CHOOSING THE RIGHT FINANCIAL PLANNERWritten by Richmond Acheampong
Choosing a financial planner is a very important decision. Who will you trust to handle your life savings and plan your financial future? The fact that someone claims to be a financial planner does not qualify him or her to handle your money. They must have proper certification, experience and knowledge. The Four Cs of choosing a financial planner 1. Credentials ·What certifications, college /university degrees and experience does he/she have? ·How many clients or how much money does he/she handle? ·Make sure planner is registered with Investment Dealers Association in your area or Certified by a Government body 2. Compensation ·How are you compensated? Flat fees, salary or commission? (Beware of those who earn big commissions for placing you in high risk funds) ·Are there any hidden underwriting fees with my investment fund? ·Will you explain all cost involved with each investment? ·What is cost of liquidating or canceling my account with your firm? (Good to know, if you decide to switch funds or investment companies) 3. Characteristics ·What is your investment philosophy? ·Do you focus on domestic markets, foreign market or both? (Answer should be both) ·What is your specialty? Your strongest area? (Global portfolio management, no load mutual funds, stocks, bonds etc) ·How do you view risk and how does your philosophy fit my risk tolerance?
| | 8 Ways to sink yourself financiallyWritten by Richmond Acheampong
EIGHT WAYS TO SINK YOURSELF FINANCIALLY By Richmond Acheampong1. Don’t focus on your finances The reason most people get into debt is because they don’t spend enough time focusing on their finances. You need to get a grasp of where you’re at financially, keep track of your income in relation to expenses and spending habits. 2. Failure to develop a good financial plan No one would imagine going on vacation without planning for it. Yet when finances are concerned, many people don’t plan. A good financial plan can be difference between comfortable living and struggling to get by. 3. Waiting too long to invest When making investments, time is of essence. Compound interest earns money over time; so don’t wait too long to save for retirement. The longer you wait to invest, smaller your return on investment. 4. Marrying wrong person Who you marry has a huge impact on your finances. Couples with different views on money, create stress in their marriage. Divorce apart from emotional pain and suffering causes financial heartache. 5. Habits Although habits seem minor, prices add up. Buying a $1 coffee each day cost you $365 every year. Imagine how much more money you spend by eating out regularly. If you smoke, cost of cigarettes along could drive you to quit.
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