5 Things to Consider While Selecting a Financial Planner

Unlike someone calling himself a CPA or a physician, just about anyone can call himself a “financial planner” or a “financial advisor” regardless of their educational background and professional experience. Moreover, not all of them are unbiased in their advice and not all of them always act in their clients’ best interests.

To ensure your financial planner is well-qualified in personal finances and impartial in his advice, consider the following five things:

1. Planning Credentials: Having a highly-regarded credential in financial planning, such as Certified Financial Planner (CFP) or Personal Financial Specialist (PFS), confirms that the professional you intend to work with has acquired the education and experience necessary to serve as a financial planner. CFP and PFS credentials are awarded to only those individuals who have met the certification requirements of education and experience in planning for personal finances. In addition, t

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What Happens If You Don’t Have a Personal Budget?

Having a planned personal budget and following it daily will surely help you meet your financial needs. Personal budget is a tool that helps you have control over your money. It gives an idea of how much you can afford for your various needs. It will enable you to determine whether a certain purchase will fit within your monetary constraints or not.

Whereas, not having a personal budget disturbs your personal financial situation. Your money goes haywire, and you will be left with no money in times of emergencies. The below article helps you understand how not having a personal budget affects your personal finances. Here are some possibilities that may occur if you have no proper personal budget in place.

You spend more than you earn
Budgeting helps you plan and track your expenses. Without having a proper budget, you tend to spend more than what you earn. There are people, who irrespective of their income levels, spend every penny they earn. Spending cultu

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Why is Financial Planning Important?

Personal financial planning is important because it provides you with a method of organising your financial tomorrows for yourself and is unreservedly about planning for the unforeseen and empowering you to have the independence to handle unpredicted events in your life. Successful personal financial planning is therefore, extremely important for anyone who wishes to stay ahead of their finances.

Doubtless personal finance is a demanding subject to grasp and comprehend fully and for that reason an individual as a matter of course is inclined to shy away from it, building defenses in an effort to avoid having to comprehend it’s effectiveness. However, with everything in life effort will equal reward in your courageous attempt to rid yourself of financial constraints. For many persons, your objectives in finance are to achieve financial freedoms. Having a well developed financial plan is central to prosperous personal financial future.

The next action of personal f

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Accounting Ethics – The Importance of Ethical Practices in Business and Personal Finance

What is ethical accounting? The idea of accounting ethics deals with the moral and values-based judgments and decisions an accountant or accounting agency confront daily in their practice. Due to the nature of their work as communicators of financial information to business managers, shareholders, and the general public, as well bookkeeping and auditing of business entities, accountants and accounting agencies are held to the highest standards of transparency and morality in regards to their research and the information they convey. Accounting can be used as a way to study how and why a business may succeed or fail, but above all it is a public service; those who practice it must make judgments and decisions that can sometimes supersede the interests of their clients in favor of the interests of the public at large.

Failure to apply ethical standards to accounting creates the opportunity for manipulation of facts and information that, if used to mislead, could cause a person

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Personal Financial Freedom

It is important for everyone to understand basics of personal finances and also effectively use them .

Any individual has two types of income . Assured income as well as income which is not assured.

Assured income is one which will keep flowing whether you are personally working or not . For example, Rentals, dividends, royalties , Interest , etc .

On the other hand income which is not assured is one which stops flows the moment you stop working. For e.g Paycheck, Bonus, etc ..

Similarly , there are broadly two types of expenses .Fixed and discretionary. Fixed expenses like , taxes, Debts, Insurance, household expenses , etc .

To achieve ” personal financial freedom ” we should be concerned about a Flow , which we can term as freedom flow . This is the difference between the Total expenses and the assured income .If the result is negative , then one can smell freedom . On the other hand if the result is positive , it implies continued i

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The Smart Woman’s Guide to Planning for Retirement by Mary Hunt – Personal Finance Book Review

Money maven, Mary Hunt, returns with a new book, “The Smart Woman’s Guide to Planning for Retirement,” to help women prosper financially in the New Year and beyond. While geared toward females, men can also benefit from Hunt’s money knowledge, honed after she amassed over $100,000 in debt earlier in life; and took 13 years to erase.

“Have you had a retirement wake-up call?” Hunt asks early in the book. “I can promise you they intensify with age.”

Hunt sites a 2012 survey that found that 92 percent of women of all ages do not feel educated enough to reach their retirement savings goals.

Saving for retirement requires determination and hard work; and Hunt believes women can succeed. “If we lack confidence, it’s because we lack knowledge and desire, certainly not because we lack intelligence and ability,” Hunt says.

Time trumps all factors when saving for retirement. The sooner you start, the

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The Importance of Personal Finance Today

Personal Finance is the application of financial principles to the financial decisions made by a family unit or an individual. It addresses many facets of financial issues such as creating a budget, how to save, financial risks and how to spend the monetary resources available over time.

In the world we are living today, Personal Finance and planning is no longer the luxury of the rich, but has become a necessary part of life. Preparing for ones future is essential and there is never a good time to start like today.

To many people, the thought of Personal Finance is like speaking a language from mars to them, and they have no clue where to start. It can be mind boggling when terms like budgets, balance sheets and income statements are spoken. However this should not sound an alarm, since most of us engage in personal finance decisions without knowing it. For instance when making decisions of where to live, which car to buy, where to take your children to school among o

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Kroger Personal Finance – Is Kroger Finance Right For You?

Kroger Company is United States largest traditional grocery chain but Kroger personal finance is doing well in the field of money as well. It is also believed that it took the idea from UK’s Tesco as Tesco partnered with a renowned bank and started out in personal finance. Kroger groceries went Kroger personal finance by partnering with conventional banks and insurance companies.

Kroger personal finance offers pet insurance, home equity loans, personal finance, and customers can also apply for a mortgage, sign up for identity theft protection or get a credit card, life insurance, renters insurance, gift cards, specialty insurance and car and home insurance. One can purchase these offers for himself or give it to someone as a gift.

Pet insurance covers pet illness, accidents and routine visits and also boasts upon fast and easy claim process. Home equity loan is offered on fixed rate so the payments will not change. Kroger personal finance has tied up with major n

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Personal Finance – What Is Your Latte Factor?

Latte Factor®, Automatic Millionaire®

Have you ever heard of the Latte Factor®? That phrase was coined, and trademarked by David Bach, the author of The Automatic Millionaire®. Written in 2004, this book reveals strategies that can help average people with average incomes and with no budget, to become millionaires automatically over a period of years.

As a former financial adviser who was endorsed by Dave Ramsey, I have met with thousands of people about their money. Without a close second, the most common problem we face in America is spending too much. Budgets typically only work for a short period of time because they require a great deal of self-discipline.

In chapter 2 of his book, David Bach came up with the Latte Factor® to help us determine where we are wasting our money daily, and what that money would be worth had it been redirected into an investment with an average 10% return over a period of years. By determining that factor, we ought to be mot

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Benefits of Personal Finance Management Software

Managing personal finance is a task that requires care and prudence to ensure that individuals prioritize their budget allocation to daily expenses such as credits bills and routine expenses on one hand and investment portfolio such as stocks, future securities, and retirement plans on the other hand. A good way to manage personal finance is by incorporating a finance software.

Although traditional methods of managing personal finance are still used, many people find them cumbersome, unreliable and time consuming. The development of customized finance applications has seen an increase in shift from traditional methods of managing finance to modern methods which employ accounting management software. These software and applications range from simple common spreadsheets to advanced professional software for businesses.

Budget Planning

First, this software will help you develop a realistic budget and allow you to make quick and better decisions regarding your money

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