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Financial Planning

PostPosted: Mon Apr 23, 2001 9:15 am
by StellaMoon
Ugh! Just reading my subject line makes me want to run away. Since we're expecting a baby, my husband and I (who are both creative types who don't enjoy budgeting or making financial goals and currently have a "go with the flow" sort of financial plan that's worked so far) really need to get serious about planning for our future financially. Does anyone know of any online or print resources that might be helpful? I know there are Ernst & Young books and other "heavy" resources out there, but since this area of goal setting really isn't my specialty and I'm going to have to force myself to follow through, I'd prefer resources that are geared more toward creative people if there are such resources available.

PostPosted: Mon Apr 23, 2001 11:47 am
by pursonij
I read and am following (modified to suit my needs) a book called, Die Broke. I know the title sounds a bit strange, but It's a good book. It's easy to read and understand and gives step by step instructions on what to do first, such as pay off credit cards, make sure basic insurance is in order etc. etc. There is also information in there about getting money put aside for you kid's college education. I forget the author but, I recommend buying it and reading it and keeping it on hand for reference. It also helps you to pick out a financial planner as opposed to throwing darts at a page you ripped out of the yellow pages. Best wishes

PostPosted: Mon Apr 23, 2001 6:43 pm
by Olivia
Hi, Stella Moon! And welcome to the BB! Some realy good resources are Suze Orman's books. She's a financial advisor who got her start at Merrill Lynch by blending her fascination with the healing arts with finance. She gets you to examine your core beliefs about money as well as offers good advice about the why's and when's and how's of investing. You can also watch her on CNBC and occasionally she does special appearances on various talk shows. One thing to make note of is that investing your money really doesn't take a huge heap of $$$$ to get started. Just a small amount, properly invested and left alone- monitored about once a quarter should be sufficient to get started. Of course a planner will need to take alot of your entire lifestyle into consideration as well. OLIVIA

PostPosted: Tue Apr 24, 2001 12:26 am
by EuroKris
StellaMoon, why don't you try to learn about financial planning online? Barnes and Nobles University has a free online-course for beginners:,2631,25015_25897__,00.html I did a class in organising some time ago. The classes are usually based on a popular book in that area - but you don't have to buy it (and it is not necessary either because most of what is covered in the book is also in the online-lessons) You can exchange ideas with people on the bulletin board about what you learned etc. etc.

PostPosted: Tue Apr 24, 2001 9:34 am
by StellaMoon
Thanks for the great suggestions! I found Suze Orman's 9 Steps to Financial Freedom at the library last night along with her video, and I'm also going to check out the Motley Fool site and Die Broke (which I think sounds very intriguing). I'm now signed up for the BN course, and I located a book called Left-Brain Finance for Right-Brain People. Now that I know where to start, I'm really motivated to take action! Thanks again for pointing me in the right direction.

PostPosted: Wed Apr 25, 2001 5:11 am
by Olivia
Hi, again Stella Moon! Glad to know you were able to locate Orman's book "9 Steps to Financial Freedom"! That's the very one I would have told you to start with! Suze also has another one that came out right after 9 Steps that is great. Titled something like, "It's your money...". These are very good resources and and excellent way to learn, however, being a financial advisor(FA) myself, I also recommend and cannot stress enough how important it is to find a reputable personal FA for yourself and your family's future needs. The FA relationship needs to be something you can even allow your children to "grow into" later on, if they want. It's absolutely wonderful to be educating yourself about financial matters, I call this "consumer shopping" before you buy the product, but the FA you choose should have enough experience under his/her belt that they can guide you away from making a lot of $$$ mistakes. Believe me, you will not want to do all this entirely on your own because there alot of things that need to be "forward planned", in other words, planned on paper on certain relevant dates now for future events. The FA is trained to look out for certain things you may not be aware of yet. I highly recommend finding a good Certified Financial Planner, and NOT just the newest broker on the block at your local investment office. The investment dollars you spend on this planning process may be one of your smartest investments ever! Let me know if I can help you further; I'm cheering you on vigorously Image!!! OLIVIA

PostPosted: Wed Apr 25, 2001 6:22 am
by pursonij
Hi Olivia, Pursonij here. How do you pick out a Financial Planner. What do you ask her about and what should you watch out for? How much money do you need to get an FA in the first place and How does the FA get paid? Thanks

PostPosted: Wed Apr 25, 2001 7:46 am
by MarianStryker
Hi! I like the money section of It has all kinds of articles. Go to and go down to the bottom of the screen and click on "Money." (Their subject matter is organized alphabetically.) They have sections on financial planning, tax planning, personal insurance, investing. Enjoy! Marian

PostPosted: Wed Apr 25, 2001 11:11 am
by Olivia
Pursonij: those are great questions and Suze Orman makes a few comments about this in her books, too. There are so many resources out now for us to learn about money, but the very best guidance will come from someone whi is "certified" by a regulatory body. One of the very best qualifications a person can hold in financial services is the CFP, ChFU, etc. These folks are not joking around with their credentials and their future and will take your concerns more seriously. Regualr stock brokers are now beginning to call themselves all kinds of things and Financial Advisor is one of those titles, but dont be misled. While they can offer you some basic guidance and will gladly set you up with an account for you to start your investing with, they are not planners. They can't be, they are under a gun all the time to "produce" which means to make trades and this is counter-productive to getting your future needs examined carefully. A good planner will take the time to sit down with you, get to know your lifestyle needs, how many kids are you going to have to put thru college, any family members that will have special medical needs, what kind of retirement do you want, etc. All of these things can be planned for accordingly if the planner does comprehensive plans for you. A healthy working relationship developed with your planner often moves right on along to your children or other family members because the more the planner knows about you and how you need to finance your life, the better he can advise you. To find a good planner look for those professionals that have the CFP designation in their titles or ask any of the financial folks you know to give you a recommendation. You can also check the local investment offices to see if any one of their employees have this credential. American Express folks usually do this kind of planning as opposed to the broker person who does individual trading transactions for you. There is a lot of shake-up in the financial services industry lately because of the old Banking act, Glass-Steagall Act, having been reformed 2 years ago. You may even find various levels of planners in insurance offices, or accounting offices. They are popping up all over, but I'd definitely stay away from a smacking new broker in any office unless he's had an extensive background in financial services before he became a broker. Look for experience and longevity in the business. Most FA's (broker's, Account Managers, Investment Professionals-every company calls them something different) get paid on a commission basis, typically 1 1/2 to 2% of the amount you are investing with them. All investment products are priced out differently as well so this may vary widely. Most CFP's are compensated on a fee-basis, meaning, they will set up your comprehansive plan for a flat fee, again as a percentage of the amount of assets you are having them evaluate and invest for you. Some will negotiate with this and some won't. Some of them won't even sit down with you unless they have ALL of your assets to evaluate. I mena things like your homes, cars, kids or other dependents, cash or investments, insurance policies, etc. If they're certified, they really do evaluate your entire financial picture. They aren't being greedy, they are trying to protect your future and their own licenses. If you were to lie or mislead them and they make an evaluation and advice assessment based on incomplete info (or false info), you put them at risk to lose their licenses and they won't like that! As I said, certified planners take YOU and themselves very seriously if they want to stay in business. How much $$$ does it take? The best way to begin is start small and diversify your assets into several investmens that have steady upward track record over a healthy number of years. This is a very primary definition of asset allocation. Dipping your toes into the water, as they say. This is just a quick answer, I know I maybe haven't hit on everything here, but hope this much helps! LIV

Re: Financial Planning

PostPosted: Sat Jun 10, 2017 3:35 am
by Venato_30
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Re: Financial Planning

PostPosted: Mon Aug 27, 2018 4:00 am
by Streich94
In every step of our lives, it’s our financial condition that determines the standard of living. That is why every individual strives to uplift their economic status. In order to manage one’s expenses as per their income, personal financial planning is an important aspect that everyone should consider.