Financial ToolsLooking for a Financial Advisor?I recommend to always hire a NAPFA (National Association of Personal Financial Advisor), fee-only advisor. You can look for one in your area by visiting www.napfa.org. Fee-Only indicates that the planner is compensated solely by the client and does not receive any compensation that is contingent on the purchase or sale of a financial product. A NAPFA member may not receive commissions, rebates, awards, or finder’s fees. I believe that being fee-only ensures complete objectively and offers clients the peace of mind that all decisions and actions have the sole intention of investing in the client’s best interest. Visit Truth In Performance for more helpful information when selecting a financial advisor. And use the checklist below to evaluate your planner and/or advisor. Download a Comprehensive Checklist to screen advisors and Diagnostic questionnaire to help evaluate an advisor BudgetingIf the idea of budgeting scares you, then you’re allowing victimhood rather than responsibility and realism to guide you. You can do this! You are not a victim of low income or overspending. If you’re broke or fall short each month, then you’ve made bad choices. They can be fixed. You can do this! Use the worksheet below to help determine your expenses. Eventually you’ll find your ideal budget, the one that matches your lifetime goals and commitments. There are some very helpful budgeting websites. One that I like is www.mint.com. It is online budgeting software that is free, easy to set up and has been recognized by Kiplinger’s, Money Magazine and PC Magazine. Download our Gentle Budgeting Worksheet. Renting versus Buying a HomeThe Federal Government website www.ginniemae.gov has excellent resources to determine if homeownership if right for you. They have a buy vs. rent calculator, a loan estimator and a mortgage calculator. Life InsuranceWith life insurance it is important to diversify your coverage. If your coverage need is under $300,000, then coverage from one company is fine. However if your need is between $300,000 and $1,000,000, then have your coverage split between a few companies. I like working with Low Load Insurance Services www.llis.com. Low Load has access to many companies and will place your whole insurance portfolio of multiple policies or coordinate with any other group policy. Low Load will review your current polices without charge if you mention Zenvesting. Other reputable insurance companies include:
Education529 College Savings Plans The best website to learn about 529 Savings Plans is www.collegesavings.org. This is a national non-profit association that provides detailed information about savings plans and provides the information by state. |