Kingston Financial Planning

The following is a continuation of the article “10 More Secrets to Financial Advisor Success”. There are 31 secrets total. Here are secrets 11-20.
The eleventh secret to guarantee your success in 2007 and beyond is forget “how”. There is also an even bigger reason to stay out of goals and that is that we get hung up on “how” and this will likely limit or cut off the right brain dream state of mind. Let’s look at a common goal setting process to prove a point: Remember the “SMART” Goal setting strategy:
S – Specific M – Measurable A – Action-Oriented R – Realistic T – Time-focused
A soon as we get into this model there is the chance that You or even worse yet, your dysfunctional ego mind will start to judge.
My dysfunctional ego is no different than anyone else’s … if I let it. And just for fun … Hah! Who are you kidding? You speaking at the most significant Financial Advisor Public Speaking Event in the USA in 2007. Cancel that thought. Cancel that thought. Cancel that thought. Again, all you want to do right now is create a vision for all areas of your life and I recommend that you write down your visions in the following format in your journal:
* I am so happy and grateful that we continue to speak at sponsored association and company events throughout the world and therefore I feel appreciation, fulfillment, happiness, joy, satisfaction and wonderful.
Do you see the difference between the two? Here is the goal that I wrote on December 4, 2006
* Prospect Speaking to associations and companies via Folios, E-Mails & Postcards to Speak at 35 sponsored Financial Advisor association and company events in Canada and the USA in 2007
Do you see that by writing the goal I was limiting my vision by getting into the “How” and too much detail.
The twelfth secret is trust your vision. All you need to know is the first step and you don’t have to see the whole staircase. Again, forget how and using the metaphor of driving from Vancouver, BC to St. John’s, NL by night, you can only see 100 feet in front of you and you continue to drive and trust that you will be able to see the next hundred feet, then the next hundred feet then the next … and eventually you will get to the destination. Well you could say “I don’t have time to drive!” Well then fly! Looking back I counted 33 separate flights on my speaking schedule between September and November of 2006 … believe me I trust.
The thirteenth secret is to forget about time. Worrying about time hooks you back into the unmet need of safety and security and if there is an unmet need then there are limiting beliefs such as “I don’t have enough time” and this triggers limiting emotions that would include anxiety. These limiting beliefs and limiting emotions destroy your creative energy.
Take the metaphor of building a clock in relationship to building your vision. Build a clock that will tell the time for a lifetime versus building a clock that will tell the time for a day.
The fourteenth secret is get out of the way. Whatever your creed … God, the universe, your higher self, your soul knows the shortest, quickest and fastest way to your vision and will create those serendipitous events where the right people, resources and events all harmoniously fall into place to manifest your vision.
Just get out of the way, write your vision, stay awake, step into the harmonious flow of your destiny and let it unfold in harmony versus pushing and pushing!
The fifteenth secret to your success as a Financial Advisor is to write the vision in the now.
Notice that I write the vision in the now given that it is already happening.
* I am so happy and grateful that we continue to speak at sponsored association and company events throughout the world and therefore I feel appreciation, fulfillment, happiness, joy, satisfaction and wonderful.
The sixteenth secret is to write your vision with feelings.
Notice that I write the vision in the now given that it is already happening and therefore I feel appreciation, fulfillment, happiness, joy, satisfaction and wonderful.
* I am so happy and grateful that we are writing and publishing books and therefore I feel appreciation, fulfillment, happiness, joy, satisfaction and wonderful.
The seventeenth secret is write visions for all areas of your business and personal lives.
Personal – spirituality, yourself, spouse, health, family, charity, friends, auto, clothing, finance, home, intellectual, travel, etc.
Business – spirituality, team, customer service, product development, product quality, communication, sales, finance, systems, marketing, environment, web presence, etc.
The eighteenth secret is understand that wealth is not all about money and that is why it is important to create visions for all areas of your business and personal lives to create balance.
The nineteenth secret is ask in the positive. Do not, do not do not ask in the negative. If your vision is “get out of debt”, that is all you will experience is debt. Better that you affirm that “money comes to me easily and effortlessly”.
The twentieth secret to success in 2007 and beyond is to believe that your vision is already yours and through your compounded values, positive feelings and positive beliefs you will build up unwavering faith that you will attract everything that you desire.
Again, instead of thinking about death, debt and taxes commit to positive beliefs. Money comes easily and frequently. There are an abundant amount of happy and generous high net worth clients that wish to work with me. An abundant amount of time is available for the things that I am committed to doing. All the resources that I require are available to fulfill my vision. Many, many people will be attracted and spread my message.

If you are still thinking that financial planning is exclusively for the rich, you may just want to switch your mind on that now.

It is a truth that financial planning is even more important for the individual with an average income than it is for someone who earns a very high income.

The case is this: an average individual has to build his income stretch to cover many needs, and normally there is little cash left each month after paying all the bills and loan.

Hence, it is wise to say that financial planning can assist you in a number of ways, among them are:

- Financial planning can assist you set up beneficial use of your present income and savings. By having every household’s outlay budgeted and a savings blueprint drawn up, it should help you spend your cash wisely and effectively.

- It can contend the effects of inflation on your savings by having your savings invested in an investment vehicle that pays higher returns than the normal bank account, it will add in a couple of muscle to your savings and help you achieve your financial goals in a shorter term of time.

- It can thrust you to take advantage of savings and investment options that exist now, but may not be available later.

For example, you want to put in some of your savings in a particular unit trust fund that pays good returns. However, the fund’s approved size is fixed and the units are easily snapped up up by investors. Now, if you were to maintain some extra money and buy some of these unit trusts before they are all taken up, you will hopefully make your cash work for you through future gains from this investment.

- Finally, financial planning helps you identify the expected sources and total of your retirement income.

The key here is to START NOW!

By starting your retirement planning now (not later!), you can measure how much cash you will require to maintain your current lifestyle and where this money will come from.

Many individuals, specifically those who have just started working, often put their retirement planning on the back burner for reasons such as “I just started work” and “Oh, I am still young”.

Many, however, fall short to realize that by starting early to save for retirement, you will be able to save and put in more due to the concept of “compounding interest”, provided that you invest your savings wisely.

perhaps you do not want to wait till the age of 65 to retire. For all you know, by the age of 40, you might possess already reached your financial freedom and do not have to worry about getting up early to clock in or work till late hours because there are deadlines to meet.

You can then commence a business or alternative job that does not involve clocking in and reporting to your employer, especially if that person is other than you!

You are in control

You are already your own financial planner. Regardless of the extent of help you receive from professionals, you ultimately are the decision maker and you are responsible for your own finances. Although the financial world has become increasingly complex, it is becoming easier today to do a lot of your own planning. The variety of resources has expanded such as software for money management and planning; online tools for banking, financial planning and investing, and resources, and books and blogs that are easy to understand. These resources may be good news for you if the cost of professional fee only financial planners is out-of-reach to you. Besides the cost of fees, others may avoid planners because they have heard stories of advisors trying to sell a product that didn’t fit their situation. Cost savings and avoiding product pitches are excellent benefits of being your own planner.

Everyone should take a more active role in their financial affairs. Not only does it help with educated decision making and fraud avoidance it also helps you better communicate with your other professional advisors such as your accountant and attorney. You will also find yourself spotting opportunities when they cross your path.

Becoming a better manager of your family’s finances will also help you

We all have desires and goals we wish to achieve in life. Saving for retirement, your children’s education or buying a home is attainable by most of us. However, at the end of the month you may wonder where your money went and how you will ever reach your goals. Regardless of your stage in life, income, or wealth, a financial plan helps you clarify and prioritize your goals and set objectives for reaching your goals.These six simple steps will point you in the right direction.Step 1 – Track Your Household Net WorthStep 2 – Track And Manage Cash FlowsStep 3 – Establish Your GoalsStep 4 – Establish A Savings And Investment PlanStep 5 – Cover Your RisksStep 6 – Review Your Plan AnnuallyStep 1 – Track Your Household Net WorthThe net worth statement provides a picture of your financial position at a point in time. A household net worth statement will help you track your financial progress and can be used to establish a strategy to improve your goals and feel secure.Simply put, the household net worth statement is the total value of what you own less the value of what you owe. By looking at your net worth statement you will be able to determine what your assets you own (such as your home, car, or investments) and how liquid those assets are. Similarly, a review of your liabilities (or debts) will show how debt affects your net worth and whether you have sufficient insurance coverage to cover your debts and provide for your family. The net worth statement also helps you identify problem areas and take steps to correct those problems.Your net worth should increase annually. If your net worth is negative (and in your earlier years it can be negative!), then you must take steps towards debt reduction, increasing your assets, increasing your investment income and therefore your cash flow or revise your goals accordingly.Your household net worth must be calculated annually and compared to the prior year if it is to provide any value.Step 2 -Track And Manage Cash FlowsYour household net worth statement looks at a single period in time while your cash flow statement measures a period of time. The only way you can grow your household net worth is if your cash flows are positive or if you have savings. If cash outflows (i.e. your spending) exceed your inflows (income), then action must be taken to correct the situation either by increasing your cash flows in or reducing expenses.Keep in mind that I have use the term cash flow as opposed to tracking your budget. Your cash flows may not always be timed the same as your expenses. By considering cash flows, you should be in a better position to cover the unexpected costs life throws at you.Tips to improve cash flow:

It may very well be the last thing that is discussed when someone is planning for college, but financial planning is essential and very serious business. Secondary education can be rather expensive and without the necessary planning, some families can find themselves left struggling to find the money.
College can cost up to $50,000 per year, for housing and tuition alone. By planning as early as possible and saving often, you can be sure that your child will get the best education available.
Here are several quick tips to get you started.
1. Saving: Without a doubt, the easiest way to pay for college would be to save your funds. Unfortunately, for most families, saving enough money simply isn’t possible.
You should still save as much money as you can. The parents can still contribute to their own education fund and the student can save his/her money through high school years. Instead of wasting your money on an expensive mobile phone plan, consider putting that money into a monthly savings account.
2. Scholarships: the next route you can consider is a scholarship. This money need not be paid back and can prove to be a big help in paying for college. Scholarships can be acquired from businesses, high schools, colleges, religious groups, individuals and more. There are both need-based and merit based scholarship programs.
A student at high school should opt to apply to as may scholarship programs as possible. There are numerous online search services that can help. You can find other scholarship programs through school also, high school counsellors can prove to be a big help in this area.
The application process for applying for scholarships can prove to be just as complicated as a college application. The earlier you start with this, the better your chances are of success.
3. Work-Study Programs: Another option you can choose is a work study program. These government run programs pay colleges to employ students in part time jobs in exchange for housing and tuition. This program is predominately needs based and works on a first come first serve basis.
4. Tax Benefits: there are certain tax benefits for both parents and students paying for college. The lifetime Earning Credit and the Hope Scholarship Credit are both examples of this. Consider having your taxes worked out by a certified accountant during your college years. They will know how to find the deductions and if paying for your first year will save you up to $2,000 in income tax, then that money can go towards your next year. There are also benefits on the interest earned on accounts used to pay for college.
5. Student Jobs: one common way a lot of students end up paying for their college tuition is through work. A part time job after college is another way to pay for your college years.
6. Financial Aid: Probably the most common way to pay for your college education is through financial aid. Each college generally has their own program, but they will all require the FAFSA. This is pretty-much where you should start. Again, it is on a first come, first serve basis. Financial aid packages come usually as a combination of grants and loans and they are based solely on the family’s needs. Most colleges will require the financial aid application along with your college application.
Don’t immediately write off a better college because of funding. Save your money early and work to find that scholarship. By doing so, you start on the right foot. You should see college education as an investment and thus, do what ever it takes to get one.

Our financial needs are multi-faceted. You need to save. You need to invest. Sometimes you need to do tax-efficient investment. You want to plan for the education of your child, for a home and sometimes for your retirement. If you are running a company then there is no dearth of need of financial consultancy regarding various issues. Now, all these cases need knowledge and a little expertise. For gaining that knowledge and expertise you can opt for a financial planning services firm.

A financial planning services firm is that firm which plan your finance by offering useful services. They offer valuable advices for your protection, pensions, mortgage services, investment & savings, healthcare, tax planning and also group employee benefits. Whether you are an individual or a corporate client, you can get good advices from these firms. You can expect appropriate advices because these firms are made up of finance researchers who are qualified professionals, carefully selected and rigorously trained. Most of them are chartered accountants who can understand each movement of market.

Hence, in no case you will get a wrong advice. Moreover, these days many people are opting for financial planning services firms for taxation planning also. The frequency and significance of changes in many taxation laws are affecting small to medium enterprises. These firms are composed of taxation professionals who can provide excellent taxation advices and keep you up to date with the latest taxation legislation.

In fact this is an essential service because taxation is the biggest issue for any corporate establishment. And a Financial Planning Services firm can be a great way to be aware of day to day changing in taxation laws. This is how you can minimise taxation liabilities. You can also get advices about state tax issues like land tax, payroll tax, stamp duty, goods and services tax etc. So, choose a firm and take good taxation decisions.

For every small step and for every big walk, decision is necessary. And if that step is related to finances then it is important that you take right decision at the right time. Whether it is planning for buying a home, a car, insurance, investment instrument, saving options or any such matter which need a significant finance, right decision is necessary. You can choose a financial planning services firm for taking these decisions.

In fact, any financial planning services firm devise a proper wealth plan for you so that you can take a good care of your assets and money. Be it insurance advice, saving account advice, loan advice, investment instrument advice, stock market advice, employee-benefit advice or any such finance related issue, these firms are always a good option to choose. And these days they are playing a major role in providing investment advices. Like insurance advice. They can provide the right policy cover, at the most competitive price. Because they maintain access to some innovative and exclusive insurance providers and they are fully committed to the insurance needs of yours.

So, you can choose a Financial Planning Services firm to get the right insurance advice. Furthermore, they endeavour to coordinate your finances to build, protect, and maximize your net worth. They can take care of the finances of an individual, family or businesses. They also manage your wealth by suggesting you advices regarding different financial tools like bonds, funds and equities. For tax-efficient financial plan you can choose them.

Also, these days you can get valuable information regarding financial planning services firms over the Internet. You can learn about them and know about their various services. You can choose one according to your need. You can post your queries on their websites and take some financial advices for free also. So, choose them and know various techniques of investments and savings.

Financial planning for retirement is as important as saving for after retirement. If you are saving for after retirement and you haven’t got a plan it’s
easy to loose your way spending on things that are not important, so having a long term goal, and a long term view are essential to keep your balance enough.

A careful investment strategy is very essential to manage your retirement assets throughout your life. Financial planning for retirement has many aspects that should be consider. As it is a procedural thing, so a systematic action is required.

First, you should determine your income and make a complete list of all income sources to have effective financial planning for retirement. You should make an inventory of assets, which form the core of retirement funds like 401k/403b, Roth/Rollover IRA and personal savings etc.

The total income from all these sources is the retirement fund on which you have to manage until you live. In addition, financial planning for retirement is just managing of these funds in order to have steady income. After income, come the other benefits that you will be receiving at retirement. Remember the focus is to account all kinds of income so that better plan can be draft out.

Social security benefits should also be taken into account. With this facility, you can collect the benefits as early as 62 years but the amount decreases if you collect it before 65years. The collected amount depends on the earning of an individual over maximum number of years and the age at which he starts collecting the benefits.

Now you will be having details of your anticipated income from all the possible sources. The next step in financial planning for retirement is to plan your expenses and for this make a budget. Retirement budget will help you to ensure that the money you have will last for at least your lifetime. Normally an individual lives almost 1/3 of his life after his retirement.

You also need to take care of health care budget. Usually employers care of this part but you should also make allowances as the benefits are decreasing day by day. The cost of these plans may seem high but make sure that you never caught unprepared. After all financial planning for retirement should cover all spheres.

Another important factor to consider is the withdrawal strategy. You need to adjust your withdrawal as to not deplete the savings.Normally a 5% withdrawal of your savings will see you through.

Financial milestones are important so should be appreciated but there is lot to life than money. Enjoy today and plan for future. Good planning is half battle won. So if you want to live in peace after retirement, give due care to financial planning for retirement.

Everyone in today’s world keeps hearing the term financial planning and how it is needed. Personal finance and financial planning are used in conjunction always. That said for having that financial plan ready you need to know a few things. These things which we need to have are crucial to achieving that financial security and will help one get that desired money which is needed for old age and other special family needs.
Very few people can get the basics right about financial planning. Most understand it to be just about money being in bank account at all times. This money they assume will help them tide over a few things. This though is not adequate as the value of this money will diminish over time and by the time retirement is reached you will for sure be scrambling to make ends meet.
That is why all the experts stress the need for financial planning.It is the money at hand that will save you in dire situations.
Here are a few things that you need to take care of for effective planning. These will help you get the facts correct and will help you make some intelligent decisions.
First and foremost thing that you need to consider is your cash situation today. This will give you a picture as to whether you are on the right track or not. This will at least give that overall [picture of your finances. This exercise you can do it all alone or by getting the help of a financial planner.
Secondly you need to know the importance of investments. You can not allow your money to languish in the banks at 2% p.a. This entails working in tandem with a financial adviser to know what kind of investment avenues are available and how best they can meet your needs.
Third step is to have insurance for almost everything. That will help you protect your assets should things go wrong.
Fourth step is to have the effective tax strategies. I am not talking about avoiding tax altogether but at least work towards having the tax incidence reduced to a minimum. That will help your cash flow and will make sure that you have enough cash for planning.
That said all the four things above go a long way in achieving you desired financial goals. Remember to have effective retirement cushion as one of the goals of your financial strategy.