Hiring A Financial Consultant
A WITI member wrote me asking when it might be most appropriate to use a financial planner so I thought I'd offer some suggestions.
Almost anyone can benefit from the advice of a financial advisor just as anyone could benefit from the advice of a seasoned expert in any field of concern.
There are a few specific times when contacting a financial planner is especially important.
Do You Ever Wonder Where Your Money Goes Or Why You Don't Have More?
In order to maintain a healthy relationship with money, we need to be aware of how we spend money. We want to make sure we are actually spending it on what is important to us. Tracking our spending and creating a budget is a first step.
Working from a traditional budget has some inherent complications because we're dealing with the past. The real power comes from is looking forward and deciding how the money will be spent in the future. Consequently, a budget or spending plan needs to be an active, working document that is reviewed and revised frequently. Our lives change from day to day so our budgets need to adjust accordingly. If an unexpected expenditure is necessary, revise the spending plan immediately, making the necessary adjustments. That eliminates surprises.
Long-Term Care Insurance
No one likes the thought of spending their last years in a nursing home it often especially difficult to find money today from our stressed budget to pay for it. It is also difficult to find the money to pay for long-term care insurance (LTC) yet the potential burden of paying for long-term care is simply too great to ignore. Unfortunately, another one of the consequences of the disappointing stock market returns in recent years is the necessity to review our insurance coverage.
Some people who thought they could pay for long term care with out-of-pocket investments now realize they may need to re-think that decision. Even if you’re too young to consider long-term care insurance for yourself, it’s an important conversation to have with your parents.
Organizations Like A Debt Reduction Law Center Help Avoid Fraud And Often Encourage People Who Have Successfully Recovered From Their Debt To Look Into Investing
Carefully-chosen investments have a high potential of generating valuable returns, which can push people back to good financial footing in turn. Not all investments result into good, however. The profitability of an investment mostly relies on how an investor handles and chooses his investments.
It would appear that in just over a hundred years we have come full circle with regards to deficits in our state pension
The Old Age Pensions Act was passed in August 1908 and the first payments were made on the 1st January 1909 when the maximum payment was five shillings for a single man or woman. Payment was only eligible if you earned an income of less than twelve shillings a week and the pension could even be reduced if a person had too much furniture.
The pension was denied altogether if a person had been to prison in the previous ten years, was habitually drunk, had not worked when able to or was generally regarded as a bad character.