5 Must Required Money Practices for Every Person

Article by Sherin Dev; Follow me on Twitter

money practicesAs you aware, new-years are always the time for people to set new resolutions. Generally at the end of year, most of such pre-set resolutions face failures. Why such failure happening to the resolutions? Normally, due to the impracticality of resolutions or not giving enough attention after set the same. Success of resolutions depends on how much it can influence one and how important it is to the daily life. When turn to finance for life, of course, it has tremendous influence to our daily life. In that context, here are five must required money practices by every person to make the life successful and peaceful. If you still have not set a proper New Year resolution for this 2010, have a look on below to select and set any or all from it as your resolutions.

1. Create Fail proof Monthly Budget Planner

What it really means? Budgeting used to understand your cash inflows and outflows. It is a best practice to identify the source of money and where it is going and how. Through budgeting, one would get real controls on his money and helps to live inside the capacity. It also helps to identify unnecessary spending.

How to move for this? Creation of budgeting required dedication and discipline. Budgeting generally doesn’t have a prescribed format but, the person who prepares his or family budget should prepare his own methods to identify the income and expenses. Little search on internet present you with lots of excel forms to compile and create your own budget planner in a better and successful way.

2. Emergency Fund Creation

What it really means? Emergency fund is a corpus that would deposited in an easily accessible place like a savings account, to use at the time of emergencies to the life of a person or any one in his family. Such situations generally give less time to collect possible money to meet the emergency. For example, an accident that causes you or a family member an immediate admission to the hospital for an unpredictable amount of days or an unexpected job lose.

How to move for this? Whenever creating an emergency fund, follow the best, golden rule of keeping an amount equal to your six months total salary. Emergency amount can be accumulated little by little by adding any surplus money to a separate account in each month or week. You can contribute bonuses, any money idly lying with you etc to the emergency fund account build a good emergency fund.

3. Plan and Contribute to Your Pension

What it really means? To build sufficient corpus that meet all your money requirements at the time of retirement life.

How to move for this? 2 best advices to achieve this goal is, start saving early and investing early. Investing is the best to meet all your future money requirements and if it starts early, ensures all your goals will be met. Consulting a good financial planner would be a better option once if you don’t have any idea about where to start.

4. Create Children’s Finance and Investment Portfolio

What it really means? Children are everything for parents. All their efforts are for the better future of their kids. A dedicated investment portfolio for child intends to secure the future of your kids and meet the money requirements for goals like higher education and/or marriage or anything else.

How to move for this? Start investing for kids at the very next possible after they born. A good investing strategy to invest a particular amount in each month to the right instruments would do better to achieve all the goals for long run. Whenever investing for kids, stocks are the best option to generate enormous wealth for long run. Consult a good investment planner to get help on this.

5. Master in Saving and Protection

What it really means? Saving money means controlling unnecessary expenses or identifying and rectifying careless activities by us that cost huge money for long run.

How to move for this? Money saving tips in this blog is a good answer on how to move with this. Click Money Hacker money saving tips to get number of well prepared highly practical information on saving money.

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Family Finance Tips

Are you interested in improving your family financial planning skills? Here’s a few of the most popular family finance tips from our archives:

family finance

Read each article one by one. This would bring you to a comfort position to deal with family finance in a better, effective way!

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7 Legitimate Ways to Get Out of Debt

get out of debtEditor's Note: This is a guest article by Tom Tessin from FindSecuredCards

Getting out of debt isn’t the hardest thing to do and as long as you have motivation and you don’t fall for stupid and silly traps, you will be just fine. What you’re going to find out when you’re trying to get out of debt is that you’re going to be desperate. This isn’t the path you want to take. Instead, you will want to sit back, take a deep breath, and relax.

Let me show you 8 legitimate steps that you can take in order to get out of debt.

#1 Start working with the credit card companies – When I say this, I don’t literally mean work for them, but rather call them up, and ask them to cut your interest rate down. Even if they cut it down by 1%, this can save you hundreds, if not thousands. A simple phone call can save you, trust me.

#2 Get on a budget – If you don’t know where your money is going month to month, I want you to start a budget right now. What you’re going to want to do is write down every bill that you’re paying on a monthly basis. Whatever you have left over at the end of the month, put it toward debt!

#3 Cut back on things – You don’t need Starbucks, you don’t need 800 cable channels, and you don’t need a gardener to pick your weeds. Do you get my point here? Get rid of the luxuries that you can’t afford. This isn’t about image anymore.

#4 It’s garage sale time – If you’re going to get rid of debt, you need money. One of the easiest ways to make some side cash is by selling things on eBay, as well as a garage sale. Post an ad and see what kind of response that you can get. Promise yourself that you’re going to put all of that money toward your debts.

#5 Get non-profit help – If you’re going to get help, go with a non-profit company. Sure, you can find these companies online, but you can also find them at your local church, and some organizations. Check with the BBB to ensure that they do mean business. These companies can help you tremendously.

#6 Negotiate your bills – Credit card companies will negotiate with you when it comes to your bill. The only way they will do this sometimes is when you have a lump sum of cash. For example, if you have a $6,000 bill, they may settle for $3,800 in cash. If you’re going to go this route, make sure that you get everything in writing!

#7 Money = Getting rid of debt – There isn’t any magical formula, there isn’t a tree out there, nor is there a book online that’s going to give you money. You have to go out there and earn it on your own. I don’t care how you make it (I hope it’s legally). Working hard is going to get rid of your debts. You just want to keep this in the back of your mind.

As you can see, there isn’t much you don’t already know. You want to make sure that you put a carrot at the end of your stick. What are your goals? How will you feel? What will it be like when you have a positive net worth, rather than a negative? Get out there, fight that debt, and let me know how you did, and how you feel!

Tom runs FindSecuredCards, a company helping those in debt find bad credit cards. You can also catch more of his work on his blog over there as well!

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Stock Investment Tips

Are you interested in improving your stock investment skills? Here’s a few of the most popular Stock Investment Tips from our archives:

1. The first rule of investmentstock investing tips
3. Good and Bad Companies: A Buffett View:
4. The Hidden Desire of Investors
5. Ben Graham’s Last Will and Testament
6. Key aspects while investing in equities
7. Investor and requirement of patience
8. Identifying a best managed company with 9 must have qualities
9. 41 rules for an equity investor
10. All about stock trading and stock investing
11. Best practices from Wise Investors
12. Spot coward investors around you
13. Fail proof investing principles of Warren Buffet
14. How to invest in the market
15. Road to successful investor
16. Beginner Investing Ideas
17. Investment portfolio mistakes
18. Common sense investing strategy
19. 8 cutting edge investing principles of Philip Fisher
20. Beginner investor education
21. Most Required Investing intelligence
22. Learn investing from Buffett’s advertisement.
23. Ayurveda for young investors
24. 12 Important Steps to Investing

Once read, the above posts, you will get all the necessary information to become a good, value investor.

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investing for children

For the late comers, here is a group of eminent articles on the specified subject category. Click to read an appropriate one you are looking for. To read more about personal finance and investment category, visit the home page by clicking the home button above, right side of the blog title.

  1. 10 Fabulous Financial Resolutions for New Year 2010
  2. 5 Must Required Money Practices for Every Person
  3. 5 practical child savings ideas
  4. Bring Your Kids with Financial Literacy
  5. Child Investment and Financial Planning Resources
  6. Child savings and investment requirement
  7. Convert Your Credit card Habit as a Money Source for Your Child
  8. Financial Planning for Higher Education
  9. Financial Planning for Kids in India
  10. Guide to the Core of Family Financial Planning
  11. How I Raised Money to Purchase My First Stock
  12. How I used budgeting to buy shares for my kid
  13. How to Make Your Kid Smarter
  14. How to Secure Childs Finance and Investment Portfolio
  15. How to Teach Your Child about Financial Responsibility
  16. Mini Financial Plan for Standard Families
  17. Money Lesson For Kids
  18. Money Tips for Women
  19. Money lessons to kid
  20. My Dream Eco friendly home features
  21. My Personal Plan for Creating Investment Portfolio for Kid
  22. Qualified yet Bored? Successful Home Business Ideas for Housewives
  23. Reclaiming Credit Card Charges – Fair Game?
  24. Role of Debt Investments in a Portfolio
  25. Role of Family Members to Family Financial Planning Process
  26. Strategies for the Time of a Food Inflation
  27. Teaching the money saving strategies to kids
  28. Two Essential Financial Resolutions to Set for This New Year
  29. Understand the Six Pillars in Child Financial Planning
To read articles from more category, visit and select from the Archives page

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Plan to Build a New Home? Here is Your Master Check List

Article written by Sherin Dev; Follow me on Twitter

You might have decided to build a home. You may have a plan in your mind about how your dream home will be. But, is that all sufficient to build a perfect home? Building an own home is a rare chance the not get to everybody. Once you get that chance, remember lots of planning, efforts and pain involved to that. If not planned well, you may not be able to build your new home in a perfect way. Perfect planning would ensure you have not missed anything and your home has all required features and facilities to stand different from other homes. Here is a master checklist to plan your new home in a better way. I am sure, you will enjoy reading this list and it would help you a lot.
checklist for new homeAs usual, building of a new home starts from preparation of a master plan. Your master plan should include plans for everything from the beginning to end. Of course, lots of effort and time required to construct a good master plan. However, this master list prepared to help you to ease these tasks. This list have been prepared from self experience, references, ideas and advice from others who already build a home and enjoying it or suffering issues of lack of pre-plan.

1. When do you plan to construct your new home?

While planning to build your own home, naturally this would be the first question to find answer. This answer gives further answers to lots of rising questions. So, first decide the time you are going to build a home. Is it after 2 years, 5 years, 10 years or any time after that? Once the answer received, move to the second step.

2. Decide your location for new house

Your second step is deciding your location for new home. This would help you to have a better understanding on the costs involved to buy land and the construction. When deciding home location, consider you have following facilities ready:

- Access to road
- Available schools
- Hospitals in the location
- Bus stations
- Police and fire stations
- Utility stations and availability of the same
- Churches or other religious homes
- Government offices where you may need to contact regularly

3. Plan finance to construct home

Planning sufficient finance to construct your dream home is the next big step. How could I arrange finance? Is it through start investing now? Selling your old home to build this new home in another location? Any financial companies or banks are ready to finance? if yes, how could I select a best one? These are the general questions comes to the mind at this step. Not surprisingly, this step required lots of efforts to finalize. You may require starting financial planning or investment to fund for your new home in the future. You may require planning to sell your old house by considering and identifying a better. You may require running a lot behind each available financing companies or banks to finalize a good one.

a. If you are interesting to start financial planning or investing for your new home, you need to start the same right away. Approaching a good financial planner would help you to what exactly want to do.

b. If you want to sell your home to construct a new one, you ma required to understand the real price you are going to get through the sale and the best market condition to sell your old home.

c. If you approach a financier for the finance, you required to collect information of all financiers and need to analyze them to identify a best financier.

4. Design your new home

Designing a new home is one of the most difficult tasks in this list. Remember, you may have your own thoughts, plans and ideas about how your new home would be. A better way to confirm you are not missing any of your ideas, note it in a paper time to time. Let each member in your family to participate on the design phase of new home. No one wanted to build a home that looks similar to others, but everyone likes their home should have some special features to stand different. Do it by start your design at the earliest and work hard to come with a right design. Below ideas would work in a better way to get a fantastic design for your home which certainly stands different from others:

a. Pre or post dinner discussion with family members. Don't avoid your kids. They may have better working ideas than yours.

b. Discuss with colleagues and friends

c. Meet people who already constructed home at various places, to understand what all they have missed by lack of plan and what are the difficulties they have faced before and after construction. Note each and every points.

d. Consider your land to determine the size of your new home. Get help from a good architect to prepare a plan which maximize land utilization in a cost effective way.

e. Search in the net to get better designs and specifications to check and design your own.

f. Visit any houses that attracted you and ask the owners to let you see the designs they have used and select the best from that. You can even ask for the copies of their plans.

You are required to determine and finalize the design of your home including front, back and side elevations with full design along with number of rooms and its sizes, to forward further. Required areas, heights, how many storey, type and class of building all should be finalized to proceed with getting necessary permissions and start construction?

5. Do you have all necessary permissions?

However, it is different from place to place, state to state and government to government. You must confirm you have received all required permissions to proceed with your constructions. There may be municipalities or any other governmental organizations involved attesting and/or granting permissions to buy land to build and commission a home. Use the best approaches mentioned below to get information on the required permissions:

a. Contact the people who have already constructed a house in the area where you are planning to build yours. They could able to provide you with the information on all required permissions and where to contact for this.

b. Contact local government offices to understand the procedures and permissions for constructing a new house. They might direct you through proper channels.

c. Get the help of internet to visit government websites to collect available information. Most of the state governments maintain their own websites with all the necessary information required by public.

d. If you are constructing a house through Construction Company, they may help you to provide all the necessary information.

e. Ensure you have contacted, applied and confirmed all permissions for water supply, electricity, gas connections etc. from local office.

I am sure one of the above would work for you.

6. Who will construct your home?

You are now ready with finance, location, approved plan, wonderful design along with all required permissions from authorities. It is the time to decide how and who will construct your home. Whether you are giving the construction of your home as a project to any company or constructing by using your own people? It is highly recommended to supervise the work in each and every point. This would help you to identify the mistakes or any work that is not suitable as per your requirements. Select one of the below options to construct your house:

a. Contact some of the reputed, affordable construction companies. Get information on the project costs as per your design and duration to complete the work. Select the best choices.

b. Once you have shortlisted competitive companies to construct your home, contact them to get information on the housing projects they have built and commissioned. Once received the lists, contact the owners of those homes to understand about the construction company. How well they are to complete the project, quality of the construction, how good they are to finish projects within agreed amount and time etc... Answer to these questions leads you to finalize a company.

c. If you decided to do the construction as your own, find right personnel for the work and be with them always. Agree and finalize the amount to complete the work within time. Select this option once you have time to always be with them throughout the construction process. Understand their labor capacity and specializations thorough contacting the house owners to whom they have previously built the houses.

7. Think about inside your new home

It is time to think about the features and facilities required inside your home. You may work a lot to identify the best suitable to you and family needs. This would includes deciding floors and side walls, windows, air passages, cabinets, heating systems, electrical, electronics, plumbing, security alarm, interior decorations like painting spots, power saving lights, electrical points, bath rooms items, kitchen items, chairs, tables, mattresses, sun light features, cooling features etc. There may be other features that depend on person to person. Discuss with your family members to design internal spaces to meet all your requirements. Consider the climate and its changes to perfectly design the internal part of your house. You should ensure all the items used for the internal design of your houses like wall design materials, plumbing materials, electrical, heating and cooling facilities meet all the standard requirements and from good manufacturers. This would help you to avoid future problems.

Space management should be done in a right way to avoid confusions. Space for all the facilities like electronics items should be decided and allotted in an intelligent way to bring the new home with perfection. Keeping an eye on possible future requirements and space management as per the same would be excellent! Practical and intelligent thinking and planning is must to design the space inside the home in a better way.

8. Outside facilities

When planning to construct your own home, have a design to maximum utilize the land you have. You can have some of the best and nice external facilities like a good garage, an outside store room, parking slot, gardening space, lawn space etc... All these required to plan in advance and carefully. Study on the facilities visiting the facilities and designs by neighbors, friends and colleagues would help you in a better way to plan your space properly.

9. Advanced facilities to your new home

I considered following are the most required, advanced features required by any new home however some of these are highly optional. This may vary depends on person to person, but having this would help you to save lots of money.

a. Rain water harvesting facility: Water rises as the costliest utility for today. Future wars never going to happen on gold, land or money but is sure, for water! Whenever build a new house, you must consider building superior storage space to harvest rain water to the maximum. How much big the facility is, that much you can save money on water! As the best water available in the world, each home should have sufficient facilities to collect maximum rain water as possible. This would helpful to meet all your inside home water requirements thus save lots of money by minimizing the utilization of costly piped water.

b. Installation of solar panels: Electricity is another costliest utility for home owners. Plan your own electricity by installing less cost solar panels in your home. If you like to make your home green compliance, this is the best option to utilize the natural resource to get more electricity by no cost. Solar panels are sufficient for bulbs, heaters and even lights at the garden. Opt this for make your home most cost effective, attractive and save money.

c. Garden - Each home should have a garden. Without a garden, a home cannot consider as perfect. Whether it is for plants, vegetables or mix of both, a garden should be prepared at your surrounding space or in roof as a roof garden. Rose or other flower gardens can fetch you money. A good vegetable garden can meet all your vegetable requirements to home as well as selling the same for earn some money. More over all, it is a good, healthy hobby. My imaginary house should surround with fruit trees. This would not only protect you from heat, but also give you clean air. This would also make your new home more attractive.

d. Drainage system: Whenever planning to build a new house, have a good plan on drainage. Or you are putting your head into the trouble later. Having a good drainage system helps you to lead healthy and clean life.

e. Waste Management: This is other must think facility to have with your new home. You may get lots of materials to make a good waste management plan for home. Waste management helpful to not only expelling your home generated wastes, but can consider as a good earning source. For example, making fertilizers from waste are the best option to sell and earn money. If you don’t want to get money from this, you can use the fertilizer to your garden!

f. External store room: Most of the home has a good storage area inside it, but most of us using the same to store our kitchen or any other kind of household items. Your new house should have well outside storage area to keep all accessories like garden equipments, automotive parts etc. as safe. Consider it.

10. Think about protection and plan it

We are reaching to our final section in this checklist. This section tells you how you can protect your home from all kind of problems. Below are the two options to choose and adapt:

a. Fire fighting systems: This option doesn't mean an industrial level fire management system. But, your home should equip to meet any kind of issues happening from fire and fire related troubles. Have a good fire fighting system in place and always keep it in a safe, but easily accessible place. Get knowledge on how and when to use it. Teach your family about the requirements and how to use it. This would give you a good degree of safety from fire.

b. Insurance Protection: Remember, insurances to protect your home is a must requirement. Unfortunately, most of the people never care about this because of the lack of knowledge. At the time of possession, you should have secured your home with sufficient insurance protections. This can be the protection any from fire, water, natural calamities, burglary or any.

I feel the above check list is superb and highly useful to those who planning to build a new home. Remember, whatever we do, we can do it with 99.5% perfection but still .5% remaining. Nothing can do with 100% perfection. By remembering this fact, I like to inform you to point out any additional points that you wish me to add with this check list. Those who have visited this blog generally see a comment area b below each post, but always forget to appreciate me by adding any simple comment on the post. Appreciate your comments.

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Create a Powerful Personal Investment Strategy - A Working Example

investment strategyArticle written by Sherin Dev; Follow me on Twitter

Is it possible by any person to build a winning stock investment strategy for self? Yes. Anyone can do such. If you take the words from the experiences of great value investors, you may know the requirement of formulating our own intellectual framework to have a perfect and simple stock investing strategy to win as a stock investor. The very first step any direct stock investor must do is the requirements of building to have their own stock investing strategy than duplicating others. This would help him to avoid serious mistakes and even small mistakes too.

Whenever building your own investing strategy, lots of points to have taken care. This is to confirm your decision is perfect by going one by one to the points. Here is some investing strategy I have practiced and flowing till today. You can take a look to build your own one. Remember, any advanced knowledge on anything including accounting, is not required to win with stock investing. Once if you have heard such skills required, it is just a myth. Have a look on my own strategies to identify, valuate and invest on a particular stock.

Stock investment should happen only if the stock market valuations and selected stock valuations are fair. To invest in the stock, the business (company) must meet following criterion:

• A business should have one or more product or service in those enjoying monopolistic positions in the country.

• The business should be an established on with long years of product and market experience in the nation and generating high profit consistently in each years.

• A business should have presence across the nation through eminent networks and the product/service should available each and every corner of the nation.

• A business shouldn’t be a commodity type. This means, the business should not have any competitor or provides room for future competitors to enter to the market with similar kinds of businesses. I never invest on any business that is not understandable. IT, Construction, Telecommunication sectors are some on it and should be avoidable.

• The business should not have any debt or very little debt which is less than yearly net profit.

• A business should have recorded consistent sales , owner earnings, net profit growth for a minimum of last 10 years including present year.

• The business should have superior management driven by ideas to grow business at various economic and market conditions.

• The company in any way issues no new shares to finance the business.

• The stock price should be right to invest.

Hope you liked this article and it works for you to build your own intellectual framework connected to stock investing strategies. If you feel you can contribute some more important ideas to this section, you are most welcome to do so through a comment. This would help me to update my strategy or even think about that to frame it in better way.

Picture courtesy: J.J. Verhoef

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Is Debt Settlement an Answer to Your Financial Troubles?


Uh-oh! Looks like the page you were looking for is gone! Have no fear, You might be looking for one of these pages:


* Homepage

* The Goodies

* A Guided Tour

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How to Teach Your Child about Financial Responsibility

Post compiled from collections; Follow MoneyHacker on Twitter


Teaching your children financial responsibility is one of the greatest things that you can do as a parent to prepare them for their lives as adults. Nurturing a child emotionally is also vitally important, but to turn a child out into the world with little or no knowledge of basic finances has the potential to be a true disaster. Read on to find some basic tips on raising a financially responsible child.


When teaching a child about financial responsibility, parents should have extreme self-discipline. At the very first and as the start-up, examine your own attitudes and habits about money. As most experts say "Kids are great imitators" so the best and most effective way to teach kids about anything is by becoming the role model. If you want your kids to learn how to save money, you should show him how you do it. As another saying goes "action speaks louder than words". If you are a parent with no discipline on spending money or repeatedly waste money, that's what your kids are going to learn.


This article intends to the kids with an age between 3 and 12 years.


- Start speaking to your kid about money and its worth. Start it at the earliest from an age of 3 which is highly ideal for this. Begin teaching the first principal of wise money management by counting coins. Let the kids start learns about money by holding coins, counting coins and recognizing the differences between each one. Present them a piggy bank and give coins regularly to put into that. Later, they can have a great time counting coins and dropping each one in their very own piggy bank.


- Teach your kid how money is being used. Discuss the expenses you have for your household to your kid and show your kid the bills you need to pay with money. This is the best time to explain to your kid why you can't always buy the toys he/she wanted.


- Present opportunities to earn. All kids need a little jingle in their pocket. That's the purpose of allowance. Allowances can be tied to chores or as some parents prefer, allowances are considered to be a base salary. Whatever allowance system you subscribe to, it's a good idea to include opportunities to earn additional money as well. For example, a surprise bonus rewarding a good attitude, a job well done or special effort being made is a powerful motivator.


- When you choose to give pocket money as a reward, remember that the rules must be understood by everyone involved. Kids must understand how much you give and for what. If your child can read, make a list of the chores with their matching reward amount. If your child is younger, draw pictures or cut them from a magazine and draw circles to represent the coins they will get for each task. Having an understanding will prevent bargaining and allow both parents to handle the situation in the same way.


- Teach the art of spending. Deciding how much and how to spend the money and on what is definitely an art worth practicing. Teach the good practice of convince themselves that buying something they don't need on sale is saving. The art of spending is defining what you need, recognizing the pleasure of buying something very special and then looking for the exact item that fits the bill.


- The first time your young kids ask you for a loan, be happy, because now you can teach them about savings. Only when kids want something beyond their financial means can you explain why saving money is a good idea. Teach them to always put 10% of their money aside. At a young age, they will not understand what 10% is but tell them it is a tiny piggy bank in the piggy bank of money you keep there for emergency. This is the money you keep for something big or special that you want later. Tell them to put 1 out of every 10 coins in the tiny piggy bank. Saving is a good lesson in waiting, something that is hard for young kids, because their perception of time is not fully formed.


As the child's earnings grow, he will learn not only math skills, but life skills as well. He will learn the value of money; that money is earned through hard work and daily effort. Some parents may opt to exchange the play money earned for actual money later down the road. For our children, they often asked us to buy something each time we went to the store. The "job duty" project has minimized their requests because the responsibility now falls upon their shoulders. The money they earn is used to purchase something they want. On some occasions, our children will get to the store only to see something different than what we went to the store to purchase. Usually this new found item costs more money than what has been saved. At this point, our children need to decide if they will buy what they planned or if they will return home empty handed so they can save more money to purchase the more expensive item. What a great life lesson to be learned!


As I mentioned at the beginning, this article suitable to kids between the age of 3 years and 12 years. Next article would discuss how to bring your teenagers with financial responsibility. Keep visit.


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How to Select a Good Financial Advisor

Article written by Sherin Dev; Follow me in Twitter or Facebook . To get latest news and articles Subscribe for free!

how to select a financial advisorSelection of a financial advisor is a critical step to get right advice at right time to manage your money in a better and successful way. Through, it is considerably difficult to identify a good financial advisor. There are some important factors should come under your scrutiny to identify whether the financial planner has right qualities to manage your hard earned money or not. Good understanding on the required qualities would highly help you to select a right advisor to manage your money. What are those points for your consideration? This article would definitely help you to analyze the qualities of advisor you meet.

I have already published an article under the title of "Top 10 Qualities required by a good financial advisor" some time back. Though, it is a well tuned, revised edition of the same to help the readers to choose good financial planners easily. At the start up, I would remind you an important quality required by good financial advisors or financial planners. Advisors who consider and act on customer issues and manage investment portfolios as his own have better chances to perform in an excellent way than who consider himself and customer as different entity.

Must required PERSONAL qualities

Here are some must required personal qualities of a right financial advisor. You can measure a person upon these qualities to understand how he is personally.

1. A financial advisor should be a well qualified person in his area. One can easily identify the qualifications of any financial advisor by contacting the associations where he is registered as a member of or checking the credentials with the association who provides certification or license to work as a financial advisor.

2. A good financial advisor should have considerable experience and knowledge to the area where he is operating to. Check any specializations and hands on experience. Check past and present performances to understand how successful he is in his job.

3. A good financial planner should be smart and energetic. He should have a passion to his job and should not be a lazy fellow. He should be able to guide the customers with ultimate knowledge on all products and services suitable to various customer requirements. More over this, he should always update self with the changes happening in the market.

4. A right financial advisor should be available to the customers all the time. He should show good tracking and follow up capabilities through contacting customers regularly.

5. The most important personal quality required by a financial advisor is, he should not be greedy or a profit minded person. He should not work on behalf of any company to promote their products or services by forcing it to the customers. Instead, being an individual with ethics to profession should have ultimate knowledge on products and services available in the market and how to perfectly mix those products to meet customer requirements.

6. He should be a person able to meet all the financial goals from all customers. He should have received ample feedbacks and success stories from his customers and able to expose the same to other customers in a better way to add glory to his career.

Must required PROFESSIONAL qualities

7. A good financial advisor able to study the requirements of customer and understand all the objectives in a better way. He should be able to analyze customer background, objectives, strong and weak points to take decisions on how to lead them to meet the goals in a better and structured way.

8. A good financial planner should be able to understand the risk profile of his customers in a perfect way. He should also be able to select right options for his customers to meet their goals which par with the risk taking capacity of his customers.

9. An advisor always take responsibility and keep vigilant on his investment advices to each customer and able to provide time to time advices to protect the customers money from any possible loses.

10. A right financial advisor should track the portfolio of all his customers in a structured way to avoid possible mistakes that lead goal failures. He also should be able to balance the portfolio in a better way by considering factors like market conditions, age of the customer, risk profile, financial changes of customer, product performance, duration of customer goals and overall performance of the portfolio to meet the customer goal.

Try to find these qualities to the financial advisors you are contacting to. Any financial advisor you have contacted, doesn’t have any of the above qualities, certainly he is NOT the right one for you. A good financial advisor always values the goals and money of his customers, as his own. He should take responsibility of his advices and able to solve issues at the earliest to safeguard customers money. A good financial planner always consider his customers issues and portfolio as his own and take careful decisions to avoid possible errors and mistakes that may lead to the investment failure.

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How to Secure Childs Finance and Investment Portfolio

financial planning for childrenArticle by Sherin Dev; Follow me on Twitter

Financial Planning for kids are necessary for parents. It is very easy to say but, not so easy to make practical. Such planning should start at the earliest, immediately the kid born. Requirements like time, investment planning, identifying money sources for investments all are vital part when child financial planning in picture. Goal settings, investments, protecting future life, all are required to complete through proper, fail proof planning. Today, we will have a short discussion on how a parent can plan the finance for their kids. We would certainly start from initial requirements of setting the goal followed by the actions required to achieve the goals. some of the best investment combinations also would be identified and discussed with this topic.

Like any other planning, 'goal settings' has ultimate importance into child financial planning. One should well clear about the goals to achieve through planning finance for their kids. This goal can be higher education, marriage or any others. It would be noted properly and the required amount should be decided in advance. When deciding such amounts, inflation adjustments should be considered in a reasonable manner. When planning finance for kids, goals to achieve generally have duration of 18 to 25 years. If a parent required $1 lac today for the higher education for their child, this amount could increase to 7 or 8 lacs after 18 years. Any investments must be chosen by considering these unavoidable facts.

Once have decided the goals and duration, next step is to plan how to achieve that goals. Due to inflation which plays major roles to eat up your money, any making investments that should be able to beat and the money should grow faster than inflation. Considering these facts, right investments should be chosen. I highly recommend approaching a good financial planner to get proper advice on right investments which able to beat inflation and to get right idea on the amount that should be invested in each month to achieve all the goals. The golden rule of 'starting early' has higher importance in this context. Start the planning at the first year of your kid born. This would helpful to plan the investments with minimum amount that starting later with high amounts.

A working plan for kids:

Here is a working plan to tune when planning investments for kids:

When planning investments for kids, parents always remember or should not avoid their two best friends: High performing large cap mutual funds and Index funds. Both are an advisable investment instruments to build a kids portfolio! Investment on these instruments should start at the earliest immediately after a kid born. Systematic Investment Plan (SIP) is the best option to invest systematically on these instruments. If a parent decided to buy Exchange Traded Fund than Index based mutual funds, buy it in each month using a trading account.

If you have knowledge on direct stock investing, buy stocks of very good companies. Use to buy the stocks at the time when stock market is down. In other words, buy stocks when others are panic. Remember, there are possibilities to become a trader if not investing properly. If you are investing in stocks, remember to invest for long term. A term of your goal duration would be fantastic on this.

How to protect a kid from future consequences?

Protecting kids future from consequences does not mean protecting them by insurances. Instead, protect the parents self by taking adequate insurances. This would ensure the kids would be protected from all kind of consequences if happen in the future, especially monitory issues due to the demises of parents.

That’s all from my side. This can be a considered as a raw structure for you to tune in a better way for your kids. It is highly helpful to other readers if you could share your thoughts here which helpful to make a perfect plan for their kids.

I highly consider each comment under this article as a light to the path of lots of kids.

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Important Insurance Thoughts for Young Subscribers

Article by Sherin Dev; Follow me on Twitter

Getting good knowledge on insurance is a must for all to live in a better way. No one in this world generally exempts from insurance. One or other way, all of us have policies. There are 'n' number of policies available today. Of course, a person not required to subscribe all the policies than required one but, whenever subscribing the required insurance, keep the following thoughts in mind to tune your policy in a better, structured way and to take maximum benefit from it.

Before moving to the points, I like to introduce some of the important insurance plans to fresh up your mind. Starting with traditional policies we are going through term plans, child insurance plans, motor insurance, unit linked policies, retirement plans, mediclaim policies. These are considered as the most famous policies today. Now will take look on the important areas to care off with each these plans.

1. Traditional Plans - Know the influence of inflation

There is no special feature to enable with traditional insurance plans. It is totally debt based scheme and the insurer get fixed insurance coverage throughout the term and finally receive the promised sum along with deserved bonuses. Whenever getting forward to subscribe any traditional insurance plan, ensure you have learn the maturity benefit connected to inflation. Understand how the increase of inflation going to affect your final amount. If you are planning to subscribe a traditional plan for investment purpose with a pre-set goal in mind, understanding the influence of inflation at the end of the term could help to avoid panic situation like not able to meet your pre-set goals!

2. Term Plans - Understand your real need and worth

Term plan should start at the earliest in the young age. As age counts, its premium also increases. A good term plan should have taken by considering the 6 times or annual salary and need to consider the future increases too. Proper nomination, riders, all to be sets in a well manner to avoid future difficulties.

3. Child Insurance Plans - Let the Insurance Company Handle the Future of Your Child

Child insurance plans generally known as unit linked child plans. Investing on child insurance plans are a must to secure the future of your kid. The most important point to remember when taking child plan is. one should opt Premium Waiver option. Without selecting this free option, child plans are more risky in the side paying premium. Once you opt the Premium Waiver, insurance company will pay all the future premiums in case of the sudden demise of the policy holder that is you.

4. Motor Insurance - Save your money and let company pay to others

Whenever taking motor insurance, ensure you are opting third party rider. Incase of any accident by your mistake, the victim get paid by the company if you opt this option.

5. Unit Linked Policies - Make more money for long term

Unit Linked Policies intend to invest continuously for long term to create wealth from the stock market. Ensure you have selected equity option when the stock market is down and switched to debt fund when the market is in the peak. Ensure you have found the best policy compares to others in the similar kind available in market. Your policy should provide maximum benefits, covers, less in costs.

6. Retirement Plans - A way to the safe retirement life

When opting retirement policies, select a policy without insurance cover and start it at the earliest. Your policy should be the best available in the market. This can be identified by comparing the features of similar kind policies in the market.

7. Mediclaim Policies - The way to meet unexpected expenses

Mediclaim policy buyers should understand all the terms and conditions in the manual. A mediclaim policy with wide network of free hospitalization facility should be opted. Whenever going for a mediclaim, ensure you have selected family floater to protect you and entire family members under a single umbrella of policy which has maximum benefits.

Above are the important points to remember when buying the insurance policies. Missing of any or all of the features associated to the above policies can make your policies useless for short or long run.

Readers, if you feel I have missed any points please comment to inform me.

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Hidden Intentions Behind Stock Buy and Sell recommendations

Article by Sherin Dev; Follow me on Twitter

Turn the pages of business dailies and magazines. You may find lots of stock buy and sell recommendations in most of the pages. More over this, if your email registered with any business websites, you will start getting constant recommendation mails to your inbox regarding buy and sell stocks. Beginner investors generally become the victims of this style. As I have written earlier, stock recommendations generally happening for traders, a kind of gamblers, than real investors. Real investors generally never mind such mails but do their own research to identify right stocks to purchase or sell.

I don't believe stock analysts reports and tipsters recommendations in any way. If you dig to the history of stock market scams, you may find the stock recommendations happened before to the scam identified. What would be the possible intentions to such recommendations? If you are new to the stock market investing line, this article may help you to understand some of the background plays of this activity.

Stock recommendations generally give by brokers to their customers time to time. Of course, this would boost their business by prospective traders who buy these shares in the next moment with an intention in mind to become quick rich. Brokers thus get handsome brokerage during the purchase and sell through their facilities.

Another hidden secret behind the stock buy could be with an intention to raise the price of a particular stock to off-load the stocks which holding by the recommendatory. Or, someone can recommend a stock to public with an intention to help others to raise the price of the stock to off-load clients holdings. Both way, this would affect poor public and beginner investors, ultimately they are going to be the biggest loser.

In the same way, stock sells recommendations also happening. To buy a particular stock, the price of the stock should come down. Stock sell recommendations with ignorant investors and traders could be able to play a best role to meet the goal of manipulators. Once investors start selling the stock, the prices of stock come down and manipulators can take that as opportunity to buy more stocks in a less price.

As a prosperous, intelligent investor, one should identify all the background plays happening to the stock markets and those who associated to the market. This would help to escape from intentionally created traps by manipulators.

There could be lots of wrong plays happening in this area. If you have realized, experienced or have an another idea in mind, most welcome to comment here for others to get more awareness. Or, even comment on my thoughts to share your thoughts.

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12 Articles to Share You Personal Finance Wisdom

I have found the attention from most of the late comers didn't went to the below 12 articles which are the best articles posted in last months. I have taken a link each from investing, personal finance, financial planning, child investment, debt management and banking.

I am sure these articles can be a good help for you to gain required knowledge on the areas on what each of these article written Have a look.


What is EMI and how to calculate Equated Monthly Installment


Simplest Ways to Become Debt Free


Guide to the Core of Family Financial Planning

Understand the Six Pillars in Child Financial Planning

Beginners Step by Step Guide to Become a Better Investor

Road to successful investor

3 Powerful Factors to Decide a Personal Financial Planning Success

Core Points of Personal Financial Planning

Building an Emergency Fund

How do you prepare for losing your job

Simple and perfect Wealth Building Strategies

Top 10 Qualities required by a good financial adviser

I would be very happy if you write a comment on how you feel after reading each of this articles.

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