neglect legal and financial matters. Our 18 year-olds are now adults who can enter into contracts, make their own health care decisions, and are afforded levels of privacy to which we may not be accustomed. Who will make medical decisions on behalf of your child if he or she is unable to do so? What will you do if you need to get medical information in a time of an emergency? Will you be able to have access or make decisions on financial/tuition matters with the bursar’s office? Is it important to have access to your child’s academic record? Consider these items allowing parents/guardians to assist their adult children before they leave for college:


Health care proxy
: This document allows your child to name someone they know and trust to make medical decisions on their behalf, if for any reason, they are unable to make the decision or communicate their wishes. While standard forms may be available on-line through state medical societies, your estate planning attorney can draft this document.


HIPPA release:
 The Health Insurance Portability and Accountability Act (HIPPA), a federal law, protects your child’s privacy even from parents. The act prohibits a health care provider from releasing any health care information unless your child provides the health care provider with a HIPPA release form naming you as an authorized recipient.


Durable power of attorney:
 This document allows your child to appoint an agent in order to manage his/ her financial matters. While parents may be paying the tuition bills, this does not grant authority to discuss or resolve their child’s financial issues with the college’s student accounts office or bursar’s office.


FERPA waiver:
 The Family Educational Rights and Privacy Act (FERPA) governs privacy of educational records and prohibits an institution from discussing a student’s record with anyone unless the student has granted authorization. Colleges may allow students to grant access to one or more individuals via an on-line wavier form. However, remember your children are gaining independence and responsibility. Simply engaging your student may prove an equally, if not a more effective means of communication about how they are doing in school.

It is important to keep signed forms available as you may need them if your child is traveling, and remember that authorizations can be modified or updated as their circumstances change.

This is not legal advice so please be sure to contact your estate planning attorney to address these important issues.  If you don’t have an estate attorney ask your family, friends or financial advisor for recommendations.

How be Mindful About Costs

download-13I’m in the middle of wedding planning right now, and it has opened my eyes to just how incredibly expensive this whole thing can be!

 

I’m a frugal person at heart so the idea of spending a ton of money on one day seems a little silly to me. But it’s hard not to get caught up in all of it, and I’m finding that the costs are adding up quickly.

 

So, how do you have a wedding you love without spending more than you can afford? I’ve been thinking about this as I plan my own wedding. I’m fortunate that my parents have been very generous, and here are a few things I’ve learned along the way.

 

Plan Ahead

 

Yeah, I know. Big surprise that the financial planner is encouraging you to plan ahead. But there are two reasons why it’s helpful to make a plan before making any final decisions.

 

First, it’s amazing how quickly even the little costs add up. There are so many different pieces to a wedding that you can make a lot of seemingly reasonable choices and still end up with a big total bill. By planning ahead, you can see that happen before you’ve actually committed to anything and make decisions accordingly.

 

Second, it’s easier to get good deals when you’re on top of things early. Venues get booked, DJs aren’t available, and prices go up. The longer you wait, the less likely it is you’ll get your first choice and the more likely it is you’ll have to pay extra.

 

The Knot has a fantastic wedding budget calculator that can help you allocate funds across all wedding expense categories.

 

Get Creative

 

Your wedding doesn’t have to be like every other wedding. It can not only be cheaper to do things your way, but it can make for a fun and unique experience.

 

A friend of mine had a fall wedding and served pies instead of a wedding cake. This option was delicious and at least half as expensive; with pie at $2 per slice and wedding cake at $4 or more. Another one enlisted the help of her friends to make their own floral arrangements. I’m making small ornaments for wedding favors, out of paper (not expensive) and supplies I already had on hand.

 

Music, in particular a live band, is another expense that can be reduced, involve friends who have musical talents or crowd source a playlist from all your guests. There are an infinite number of ways you can get creative, save money, and make the wedding yours in the process.

 

Consider Your Guests’ Budgets Too

 

Your friends and family want to come celebrate with you, but for many of them it’s a big financial commitment. Doing what you can to make it easier for them will be much appreciated.

 

I have a friend who had a camping option, as one of the accommodations for her wedding. Not only was the price right, but it was a memorable experience. Suggesting accommodation options to guests with a range of prices is always appreciated.

 

For our wedding, we’re trying to make sure that people know how to enjoy themselves during the weekend without having to spend a ton of extra money, so we’re giving them a map of our favorite hiking trails in the area. Little things like that won’t make all the costs go away, but every little bit helps.

The Attract Of The Payday Loan – Guidelines To Help You Determine Their Really worth

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As with all other economic selections, the selection to take out a payday advance ought not to be created without having the proper information. Below, you will discover quite a lot of information and facts that will give you a hand, in coming to the ideal selection achievable. Read more to understand helpful advice, and information about pay day loans.

Make certain you can definitely afford to pay for a payday advance. Once you acquire the loan funds, you should supply the pay day financial institution by using a check out, or authorization to the full quantity of the money, fascination, and service fees. This means that in 1 or 2 several weeks, the lender either cashes your verify, or digitally withdraws the amount from the bank account. In case the cash is not available, you will definately get struck by some hefty penalties, so that it is even more difficult to repay the borrowed funds.

In case you are often turning to pay day loans to have by, go on a close up evaluate your paying habits. Online payday loans are as near to lawful financial loan sharking as, what the law states will allow. They should only be employed in emergencies. Even you can also find normally much better choices. If you realise oneself at the cash advance building on a monthly basis, you may want to establish yourself track of an affordable budget. Then stick to it.

Payday cash loans can be a high priced method to get funds that you desire. You should think about requesting an move forward by your task odds are it will be significantly less costly, and it may be simpler than you imagine. Just seek advice from your human sources workplace to get the information, you will certainly be really happy you probably did.

A good suggestion for those who take out online payday loans is, to ascertain an excellent track record of punctually obligations, with the exact same lender every time you require a bank loan. Doing so will help you to have a greater sum when you want it.

If you find your self tied to a pay day loan that you just are unable to be worthwhile, phone the borrowed funds business, and lodge a criticism. Most people have genuine grievances, about the substantial fees charged to improve online payday loans for one more shell out period. Most creditors will give you a deduction on your financial loan fees or attention, however, you don’t get should you don’t ask — so make sure you request!

Most payday loan providers will meet the requirements you for some kind of personal loan in the event you earn at the very least $1,000.00 monthly, are 18 or more mature where you can banking account. Each financial institution might require various other information and facts, however these are the basic simplest, so ensure you have this information before filling out an application.

When you are thinking about obtaining a payday loan, you need to make sure to take into account the interest rate. Each business will charge a fee a different interest rate in comparison to the others. Be sure you research prices. You may a lot of dollars if, you find a cash advance having a relatively reduced level.

It is essential to remember that online payday loans must only be employed for the short term. If you want to acquire funds for an extended time, consider getting a different sort of bank loan, for instance a line of credit from the banking institution. Even a credit card may charge much less interest and provide you with a longer time where you can repay the cash.

One of many ways to make certain that you will get a payday advance from a trustworthy lender is always to look for reviews for a variety of payday advance organizations. Carrying out this should help you differentiate legitimate loan providers from cons that happen to be just trying to grab your money. Be sure you do sufficient study.

Should you be self-employed and trying to find a payday advance, worry not because they are nonetheless accessible to you. Given that you most likely won’t possess a pay stub to demonstrate evidence of job. Your best option is to deliver a duplicate of your own tax return as proof. Most loan companies will nonetheless give you a financial loan.

As there are usually extra fees and terminology hidden there. Many individuals have the blunder of not doing that, and they turn out owing a lot more compared to what they obtained to start with. Always make sure that you recognize totally, something that you are currently signing.

The easiest way to take care of payday loans is to not have to take them. Do your greatest in order to save just a little money per week, so that you have a anything to drop back on in an emergency. If you can preserve the amount of money for an urgent, you can expect to eradicate the demand for by using a payday advance assistance.

You should now have a great thought of what to look for with regards to receiving a pay day loan. Utilize the details provided to you to be of assistance within the a lot of decisions you experience when you look for a financial loan that meets your needs. You can find the amount of money you will need.

Getting Blue Trust Loans Without Collateral

Experts are aware that planning a family budget that never fails is not easy. Expenses do not come when folks want them to, but they come at the most unexpected moment and probably at the worst possible time. However, with urgent unsecured loans from Blue Trust Loans, people can reorganize their finances without having to deal with overwhelming complications.

Getting a loan without collateral

No matter how or when an unforeseen expense starts to crumble the world around you, know that emergency loans through Blue Trust can get you and your family through these rough times. Borrowers get the funds they need very quickly without filling out form after form. In fact, some people see their loan amount in their bank account in hours.

Want to know how it works? This article will explain the process below.

Knowing the process

Personal loans can be considered as urgent because of the speed used when granting credit. This is because the whole process is done online and without paperwork. In this way, borrowers will just sit in front of their computer and access the website.

Folks can find a loan simulator that helps them determine what the repayment fees are going to be, in addition to the repayment dates. This is one of the most beneficial tools to use when getting a loan. At this point, the user will have to provide their personal and bank information and ID proof.

Once the borrower sends the loan application in, the system will weed out any people who don’t qualify within seconds. Applications that make it past this point move to human verification. If the online loan is granted, borrowers can have access to the funds within 48 hours.

Be advised, however, that some loans are granted within minutes. There are varying factors that allow this and the terms should be discussed before agreeing to a contract. The speed of the process is due to the ease of application, as no paperwork is required.

Why apply for an emergency loan?

Applying for an emergency loan could literally save a person’s life, so to speak. Their home could need major repairs or their vehicle could be their only way to and from work. What happens when life happens?

You get a loan from Blue Trust. What are you waiting for?

Be Aware Of Precisely Where Your Employees Are If They’re Working

Quite a few organizations have employees who work outside of the main building. Delivery drivers and service technicians must typically be away from the office to be able to achieve their job. Yet, companies must make certain the workers are working while they’re out of the workplace as well as will desire to ensure they are making the most of their time working. To be able to achieve this, many employers are actually making use of an employee tracking app that allows them to see where they are and also just how much work they are undertaking when they are not within the office throughout the day.

Tracking where an employee will go in the course of work hours supplies a great number of advantages for the boss as well as the worker. The boss can check on the employee anytime to be able to make certain they are precisely where they’re supposed to be and also to locate them if perhaps their vehicle isn’t operating and thus they’ll need to have aid. They will be in the position to check to make sure the employee’s route is right so it permits them to get more work done throughout the day. And in addition, the worker knows they can have assistance if perhaps they may be lost or perhaps if they will have virtually any difficulties when they are working.

Yet another gain of being able to track where exactly the workers are via an app is actually to be able to track the time they spend working. The employees may clock out for a lunch break easily without the need to return to the workplace and also the company may ensure they’re doing just as much work as feasible throughout the day. It will help the employer realize what to do in order to help an employee be far more productive as well as helps make sure the worker is working when they are away from the business office. Furthermore, employees might make certain they are able to take their lunchtime or even some other breaks whenever it’s practical, rather than being required to get back to the workplace to clock in or out for their breaks.

There are in fact a number of advantages of utilizing a tracking app in addition to the kinds mentioned here. If perhaps you happen to be thinking about an app to be able to help monitor your employees, take a look at an Employee time tracking app that incorporates everything you will require. Visit the web site in order to learn more with regards to precisely how it works and also the advantages it could supply your organization as well as your employees.

Understand Precisely How To Receive The Cash You’ll Require Rapidly

Though a person endeavors to be careful with their cash, there might be an occasion when they have to have a little extra money to be able to handle an emergency. When this occurs, a person will desire to make certain they will realize precisely where to go as well as just how to acquire the cash they’ll have to have. If a person needs money fast, places just like Max Lend Loans will be in a position to assist them.

An individual who needs to have extra money to be able to take care of an urgent situation is likely going to need it speedily. They’re able to speak to a payday loan organization to receive the cash they’ll have to have. Generally, this can include completing an application form and displaying they at present have employment. Once they are approved, which typically takes place rapidly, they will get their own funds as fast as possible. In many cases, the individual is able to acquire the funds they have to have within a day. They could after that spend this money however they’ll have to as well as will be in a position to repay the entire loan swiftly since its a small amount of money.

If you’ve had an emergency as well as you will have to have a bit of extra cash to be able to get through to the subsequent paycheck, go on and look for a business like MaxLend Loans now. They will be able to help you get the funds you will need to have.

Acquire The Consideration Your Small Business Needs

Advertising is something each company owner has to be worried about. Without any proper advertisements, their company is not going to be uncovered by the customers who might need to have them. Business people have a great deal of options for advertising and marketing their own company, therefore discovering special ideas is going to be essential and could help raise their particular organization much more than conventional possibilities.

One of the possibilities company owners might need to contemplate is actually the mobile billboards in Las Vegas. These are developed like traditional billboards, but they don’t remain in a single place. As an alternative, they are put on a truck and also are taken through the entire city. What this means is they are seen by every person who is strolling or even driving a car in the region and also it’s a lot more likely they’re going to be observed by someone who needs to have what the small business is offering. These have been demonstrated to be incredibly effective and also to appeal to a lot of possible clients for the organizations that rely on them.

In case you are looking for a distinctive strategy to market your organization as well as a strategy to get in touch with as many potential buyers as is feasible, take some time to be able to find out far more about Las Vegas mobile billboards today. Pay a visit to the web-site in order to observe precisely what might be carried out along with them as well as to determine whether they are a great solution for your company.

Try to Make The Employees are Conscious of the Machines

If you’re a business owner that’s creating items out of plastic, it is essential to make sure all workers have had the correct injection molding classes. In fact, the equipment can be be extremely hard to use for those who haven’t been taught correctly. The item should be at an precise temperature. Often, it’s not necessarily about to tolerate everyday usage. This equipment can be challenging to utilize as well. Do not take nearly any chances of having wasted goods. Instead, look at the web page PaulsonPlasticsAcademy.com to learn more about training employees thoroughly.

This is an excellent way to realize for sure in which workers understand what they will do. It’s good for brand new employees in addition to those who have been in the responsibility for a few years. It never ever is unpleasant to possess a refresher training course. If you are not making the best possible merchandise, there is a pretty good chance consumers will not be happy. At that point, you’re going to lose money. Depending on the products you are making, it may be hazardous when anything could fail. You don’t want to need to bother about a lawsuit coming from the upset consumer. Make certain each and every employee has attended scientific molding seminars prior to putting these individuals to perform.

As a business proprietor, no one knows when someone is going to phone in ill and you are therefore going to be shorthanded. It makes sense to go to your injection molding seminars as being a manager. Additionally it is necessary to cross train workers along with other areas. As a result, there’ll be no question whether or not everybody knows just what they’re performing. To help make income, you have to be in a position to put another person in a piece of equipment and know for sure they are fully aware exactly what they are working on. Make sure everyone is taught appropriately and all sorts of things will continue to work out for the very best. When you can create a quality product every time, your customers will always deliver their work to you. Find out more at this time.

True Value of Money

Why are you tracking your spending, living by a budget, paying off debt, building an emergency fund, contributing to a 401(k), and everything else you’re doing to improve your financial situation? What’s your endgame here? Have you thought about it? I mean, really sat down and thought about why you’re making all this effort?

 

I’ll tell you what, it’s not about making the “right” financial decisions. That alone won’t make you happy. And it’s not about having more money. A bigger bank account won’t automatically make you happy, and neither will all the stuff you can buy with that money.

 

What WILL make you happy is the time you can afford to spend because of the money you have in the bank.

 

True Financial Freedom

 

True financial freedom is the point at which you’re able to make decisions based on what makes you happy instead of what makes you money.

 

It’s the point at which you no longer need the next paycheck because you have the savings to cover it. It’s the point at which you can afford to take time off and travel the world or be home with your kids. It’s the point at which you can change careers because the new one is more meaningful to you, even if it’s not as financially lucrative.

 

Financial freedom doesn’t necessarily mean that you never have to work again. It just means that you’ve put yourself in a financial position where you’re able to spend your time in ways you enjoy.

 

What Does It Take?

 

So, what does it take to get to the point where your money allows you to spend your time as you please? First, it takes an understanding of what you actually want to be spending your time on. What excites you? What energizes you? Which people do you want around you? What missions do you want to be a part of?

 

Second, it takes an estimate of how much money you’ll need to be able to do those things, and when you’ll need it. It doesn’t have to be exact. Just a reasonable guess is enough to get started.

 

Finally, it takes a plan for how you’re going to save that money and consistent action to make sure that plan gets carried out.

 

And it’s really that last part that’s the most important. Consistently saving money is the key to giving yourself financial freedom. You don’t need to be a millionaire, but having money in the bank allows you to make decisions based on what makes you happy, instead of what makes you money.

 

Which one do you choose rent or buy

Have you ever felt pressured to buy a house? Maybe from your friends, your family, your co-workers, or even yourself? Like you haven’t actually made it as an adult until you own your home?

 

It’s a common feeling, but the truth is that buying a house ISN’T always the right decision. In some cases renting is a smarter move, both for your wallet and your lifestyle. Here are four reasons why.

 

1. Flexibility

 

Life changes fast. That great new job you just started might turn into an exciting opportunity in a different city. That big family you planned on having might turn into a smaller one.

 

Renting gives you the ability to quickly change your living situation to best match the new realities of your life. That flexibility can be the difference between seizing an opportunity and having to pass on it.

 

2. Cost

 

Proponents of buying like to say that when you’re renting, you’re essentially paying off someone else’s mortgage. So why not buy and make sure that money is going towards yourself?

 

There is some truth to that, if you stay in one place for an extended period of time (typically 5-7 years or longer), then buying often results in the lower long-term cost.

 

In the meantime buying can be really expensive. There’s the upfront cost of the down payment. There’s the cost of handling the fixes and improvements that come with any new purchase. There’s the cost of new furniture. There are the ongoing costs of insurance, taxes, and maintenance.

 

Renting has costs too, but they’re often much smaller and more predictable, at least in those first few years. And in many markets where housing prices are high, renting can actually be a better long-term financial decision.

 

You can use this calculator from The New York Times to figure out just how long you would have to live in one place before buying became cheaper than renting.

 

3. Adjustment

 

Renting is often a great idea any time you move to a new place.

 

It gives you the opportunity to figure out which neighborhoods you like and which you don’t so that you can eventually make a buying decision you’ll be happy with for the long-term. There’s no sense in being stuck somewhere you don’t like simply because you felt rushed into buying a house.

 

4. Stress

 

Owning a home has plenty of benefits, but it can also come with a lot of stress.

 

Any time something needs to be fixed, it’s on you to either do it yourself or pay for it to be done by someone else. And of course there’s that big mortgage that can feel like a weight on your shoulders.

 

Renting comes with fewer commitments and fewer responsibilities, which can lead to lower day-to-day stress.

 

How to Live Like Your Dreams Now

Many people view retirement as a 30-year vacation, full of leisure and travel. But new retirees often find that retirement isn’t the carefree life they expected. They miss having social interactions, a sense of achievement and daily structure — and as a result, some experience weight gain, marital discord, depression or substance abuse.

And many retirees, especially those who retire early, end up returning to the workforce.

Retirement often looks different today than it has in the past. And as you reconsider how you want to spend your golden years, it’s a good idea to contemplate big-picture life goals and current desires.

Maybe some of those dreams don’t have to wait until retirement.

Rethinking retirement

Rather than leave careers they enjoy, some baby boomers are working well beyond the traditional retirement age of 65 or phasing into retirement over time. Increasing longevity and improving health outcomes also relate to this decision.

But these boomers aren’t necessarily working 40-hour weeks. Companies are growing more receptive to employees’ desires for flexible schedules, including three- or four-day workweeks or remote work. These arrangements free pre-retirees to spend time on travel, hobbies and other goals — and lead to enhanced productivity and job satisfaction.

Work-life balance is the key ingredient to happiness. According to John Wasik’s New York Times article “Facing Retirement, but Easing Your Way Out the Door,” many workers enjoy their reduced schedules so much that they’re extending the arrangements for years longer than they planned.

Figuring out what you want now

In his book “The 4-Hour Workweek,” author Tim Ferriss argues that reduced workweeks are a growing trend for all workers, not just pre-retirees. Technology and the “Uberization” of the global economy allow workers to leverage overseas vendors and virtual assistants and focus on their “highest and best use” skills, in and out of the office. You don’t have to wait for that magical moment in time called retirement.

“Someday is a disease that will take your dreams to the grave with you,” Ferriss writes. “Lifestyle Design is not interested in creating an excess of idle time, which is poison, but the positive use of free time, defined simply as doing what you want as opposed to what you feel obligated to do.”

My favorite parts of the book are the exercises that help you identify what you want to have, be and do within the next six to 12 months. These are similar to the questions I pose to clients when I first meet them. Younger clients often have no problem identifying 10 or more things they want to achieve before they die, but clients who are in their late 50s and older tend to have a harder time completing these exercises and may even focus on their kids’ needs instead of their own.

Here’s a sample of the questions Ferriss uses to get people back in touch with the things that excite them and guide them through the goal identification process :

  • What are you good at?
  • What could you be best at?
  • What makes you happy?
  • What excites you?
  • What are you most proud of having accomplished in your life and how can you repeat this or develop it further?

Financial planners are life planners

Life planning creates the foundation for your financial plan. When I understand my clients’ goals, I can ensure that their money is allocated and prioritized to help them reach those goals. The financial plan then comes to life in a powerful way for clients. They can envision the future — whether it’s 12 months or 20 years from now.

Does your financial planner ask you questions like the ones above? Is he or she more interested in you or your money? Find a planner who provides holistic financial planning services and helps you start working through your bucket list. You don’t have to wait until retirement to start enjoying your time or your money.