Personal Financial Crisis

[chai]

Personal Financial Crisis

All of us, in many points of our lives, experience personal financial crises. Our financial resources, just like our time and talents must be spent wisely. Financial assets are like a chunk of stone that needs to be delicately carved by our hands in order to come up with a beautiful sculpture. Therefore dearth of craft in financial management can only result to a badly rendered stone with uneven curves and full of scars.

Suffering from financial predicaments is normal in all of us. There will be times when a series of unlucky events will come to our lives like a ferocious hurricane and leave our existence shabby and chaotic. We really cannot predict the time when these financial burdens will descend, but we don't have to worry if we know how to respond once they do through financial planning.

Tomorrow, anything can happen. Our shares in the stock market might vanish. We might get fired from our cherished jobs. Our business might go bankrupt. We or one of our loved ones might catch a disease or bump into an accident. The future is such a hazy, uncertain horizon, and we must be emotionally and mentally ready when financial crisis suddenly appears.

Financial hurricanes will just feel like another cold wind blow if we know effective financial management. Effective financial management, to simply put, is the ability to plan and execute strategies to strengthen and increase our financial assets, anticipate future setbacks, and come up with specific resolutions to such setbacks. A big part of financial management is financial planning, a sphere wherein decisions regarding future financial investments and expenditures are made.

Financial Planning is a very crucial activity made easy by today's financial consultancy industry. This industry is made of highly-educated and experienced professionals specializing in the field of assets and entrepreneurial management. Financial planning consultants can provide tailored personal financial advice to their clients, enabling the latter to devise their personal approach to financial planning and management.

[MaskedMarvel]

I guess you're right but usually after the rain the sun comes out.

[Joan.of.the.Arch]

Financial Planning is a very crucial activity made easy by today's financial consultancy industry. This industry is made of highly-educated and experienced professionals specializing in the field of assets and entrepreneurial management. Financial planning consultants can provide tailored personal financial advice to their clients, enabling the latter to devise their personal approach to financial planning and management.

Or they could sap your money and really screw it up for you.

I like the advice of people of this forum instead.

The OP reads like a cheesey commercial.

[arthurb999]

Financial Planners are sales folks.

Don’t be mistaken… they try to sell you the products they make the most money off of… like variable life insurance plans.

[Ima saver]

I prefer to use my own advice. We have Edward Jones in this town and I used them to buy stocks a few times. They were always trying to put me into front load mutual funds and I only buy no loan mutual funds.

[tripods68]

I once interviewed with Edward Jones for one of their stock broker position after graduation from college. I ended up working for Franklin Templeton instead. I later found out their brokers where only selling certain MFs products they represent to their clients which is by the way "illegal". Of course they settled and Edwards Jones I believe paid in hundreds in millions in multi-states settlements. Hundreds of brokers where sued and where fired eventually at the outcome.

[GREENBACK]

OP wouldn't be with an insurance company would he?
Not to insult but the last time I heard language like that it was somebody trying to sell me something I didn't need.

[Ima saver]

I am not trying to put Edward Jones co. down, they are a good company, but I think I will just handle my money myself.

[disneysteve]

Originally Posted by arthurb999

Financial Planners are sales folks.

Don’t be mistaken… they try to sell you the products they make the most money off of… like variable life insurance plans.

This is an over-generalization. There are lots of financial planners that don't sell anything but their service to you. You pay them a flat rate for their time and they evaluate your financial situation and offer their opinion on what you could be doing better.

I know numerous people who go to such a fee-only CFP. The CFP doesn't sell any investment products.

[rizzmo]

Originally Posted by chai

Financial Planning is a very crucial activity made easy by today's financial consultancy industry. This industry is made of highly-educated and experienced professionals specializing in the field of assets and entrepreneurial management. Financial planning consultants can provide tailored personal financial advice to their clients, enabling the latter to devise their personal approach to financial planning and management.

Buyer Beware

Having traditional education (degree, cert, license) does not mean the person is either efficient or effective in their respective field. It simply means that person can pass a test(s) and/or sit through the required classes/coursework. Similarly, experience doesn't always equate to competency, there are many people who do things incorrectly for years. You should always do your due diligence when selecting a “professional” to assist you.