9 Tips on How to Create a Financial Plan Yourself

Creating a Financial Plan Yourself Isn’t Difficult

Learn how to create a financial planYou don’t have to spend a lot of money to learn how to create a personal financial plan. Our tips will show how to do it for free.

A 2019 survey by a respected financial firm, revealed some interesting statistics. The survey pointed out that about 75% of individuals who had a financial plan in place paid their bills on time.

In contrast, about 35% without a plan paid their bills on time. In addition, about 65% who had a financial plan, set up an emergency fund to cover unexpected expenses. About 25% of those who had no plan, created an emergency fund for future unforeseen expenses.

Statistics like these show that anyone, regardless View full post…

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Retirement Strategies

Underutilized Retirement Strategies

Retirement strategies(BPT) – Across the nation, thousands of seniors have used a Home Equity Conversion Mortgage (HECM), commonly called a reverse mortgage loan, as a savvy way to access the equity in their homes as part of their retirement strategies.

Those who are interested in a reverse mortgage loan should know that there are six main phases to the process: 1) educating and qualifying 2) counseling, 3) approval, 4) funding, 5) using and 6) settling.

1. Educating and qualifying

The HECM process begins by contacting an FHA-approved lender who will review the borrower’s situation, educate them on the HECM program, and determine if they would likely qualify for a reverse mortgage loan.

“Once the lender has determined that the borrower is eligible, they work closely with them to shape the loan so it fits their needs,” says Paul Fiore, Chief Sales Officer for American Advisors Group, the leading reverse mortgage lender in the nation. “At AAG, this is a highly personalized process View full post…

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How to Get Your Finances in Order

4 Things You Can Do To Learn How To Get Your Finances in Order

How to get your finances in orderAre you familiar with financial phrases like credit score, retirement savings, debt retirement, or account balances? If so, that’s great, you’re well on your way to learn how to get your finances in order.

If these phrases tend to cause a bit of anxiety, you’re not alone. About 75 % of the current millennial generation feel as you do, according to the National Endowment for Financial Education. This organization was founded in 1972 and is a non-profit 501 (c) (3) foundation with its primary purpose being to help Americans improve the quality of their lives by educating them with basic programs that teach one to make sound financial decisions.

Many millennials tend to shy away View full post…

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Save for Retirement First

Do You Know What’s More Important – To Save for Retirement First or Your Child’s College?

Save for retirement first is importantThis topic is a hot potato in many respects. Should the parent’s primary responsibility be to save for the child’s education first or to save for retirement? The answers to that question will vary depending upon who responds – the parent or the child.

As parents, we know all too well how high college costs are and the student loan problems that exist today. We all want our children to be successful and have many of the financial advantages that we didn’t have. Student loans now average $35,000 to $37,000 per college graduate, and no parent wants this burden for their child.

However, many financial advisers are of the opinion that a parent can take better care of the child if they take care of themselves first. By this, they mean that the parent should save for retirement first, then college. Following are some of the reasons View full post…

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Retirement Planning Mistakes

Do You Make These Retirement Planning Mistakes?

Start retirement planning as early as possibleRetirement planning is usually difficult for a variety of reasons. Some say its equivalent to rolling the dice because retirement may be decades away and you’re forced to make spending assumptions now.

What makes it worse is that if your guess is too far off, it can make a happy and comfortable retirement into one that is a nightmare.

Once you’re already in retirement, it can be very difficult to recover financially if some unforeseen large expense occurs. Some retirees try to find a job to supplement their income, but many others cannot. Either they’re not able physically, or the job market may be cold.

The following categories where un-planned spending generally occurs creates problems for some and blows their budget out the window. View full post…

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