How to Be Your Own Financial Planner
A question we often get on our radio show is whether you can be your own financial planner? Before we say yes or no to a listener, we ask the following questions. You may want to ask yourself the same.
Some personal finance software packages or self-help books can help you do your own financial planning, however you may decide to seek help from a professional, if:
- You need expertise you don't possess in certain areas of your finance.
- You want to get a professional opinion of the financial plan you've developed for yourself.
- You feel you don't have the time to spare to do your own financial planning.
- You have an immediate need or unexpected life event such as birth, inheritance or major illness.
- You feel that a professional advisor could help you improve on how you are currently managing your finances.
- You don't know where to start.
Remember, there's no substitute for knowing at least the basics of investing. That's the first step. You can do it.
We hope this article was helpful. But if you’d like to read more on this—or a closely related—subject, click here now.
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Child Savings AccountsWhen opening a savings account for your child, make sure their Social Security number is used as the account's tax identification number. That way, as long as your child is under age 14, interest earned will be taxed at your child's lower tax rate, not at your tax rate. This rule holds true as long as your child earns less than $1,300 a year in interest. |
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