12 tips for finacial advice

Financial Advice is advice given in relation to financial matters such as investing, insurance, borrowing, saving and retirement planning. Professionally, the advice is given only after the financial situation of the client is unveiled through a thorough fact-finding and analysis exercise. Many financial advisers also double-up as financial planners because their function is crossed in many areas. This principle of understanding the client’s situation before advice are given is known as the ‘know your client’ rule. Once the client’s actual financial situation is known, a set of prescriptions are provided by the financial adviser to solve those client’s problems that are uncovered.

12 tips for finacial advice

1/ Pay yourself first. Invest at least 10% of your income in consumer debt repayment or in some type of investment account. To make real financial progress you must reduce your liabilities and increase you assets.

2/ Establish specific written financial goals. Set short term, medium term and long term objectives for yourself and your family. Review and update your goals regularly, no less than annually.

3/ Make a realistic spending plan and use it. You must plan how your income will be used or someone else will! Track your expenditures using receipts, a notebook, or whatever is convenient for you.

4/ Learn about the different types of insurance available. Buy only what you need to cover a specific risk. Increase deductibles to the highest amount you can afford.

5/ Stay current with your finances by reading regularly, taking courses and working with your own personal financial coach. If you’ve heard all of this before but haven’t acted on it, now is the time to move forward! Remember knowledge without action is ultimately the same as not knowing.

6/ Integrated wealth management – Traditional investment advice with insurance, tax, asset and estate planning, taking into account you’re entire financial portfolios with your present and future lifestyle objectives.

7/ Investment portfolios – Making your money grow and designing investment strategies is what companies like assante are all about. Every person who invests is different, that is why advisors with your unique goal in mind, will recommend an investment portfolio based on risk, tolerance and your timeline.

8/ Educate Yourself About the Financial Aid Options: You should know what you are about to get into and how to best plan what is likely to be one of your life’s largest purchases. Let’s set the record straight up front. There is no panacea for everyone to ensure they will not have to pay for their college educations.

9/ Get to Know Your Financial Aid Administrator: Establishing a healthy relationship with your financial aid administrator will help ensure that he or she does everything to help you out. Additionally, this may help if you have any atypical expenses for which they may be able to make an allowance.

10/ Start with Uncle Sam: The first financial aid form you complete should be the FAFSA, Free Application for Federal Student Aid. Even if you know you won’t qualify for any aid, filling out this form is often the first step to applying for many types of aid including federal loans, state grants, and college scholarships.

11/Apply Early: Apply as soon after January 1 as possible. You can use estimates for items such as income if you have not completed your tax returns. Financial aid is partially given out on a first-come, first-serve basis.

12/ Apply for Everything: You’ll never get the grants or scholarships if you don’t apply. There are many good scholarship search engines as well as many different types of scholarships out there. Chances are you will qualify for a number of these.

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