financial planning?

Question

to save money iam searching for a best finacial planning solutions

Answer 1

First of all if you are like Rob d and believe that something is free you will lose more than you would make. The free services are offered by people who want to sell you something. They make a lot of money off of what they sell. The advice they give is not with your interest in mind.
There are many fee based planners that do the job right. There are also CPA's with the PFS designation that sell advice without selling insurance or investments.
You want an independent adviser who can start and finish the plan with you in mind.

Answer 2

Personally I thought Rob D gave good open advice. If you didn't want help you wouldn't be asking.

Write out your budget for the past month. FREE.

See how much is left over and put it to work. Get a good referral for an independent adviser and interview them to work with you. FREE.

Ask them how they get paid and why they are recommending some investments instead of others. FREE.

Then put your money where it is making money for you, which is the definition of an investment, monitor it and do quarterly reviews.

Good luck.

Answer 3

Take a look at Dave Ramsey's book The Total Money Makeover. He not only talks about getting out of debt, but also about saving for retirement, college for kids, and then investing.

My husband have been on his plan for a couple of months, and it's working wonders as we get out of debt.

Answer 4

Well, you haven't given any information to work with; but that's okay, as you should be asking a financial advisor or planner face-to-face. Many are available at no cost. But as long as you asked, I'll answer making the assumptions that your interest is in saving for retirement, you are a ways away from retirement age, are still working, and are eligible to take advantage of typical tax qualified plans.

First, if you have an employer-sponsored plan available that has a matching contribution, your first priority is to take advantage of it. Matching contributions are free money; you can't get a better return than that. However, at least initially, you should only contribute to the point that you maximize that match. For example, if you have a 401(k) that matches 50% of your contribution to a maximum of 3% of your income, you should contribute 6%.

The next priority is to look at tax-free savings. The Roth IRA uses post-tax dollars, but withdrawals in retirement are tax-free. Other tax-free options include municipal securities and cash value life insurance (typically whole or variable universal life). You will commonly hear that insurance shouldn't be used as a savings or investment plan. Its applicability depends purely on your situation. Anyone who holds this view as an absolute has no clue about advanced financial planning or the power of these vehicles. This isn't to suggest that it's appropriate for you; just that it is the best option for many people.

Next, explore any other tax-deferred options, such as a traditional IRA if you are ineligible for a Roth, further 401(k) contributions, or annuities.

The bottom line: If you are someone asking these type questions, you are not among the very few who are truly qualified to make all of their own decisions unassisted. It's no different than working on your car, except with much greater ramifications. Many people know something about it, but if they're not qualified mechanics, they will eventually need help. Financial planning isn't rocket science, but incorrect choices have long-range, largely irreversible effects.



Note regarding Waggy's comments: I'm one of those allegedly unscrupulous advisors who offers advice at no cost.

Let me first admit that it would be ridiculous to suggest that the phenomenon he describes does not exist. Bad apples exist in everything; however, financial advisors who fall into this category are extremely rare, and don't survive in the business long. The overly conservative regulatory environment, highly agressive compliance staffs at every financial company without exception, complaint venues too numerous to name, and negative impressions that spread like wildfire make it impossible for the unethical to survive.

Waggy refers to the "independent advisor." I define that term as one who gets paid when a solution is provided, has no specific company banner associated with him, and has no particular sales quotas. I get paid virtually the same no matter what action the client takes; he only has to do SOMETHING.

As for CPAs, they often make the worst financial advisors. No one questions their technical knowledge, but their focus is typically too narrow; they are often too tax and performance oriented and cannot grasp a big picture perspective. Risk management concepts seem beyond their reach. I know several CPAs in the financial community, and most agree with me. Some have left their CPA practices, others make sure they maintain close alliances with those in the financial community to support them.

The fallacy of the biased non-fee advisor is the result of those who sell books, public appearances, and advertising for their TV shows by slandering the profession they claim to represent. Financial advisors can be profitable only by putting the client's interest first.

Answer 5

I don't have idea may be the following site may help you .
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