Personal financial planning is important to all FDNY members because it will provide you with a method of organizing your financial world for yourself and your family. While you are out protecting the lives/property of the people of NYC, it is a good idea to have a professional financial planner educate and assist you with your financial needs. A financial plan will help you though an unknown future and will empower you to have the independence to handle unpredictable events in your life. Personal financial planning is extremely important to anyone wishing to stay ahead of their finances.
A good comparison is how a GPS system works in a vehicle. When you first turn a GPS on, it tells you where you currently are. You then put in a destination of where you would like to go. The GPS will then tell you the most efficient way of getting to your desired destination. If there are any changes along the way, the GPS will make adjustments to still get you to your destination. If the GPS did not know where you where to start, how can you expect it to get you to your desired destination. A Financial Plan works the same way. You need to know (review) your finances today, then you can see where you would like to end up in the future. A financial planner can then help you follow the plan (map) to get you there. If things change along the way, your plan can be adjusted to still achieve your future goals.
A good financial plan will also help you and your family with: *Goal setting
*Financial education
*Avoid potential threats
*Future options
*accountability
*Budgeting
*Proper Protection
*Recognizing opportunities
Tuesday, April 5, 2011
Friday, January 28, 2011
The Simple City Worker Financial Plan
These 7 simple steps are the basis for creating a solid financial plan for you and your family. Many individuals and families are reluctant to start the process of reviewing their financial situation because they feel it is very time consuming and can become a very complex process. This is why I have created these 7 steps to start you on the right track and make the process simple and more enjoyable.
1. Protection First - Full Replacement / Lifetime Protection
This refers to having all your Insurances (Health, Life, Property & Casualty, etc.)
reviewed. Without the proper protections (foundation), everything else you build
can be taken lost or taken away.
2.Eliminate Bad Debts
Remember keep it simple, get rid of CREDIT CARD Debt.
3.Create A Budgeted Lifestyle
This means learn what $ is coming in, and what $ is going out each month.
Truly live within your means. Be true to yourself and your family.
4.Increase Your Savings
Pay yourself first, build a simple saving account/ money market account. This step may
take some time, but it is well worth it. This will help you stay liquid, also having available
funds on hand with no penalties and no fees. Very Important !!!
5.Reduce Tax Exposure
This step involves reviewing your your overall finances with a financial planner and
your CPA (accountant).
6. Minimize Risk
This is where you should be gaining your education/ knowledge on how risk and
reward can benefit you or can hurt you. A basic understanding is needed for this
step to evaluate your needs.
7. Overall Rate of Return
Although this is a important step, it has been proven that if put number 1, you are
chasing returns. Which means you are assuming a certain percentage to assure
and secure financial future.
ALTHOUGH SIMPLE, THIS PLAN HAS
BEEN STRUCTURED TO MAXIMIZE
LASTING WEALTH WITH CERTAINTY
NOT LUCK!!!
PLEASE CONTACT VINCENT (347-661-6234) TO SET UP A APPOINTMENT
TO DISCUSS HOW THIS PLAN CAN WORK FOR YOU AND YOUR FAMILY.
1. Protection First - Full Replacement / Lifetime Protection
This refers to having all your Insurances (Health, Life, Property & Casualty, etc.)
reviewed. Without the proper protections (foundation), everything else you build
can be taken lost or taken away.
2.Eliminate Bad Debts
Remember keep it simple, get rid of CREDIT CARD Debt.
3.Create A Budgeted Lifestyle
This means learn what $ is coming in, and what $ is going out each month.
Truly live within your means. Be true to yourself and your family.
4.Increase Your Savings
Pay yourself first, build a simple saving account/ money market account. This step may
take some time, but it is well worth it. This will help you stay liquid, also having available
funds on hand with no penalties and no fees. Very Important !!!
5.Reduce Tax Exposure
This step involves reviewing your your overall finances with a financial planner and
your CPA (accountant).
6. Minimize Risk
This is where you should be gaining your education/ knowledge on how risk and
reward can benefit you or can hurt you. A basic understanding is needed for this
step to evaluate your needs.
7. Overall Rate of Return
Although this is a important step, it has been proven that if put number 1, you are
chasing returns. Which means you are assuming a certain percentage to assure
you and your family a safe and happy future. Again you will be LUCKY if this
works for you. Saving on a consistent basis will give you and your family a safeand secure financial future.
ALTHOUGH SIMPLE, THIS PLAN HAS
BEEN STRUCTURED TO MAXIMIZE
LASTING WEALTH WITH CERTAINTY
NOT LUCK!!!
PLEASE CONTACT VINCENT (347-661-6234) TO SET UP A APPOINTMENT
TO DISCUSS HOW THIS PLAN CAN WORK FOR YOU AND YOUR FAMILY.
Thursday, November 25, 2010
Why you need an Emergency Fund
In life you should expect the unexpected, and this is why you need an emergency fund. The best you can do is to prepare for emergencies that require access to additional money and having an emergency fund is the ideal solution.
Financial emergencies can come in the form of job or income loss, significant medical expenses, home or auto repairs or something you've never thought of. The last thing you want to do is be forced to rely on credit cards or a loan which could simple compound the problem.
So the big questions usually is: How big should my Emergency Fund be?
Most experts agree that you should have somewhere between 3 and 6 months worth of living expenses set aside in your emergency fund. The reason you want to have 3 to 6 months of expenses saved up is that the most common reason reason for the need of an emergency fund is due to a sudden loss of income. ( For city workers this comes in the form of 1) going without a new contract 2)loss of spouses income). When these events happen you still have bills to pay each month, so a few months of extra money can help until that income is replaced again. It is best to plan for a worst-case scenario so that the smaller emergencies such as replacing the hot water heater than just broke will seem easy to cover.
Start Small
If you don;t currently have an emergency fund or find it difficult to save money,the key is to start small. You have to realize that accumulating one month's worth of expenses will take some time, let alone 3 to 6 months.
If you set your immediate goals to be small and manageable you will have a better chance in reaching them.
The best way to start is to speak with a financial planner, and see what your monthly cash flow looks like. Once you know what is coming in ,and what is going out you can then figure out how much can be set aside on a regular basis to build your emergency fund.
If you feel it is to difficult to begin saving simple start with a small amount. Maybe you begin with $10 a week initially. While this amount won't add up all that quickly, the important thing to start putting something away and make it a habit. After a few weeks you won't even notice the $10 missing so you can start to bump it up to $15 or $20 a month and so on. You will begin to get used to that money not being there and can then slightly increase it again.
Another question: Where do I keep my emergency fund?
You can start with a saving account or money market. It is important to keep it simple and make sure the account is liquid and accessible. If you want a little less access to it, open up a money market though a financial planner.
I hope this helped you understand how simple yet important this part is to creating the beginning of a solid financial plan.
Financial emergencies can come in the form of job or income loss, significant medical expenses, home or auto repairs or something you've never thought of. The last thing you want to do is be forced to rely on credit cards or a loan which could simple compound the problem.
So the big questions usually is: How big should my Emergency Fund be?
Most experts agree that you should have somewhere between 3 and 6 months worth of living expenses set aside in your emergency fund. The reason you want to have 3 to 6 months of expenses saved up is that the most common reason reason for the need of an emergency fund is due to a sudden loss of income. ( For city workers this comes in the form of 1) going without a new contract 2)loss of spouses income). When these events happen you still have bills to pay each month, so a few months of extra money can help until that income is replaced again. It is best to plan for a worst-case scenario so that the smaller emergencies such as replacing the hot water heater than just broke will seem easy to cover.
Start Small
If you don;t currently have an emergency fund or find it difficult to save money,the key is to start small. You have to realize that accumulating one month's worth of expenses will take some time, let alone 3 to 6 months.
If you set your immediate goals to be small and manageable you will have a better chance in reaching them.
The best way to start is to speak with a financial planner, and see what your monthly cash flow looks like. Once you know what is coming in ,and what is going out you can then figure out how much can be set aside on a regular basis to build your emergency fund.
If you feel it is to difficult to begin saving simple start with a small amount. Maybe you begin with $10 a week initially. While this amount won't add up all that quickly, the important thing to start putting something away and make it a habit. After a few weeks you won't even notice the $10 missing so you can start to bump it up to $15 or $20 a month and so on. You will begin to get used to that money not being there and can then slightly increase it again.
Another question: Where do I keep my emergency fund?
You can start with a saving account or money market. It is important to keep it simple and make sure the account is liquid and accessible. If you want a little less access to it, open up a money market though a financial planner.
I hope this helped you understand how simple yet important this part is to creating the beginning of a solid financial plan.
Saturday, November 6, 2010
Financial Threats
During the course of our busy lives (Work, family, Hobbies,etc) we sometimes do not realize all of the possible financial threats that surround us all. As you may be fighting fires (FDNY), fighting crime (NYPD), educating our children (DOE) or keeping our streets clean (DOS). Here is list of the 15 most common financial threats that can erode or prevent you from achieving your financial goals.
* Inflation
*Market Volatility
*Taxes
*Death
*Disabilty
*Lawsuit
*Longevity
*Loss of Income
*Property Loss
*Divorce
*Over Spending
*Under Saving
*Misinformation
*Arrogance
*Procrastination
As you can imagine it is quit difficult if not near impossible to keep an eye on all of these threats on your own. In the coming weeks we will be getting into detail on each of the above 15 financial threats and start to educate you on simple steps to try and avoid them.
* Inflation
*Market Volatility
*Taxes
*Death
*Disabilty
*Lawsuit
*Longevity
*Loss of Income
*Property Loss
*Divorce
*Over Spending
*Under Saving
*Misinformation
*Arrogance
*Procrastination
As you can imagine it is quit difficult if not near impossible to keep an eye on all of these threats on your own. In the coming weeks we will be getting into detail on each of the above 15 financial threats and start to educate you on simple steps to try and avoid them.
Financial Literacy for NYC workers
I would like to start by offering some simple advice to all NYC workers (FDNY,NYPD, DOE,DOS, etc.). Do to the very turbulent and volatile financial world we are all living through, I do suggest you take some time to review your current financial situation or current financial plan and get as much information and education on all financial option that are available to you and your family. I notice many times finances and especially financial planning seems foreign to many, or something they can take care of later on. I have also noticed from sitting with hundreds of potential clients that they ALL have wished they would have started sooner or taking the time to fully educate themselves on all their options. Future posts will be dedicated to educating and informing you on as many different areas of financial planning as possible. A good plan does not have to be complex or difficult to understand. So it is my intention to keep discussions as simple as possible.
Our Goal is to help you Maximize Lasting Wealth with Certainty not Luck.
Our Goal is to help you Maximize Lasting Wealth with Certainty not Luck.
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