Seeking the advice and professional assistance of a financial planner can be a wise move for your financial future. The world of investing is very complicated and it is helpful to have somebody who knows the financial world to suggest the best uses for your money.

When choosing a financial planner, it is important to pick one that is right for you. Not all financial planners are created equal, and a certain amount of research goes into making the right decision. If you are thinking about seeking the guidance of a professional financial advisor, follow these 4 steps.

1. Decide what your goals are.

Deciding what your goals are before you make an appointment with a financial advisor makes things much easier. If your long term goal is a college education, your financial planner will give you different advice than if your goal is gaining capital to start a business or saving for retirement. Always have a plan, whether you are going to see a financial planner or debt counseling professional.

2. Get recommendations

Getting recommendations from your friends, family, co-workers and acquaintances is definitely a wise move when it comes to looking for a financial planner. If you keep hearing a particular professional’s or business’s name come up, you can be fairly sure that they are a respectable option. The more information and opinions you get on different financial planners, the better. You can also get recommendations online by doing a little bit of research.

3. Research different financial planners.

Once you have narrowed your list of financial planners down to 2 or 3, it is important to research each one. Check each financial planner’s credentials and experience. Make sure they are certified and have a degree that supports their professional position. Some financial planners will specialize in certain aspects of finance like debt consolidation and investments. Choose the financial planner that sounds like the best fit for you.

4. Get a feel for how the planner operates.

Now that you have chosen a suitable financial planner, make sure that their financial philosophy is on the same page as your own. Some planners are more conservative, some are more aggressive. Some will be in contact with you frequently, while others will only be in contact if there is some sort of an issue.

In addition, make sure you and your financial planner are on the same page as far as payment is concerned. Some advisors will work on a commission, while others charge a one time fee. Negotiate financial terms before moving ahead with anything else.

Finally, it is a smart decision to get recommendations for your financial professional before you move on with consulting. If nothing else, these recommendations give you peace of mind to move forth with a particular financial planner.

Although there are quality debt consolidation and debt relief counseling companies and consultants out there, you should still do what you can to not put yourself in that situation. For those who have some debt and those who are debt free and want to keep it that way, here is my 4 step method for staying ahead of debt.

1. Create a monthly budget.

A monthly budget is an absolute necessity. Ideally, you want to know exactly how much in monthly expenses you have. Compare this to your monthly income and you have the only two numbers you need. Figure out how much you need for bills each month and see what you have left over. When you get this figured out, you are off to a good start.

2. Direct deposit your paycheck into separate accounts.

If your employer offers direct deposit, take it. Apply for online banker at your bank so you can have even more control over your funds. Create at least 3 accounts for yourself: bill paying, spending and saving. Once you have created your monthly budget, you know exactly how much you need to cover your bills for the month. Do the math depending on how many times you are paid in a month and put the corresponding amount in your bill paying account. Whatever is left over, put in your spending and saving accounts in accordance with your personal preference.

3. Utilize “the envelope” system.

The envelope system can be very useful. What this is is taking your spending money and separating it into actual envelopes. You can title these envelopes “gas”, “food”, “entertainment”, “clothing” etc. The point is to have a set amount that you cannot go over. Make sure to budget these things as well so you have an idea of how much you spend.

4. Make existing high-interest debt a priority.

Take your existing debt seriously. If you have a high interest credit card with some accumulated debt on it, take care of it first. Even if it cuts into your spending and savings, I would definitely recommend getting your high interest debt paid off in this economy. In can do nothing but help.

Although there are quality debt consolidation and debt relief counseling companies and consultants out there, you should still do what you can to not put yourself in that situation. For those who have some debt and those who are debt free and want to keep it that way, here is my 4 step method for staying ahead of debt.

1. Create a monthly budget.

A monthly budget is an absolute necessity. Ideally, you want to know exactly how much in monthly expenses you have. Compare this to your monthly income and you have the only two numbers you need. Figure out how much you need for bills each month and see what you have left over. When you get this figured out, you are off to a good start.

2. Direct deposit your paycheck into separate accounts.

If your employer offers direct deposit, take it. Apply for online banker at your bank so you can have even more control over your funds. Create at least 3 accounts for yourself: bill paying, spending and saving. Once you have created your monthly budget, you know exactly how much you need to cover your bills for the month. Do the math depending on how many times you are paid in a month and put the corresponding amount in your bill paying account. Whatever is left over, put in your spending and saving accounts in accordance with your personal preference.

3. Utilize “the envelope” system.

The envelope system can be very useful. What this is is taking your spending money and separating it into actual envelopes. You can title these envelopes “gas”, “food”, “entertainment”, “clothing” etc. The point is to have a set amount that you cannot go over. Make sure to budget these things as well so you have an idea of how much you spend.

4. Make existing high-interest debt a priority.

Take your existing debt seriously. If you have a high interest credit card with some accumulated debt on it, take care of it first. Even if it cuts into your spending and savings, I would definitely recommend getting your high interest debt paid off in this economy. In can do nothing but help.

Unfortunately, checking your credit card statement every month is a practice not everybody partakes in. While I can understand, I certainly don’t agree. I know how much junk mail a person gets on a weekly basis, especially credit card marketing. It can become a cumbersome task to sift through all the mail and differentiate the junk from the worth while.

However, it is worth your time to routinely check your credit card statement monthly. This is a practice that needs to be taken seriously to keep track of your financial big picture. There are several reasons to check this statement every month, but these are the 5 most important.

1. Identify any fraudulent behavior

First and foremost, checking your statement for fraudulent behavior is one of the first lines of defense in identity and credit card theft. You can be sure that the majority of stores don’t check the signature on the back of your credit card, so you have to take matters in your own hands.

There has been a few times where I found unapproved charges on my credit card statement and had to go through a formal dispute. Always keep an eye on your statement to see if everything is valid. Even if you have to write every purchase that you make down in your ledger, it is worth it.

2. Get an idea of how much you are spending per month

Purchasing goods and services using your credit card is so easy and seamless, often times you have a hard time keeping track of how much you are actually spending. Although this sounds foolish, it does happen. Think about it…have you ever checked your statement and thought “wow, what did I spend all this money on”?

Checking your credit card statement monthly gives you an idea of how much you spend each period. This information comes in very useful when you are making your budget and trying to save money. People who don’t keep track of how much they spend end up in credit consolidation very fast.

3. Check for fees and other surcharges

The infamous “hidden fees” happen to everyone. Whether it is your credit card company itself, a website or group you are a member of or practically any other place of business, there is always a good chance that your card will be surcharged.

These companies take advantage of the fact that people don’t regularly check their statement, and you don’t want to be taken advantage of. Like I said earlier, checking your statement to make sure everything is approved is an absolute must.

4. Know what you’re spending money on

Your statement not only tells you how much you are spending, but what you are spending your money on. This is very important when trying to streamline your expenses. Going through the economic crunch, it is important that we make sure we’re not being financially wasteful.

Keep track of your credit card statements in a file cabinet or a folder and review them once every 6 months to make sure you aren’t spending too much at restaurants or the mall. You’ll be surprised how much help it can be. It might just keep you out of debt relief counseling.

5. Keep track of new promotions and reward points

Every credit card I have ever had sent all the information about new promotions and reward points in the mail with the credit card statement. Although this marketing can usually be junk, some of it could be something you are interested in. It is definitely worth a quick look.

Chances are you will either lose your credit cards or get your credit cards stolen at least once in your lifetime. It does happen. Whether you leave your purse or wallet somewhere and forget it or run into a thief or mugger on the street, there is a good chance of losing possession of your credit card.

Although getting your credit card stolen or taken from you is probable, it is still a serious situation. If someone has possession of your credit card, they have control of your personal finances. There are horror stories of innocent people who have had to go through debt counseling and debt consolidation because of stolen credit cards.

Since nobody wants to be in this position, it is important to know what to do if you lose possession of your credit cards. If you follow these 4 steps upon losing a credit card, you stand a much better chance of not ending up in financial peril.

1. Cancel your credit cards.
Call your credit card company or companies and immediately cancel any and all credit cards. This is imperative because if your credit card is still active and in the hands of someone else, they can still be used. The quicker you cancel your credit cards, the less of a window someone else has to use it. This is why it is important to call as soon as possible so your credit card company can terminate the card(s).

2. Document your actions.
The second step is to create substantial evidence of your stolen credit card and the following actions taken. This gives you legal security by creating a “paper trail” of evidence. Mail your credit card company or companies stating that you called them to cancel your credit cards. Be sure to include the date and time of the phone call and who you talked to if possible. Certify all send letters so you receive a return receipt. This ensures that the credit card company received your report, thus giving them legal liability.

3. Call the police.
If your credit card has been stolen, always report the theft to your local law enforcement agency. This might sound like a no brainer, but many people forget this step. First off, you want the person who stole your credit cards to be apprehended so it doesn’t happen to anyone else. Secondly, your credit card companies may request a police report for a stolen card.

4. File a complaing with the FTC.
Filing a complaint with the Federal Trade Commission is crucial if someone has used your credit card without authorization. This organization can help you deal with your identity theft and give you options on how to rectify the situation. Hopefully, you don’t have to deal with this kind of severity, but this should definitely be kept in mind.

1.

Do: Utilize credit cards to your benefit.

Credit cards can be a beneficial, useful financial tool if used right. Most credit cards have user benefits and perks that can make your life easier and cheaper. With more financial technology developing and coming to the forefront of American society, more businesses and services are becoming credit card friendly. Take advantage of this change in culture and broaden your financial horizons.

Don’t: Be afraid of a credit card.

Even with all the advancements in credit cards, there is still a negative stigma about them. Credit cards are extremely useful if used right, but can be hazardous if used incorrectly or for the wrong reasons. If you are financially responsible and live within your means, a credit card can do nothing but help. Credit cards can be complicated if you are uninformed, but you should always keep yourself updated.

2.

Do: Always pay your bill on time!

Always pay your monthly credit card balance by the due date. If you pay your credit card bill on time, it will improve your credit score. Since your credit score is one of the most important numbers in your life, and it is crucial in securing future loans for college, homes and cars, you want to do whatever you can to make your score optimal. There are numerous features that make credit card bill paying quick and convenient like online bill payer through your bank or credit card websites themselves.

Don’t: Treat your credit card bill as a low priority.

With the amount of junk mail everyone receives, it can be easy to pass over that credit card bill in your mail box. There is absolutely no reason to have your credit card bill sitting at the bottom of a pile of mail, or in the same pile as useless junk. You will receive several pieces of mail monthly trying to get you to apply for different credit cards. Make sure to take all of your bills, especially your credit card bill, and pay them off as soon as possible so you don’t have to worry about it. If you treat your credit card bills the same way you treat paying back your brother for that $20 he gave you, you will end up in debt relief counseling very quickly.

3.

Do: Find a credit card with benefits that help you.

Credit cards offer benefits in every aspect of your life from airline miles and cash back to bonus points that can be used for meals at restaurants and gas. The more you spend on your credit card, the more points and bonuses you get. In addition to these obviously worth while perks, some credit cards also give less “sexy” benefits like 0% APR or no annual fee. These don’t immediately sound as good as airline miles or cash back, but can definitely save you some serious money.

Don’t: Apply for the first credit card that you receive.

Like I said earlier, once you turn 18 you will be bombarded with credit card offers through the mail. Don’t just take the first credit card that you are sent. When it comes to credit cards, it is far better to be assertive and gather information than it is to be content and taking the easiest route possible. It is perfectly normal to be intimidated by the amount of information you have to absorb, but don’t be afraid to get the help of a financial professional or even an older, finance savvy member of your family.

4.

Do: Call your credit card company to review all fees and rates.

“Always read the fine print” is a cliched piece of advice, but in this case it is very accurate and helpful. There are many technicalities and standards that come with having a credit card. Call your credit card company and ask questions about finance charges, late fees, interest rates after a promotion and other topics that a credit card company isn’t going to go out of their way to include in their advertising. Gather information and don’t be afraid to ask tough questions…it is the creditor’s job to answer you truthfully.

Don’t: Take all rates and advertisements at face value.

Being naive about credit cards can put you in a heap of trouble. Like with any other advertising campaign for any other business or product, creditors are going to make their product as attractive as possible and leave out the less magnetic details. If something is too good to be true, chances are it is. That includes impossibly low interest rates and other movable numbers associated with credit cards.

5.

Do: Cancel your credit card if you lose it.

It isn’t far fetched to think that you could lose your credit card. Things happen: you could get your wallet stolen, drop your credit card out of your purse, leave your credit card at a bar, restaurant or store, etc. My best advice to you is to cancel it as soon as you can to prevent someone else using your card. If you think you may have misplaced your card in your house or left it in a pair of pants, than by all means take a few hours to look for it. However, if you know you’ve lost it, cancel it! People will have no problem charging up a storm on a card that isn’t theirs.

Don’t: Just apply for a new one if you lose your credit card.

I know it’s a pain and an inconvenience to go through the trouble of canceling a credit card, but it is necessary. It is lazy to think its better to just get a new card instead of handling your lost credit card first, and it could definitely cost you. It isn’t a rarity either…I personally know many people who took this route and have run into major problems. Spending an hour on the phone to cancel your card is a lot better than spending months talking to credit bureaus to get all of the unapproved credit card charges reversed.

6.

Do: Make your credit card company aware if you aren’t able to make a payment.

Unforseen things happen in life: people lose jobs, unexpected expenses come up. I know a lot of people are going through this right now with the struggling American economy, so this advice is very timely. If something happens where you know you aren’t going to be able to pay your bill, call your creditor in advance and let them know. Be up front and honest with them, explain the situation and see if there is anything they can do for you. You are their customer after all, and it is their job to help you out.

Don’t: Skip your payment.

Skipping your payment, for any reason, is pretty much the worst thing you can do. A dropping credit score, accumulating debt and calls at all hours of the day is the last place I personally want to be. Like stated earlier, make sure to exhaust every option possible with your creditor instead of foregoing payment on your credit card bill. That is why there is debt counseling help and other financial assistance available.

7.

Do: Keep your credit card number and PIN numbers private.

If someone has your credit card number, security ID (the 3 numbers on the back of your card), expiration date and name on the card, they can use it online without any kind of ID check. In the age of the camera phone and identity theft, security measures are something that you should keep in mind. The same goes for your PIN number on debit or bank cards. Any security measure that you can take for credit cards should be something you actively and routinely do.

Don’t: Allow your credit card number to be seen or photographed.

Don’t leave your credit card sitting around or leave it somewhere where it can be easily taken. As stated above, 2 clicks of a camera phone and your credit card information is in the hands of someone else. Keep your credit card in your pocket or wallet and only take it out when you are using it. Your credit card shouldn’t be left on your desk at work, on the counter at a store in the mall, in the credit card slot at the gas pump or anywhere else in public.

8.

Do: Use your credit card for online purchases.

I’ve been using my credit card for online purchases for several years now, and I’ve never run into any kind of problems. There are middlemen and third parties you could go through like PayPal, ePassport, FirePay, Google Checkout etc. but you are adding an extra step. Some websites won’t accept these as well. Most, if not all websites that you can purchase items off allow credit card usage. Make sure the website is secured by looking at the URL: if there is an “https” instead of “http”, the “s” means secured. Also make sure the domain that you are putting your credit card information on is the same as the domain where the products are listed.

Don’t: Use your credit card on an unsecured site.

Anyone can put a website up with goods available. This day and age, anyone can have a website that can be made to look legitimate. Be aware of scammers and con artists online. If a website looks shady and doesn’t feel right, don’t give them your credit card information. No matter what you are looking to purchase, there are several sites that are going to sell it. There is no reason to risk your credit information and trust a questionable website.

9.

Do: Use your credit card for emergencies.

Whenever I go for a run or a bicycle ride, I always take my credit card in case of emergencies. If I feel my sugar getting low and sapped for energy, I’ll stop somewhere and get juice or something to eat. Taking a credit card is a lot easier than loose bills or your entire wallet. In addition, I always take my credit card in the car incase of breakdown or some other unexpected problem. I’m sure most of us have also been in the perdicament where it is 2 days before pay day, we are broke and don’t have any gas in the car. It happens…trust me, I know. Using your credit card in these cases is perfectly acceptable and recommended.

Don’t: Use your credit cards for day to day goods and services.

Having a credit card isn’t the same as having money. Don’t spend money you don’t have, or won’t soon have. Buying an expensive pair of jeans or the latest, greatest cell phone and not having to take any money out of your wallet or purse is nice, but you are going to have to pay for it eventually. Only use your credit card when necessary. Don’t make a habit of starting tabs at a bar or running up huge bills at clothing stores.

10.

Do: Keep track of your credit card limit.

Credit cards have a limit for a reason. Most companies do it for both their best interest and your own good. Credit cards can have limits of $250 or $500 up to $5,000 and $7,500. Make sure you know your credit card limit. Keep track of how much you’ve charged on your card in a given month to keep your finances in check and know where you stand compared to your limit.

Don’t: Go over your credit card limit.

If you go over your credit card limit, there are going to be heavy fees and penalties. Your interest rate could also increase, making you pay far more than you were. Know in advance what you are going to use your credit card for and get a card with a corresponding limit. If you are using your credit card for emergencies and online purchases only, than a $500 limit could be perfect for you.

photo credit: Kathryn,

So you are starting a home or even a small business, but do not have a large amount of startup capital. Do not worry about that small obstacle. Some very good ideas and businesses have come from people or companies that were not incredibly well off. What does matter is the drive to be creative and to stretch that money. So it all depends the type of business your are in on whether or not some of these ideas will work.

The first tip is to advertise on community boards. Most gas stations or bars have a place where you can hang up a flyer or poster to advertise your business. This can be very affective if you are targeting that local area. These flyers can be designed on your home computer and just take it up to Kinkos or any print center for some cheap mass copies. Just remember that color copies cost more, so try and make everything in black and white scale.

The next tip I can give you to maximize your marketing budget., would be to create a website. In todays business world almost every business, big or small, has some sort of a web presence. Domain names are relatively cheap and so is a hosting package. Be cautious to pick an appropriate domain name to last for a long time. This web address will be your image and most likely a vehicle to reach a larger audience. There are many free website templates out there to get you started. After you get your footing you should contact a website management company to help you out and to maximize you web presence.

These tips will help you stretch that marketing dollar and will help you to get started in your new business venture. Good Luck!

photo credit: freddthompson

Growing up my father was part owner of a pizza parlor in Brooklyn, NY. He worked long hours and sacrificed a lot to make the business a success. So wen it came time for him to retire and move on with his life he several hard choices to make concerning the business.

My brother was ready to inherit the business, but at that time there was an investment company looking at the actual property that parlor was on. So my father, who now was the soul owner for the parlor, had to make a couple of choices. He knew how much toil and sweat it takes to run the business the way it should be run so doe she want his kids to go through the same life? He could also sell and have money to retire with and pass on to the family.

He ultimately chose to keep the business and allow my brother to run it. He had a lawyer write up a contract and legally passed the title and property to him. He figured it was the best move for the future and a definite money maker.

The tips that I can pass along for keeping the business in the family would be to evaluate the situation and make sure to look at all the options before making a decision. The next tip would be to consult a lawyer and make sure all the paper work is done up right.

photo credit: Wonderlane

As a small business it is tough to find qualified people to help get the business off the ground. Having quality employees and people behind your product or business can very well be the difference between success and failure. Anyone who has run a business knows how much good help can add to it, and how much bad help can take away. Here are some attributes to look for when trying to create that winning team.

The first thing would be to find someone that believes in your business and the direction that you want to take it. This is very important given that it takes a lot of self-sacrifice to work the long hours to establish yourself in the business world. The second attribute would passion. The passion needs to be there for the work and for the customers. Those two things will help the customer base to grow with great overall satisfaction. The third and final attribute would be personality. We have all worked in those offices that you feel as if you are a drone and that you are just punching a clock. Well in this day and age of business you want to create a dynamic and creative environment. One way to do this is through the employees with their various personalities and backgrounds.

It is tough out there to find employees that will enhance your new business. It can be done though through hiring people that compliment you and want to further your business. The key is not to settle, but to find that diamond in the rough.

When I was little my father ran a small pizza place outside of Brooklyn, NY. It was a fun time growing up with a father that was a small business owner. There were good times and bad. I took several things from that whole time period of my life. One being the best way to jump start a sagging business.

My father would work crazy hours and missed out on a lot of moments in life that he should have been around to experience. One day he came to realization that the only way to get ahead in business is to work smarter, not harder. He had always made everything from scratch including the sauces and doughs. Anything and everything he wanted to put his best foot forward.

On the other side of the coin was the fact those homemade ways is what cost him the most time. So the first move that he did was farm out some of needs. He started to get frozen ingredients instead. That one move alone saved him hours and hours of work. That saved time allowed him to focus on other aspects fo the business and to spend more time with his family.

So the way to jump start your business is to try and see where you can outsource your needs. The key is to make sure the quality is still there. If the quality is not there then the customers will not be around for long.