First of all, it is important to know the differences between financial services professionals: insurance agents, fee only planners, financial advisors and brokers. Insurance agents will be able to sell you insurance, annuities and maybe some proprietary mutual funds. Brokers are simply a link between you and the market: they can buy and sell certain instruments for you and earn commission, but they could care less about your financial picture as a whole. There are a couple of types of fee only planners as well: those who charge a fee based on the assets under management and those who charge a fee for creating comprehensive financial plans for their clients. A word of caution: many insurance agents, brokers and even debt relief specialists call themselves financial advisors. Only individuals holding a series 66 license are true financial advisors.

Secondly, you need to verify advisor’s credentials before allowing him or her to do any work for you. Start by asking your prospective financial professional how long he or she has been in business, what licenses he or she holds in your state, whether or not he or she has any advanced certifications such as CFP, ChFC or others. Your advisor should have series 7 and 66 licenses along with a Life/Accident/Health license. College education is not necessarily indicative of the level of expertise a financial advisor possesses although a college degree is preferable.

Another important aspect of choosing a financial advisor is analyzing his or her industry affiliations. In simple terms, who does he or she work for? Even independent financial professionals have to be affiliated with a specific broker-dealer to be able to trade securities and with one or more insurance companies to be able to sell insurance products. Be sure to take a quick look at these companies’ financial condition and reputation.

You also need to check out his or her office during the first visit. Are you comfortable with how the staff treats you and with how your prospective advisor treats the staff? Does he or she respect confidentiality or are there other clients’ files piled up on the floor?

Feel free to ask questions: you are there to interview the financial professional. Ask if he or she has a mission and vision statement, what his or her ideal client is, how often you are supposed to see each other in a given year etc. This process will help you figure out if you’re a good fit.

Last but not least, wait for the follow-up. Professional financial advisors will send you home with a little bit of material about them, their company, the services that they offer and some sort of pricing information. They will usually send you a thank you note and call you within a week or so to see if you are ready to start working with them.

While this may seem like a tedious process, in reality it’s a very simple way to find a financial advisor that you will enjoy working with.

Peter is an editor for http://getrichinvesting.com, a website offering investment advice and tips.

Writing up a budget is the first step in learning how to save money. Know what your income is and where every dollar will go. Having a budget is one thing, but sticking to it requires work. Keep all financial paperwork carefully organized. Some banks and credit unions offer online budget capabilities. In an electronic era where money comes and goes without you even noticing, make a point of being aware. Put things that are important to you in your budget like eating out and going to the movies. Budgets that deny a little fun money are likely to fail.

Borrowing money can seem to fulfill dreams, but in the end it can make those dreams into nightmares. The bottom line is, don’t buy something you don’t have the money for or can’t guarantee that you’ll have the money for soon. Interest can compound until you are paying hardly any of the original purchase. If you do borrow, be smart. Read all the fine print and make sure that you can stick to the terms for your own benefit. Lenders know how to make money off of you. Superior offers are made to entice you. That might be a great opportunity, or the death of your budget.

Examine yourself carefully. Most of learning how to save money will be seeing where you can change. Trim the fat from your spending habits. Find a way to get stuff for free or at a discount. Do you really need a car, satellite TV, or that fast food stop? On a budget these costs may look small, but add them up over the course of twelve months and they inflate. Find a cheaper apartment or refinance a mortgage. Consolidate debts or take a higher deductible on insurance policies. Make sure to put a little money into savings or investments. Let your money work for you earning interest.

Joe Caterisano is a leading expert in how to save money. To learn more, visit http://Penny-Pinching.BlogSpot.com today!

Here are a few things that will help you be prepared for the unexpected:

Get an ATM/Debit card – You may not regularly use cash or have a need for a debit card, but there are some circumstances where it may be necessary. People from New Orleans who were temporarily displaced by Hurricane Katrina would have benefited from having access to cash even while away from home. If you don’t use one regularly, get one anyway and keep it in a safe place.

Sign up for direct deposit – With direct deposit, you will know that your paycheck will be in your bank account even if you cannot, for whatever reason, physically get to your bank. This will help you in the event of illness or natural disaster that may have your local bank temporarily closed.

Sign up for online bill paying – You can pay bills even if you aren’t at home via the Internet. You don’t have to use the service, but it may come in handy at a time when you least expect it.

Save some emergency cash – Financial experts recommend that you save at least three months’ worth of financial expenses. That’s difficult, but every little bit can help. Try to cut back on a few unnecessary items, such as that tall latte you buy every day. It adds up, and you never know when you may need to access that emergency cash.

Set up a home equity line of credit – Unlike a home equity loan, which provides you with a lump sum of cash right away, a home equity line of credit provides you with cash that you can use a little at a time, and only when you need it. If you don’t actually take any money out, you don’t have monthly payments. But if an emergency strikes, you’ll have cash available. This can be particularly helpful if you find yourself out of work for a short period of time. Your bank won’t lend you money when you are out of work, so plan ahead of time and the money will be ready when you are.

A little bit of planning can go a long way when a financial emergency strikes. If you plan for it now, you will have fewer worries later.

Resources: National Debt Relief Program, Credit Card Bailout, National Debt Relief Initiative

This structured settlement comes in the form of an annuity that a defendant purchases to make the payments due to you. You may ask, “Why can’t I get the amount I am awarded in court in one lump sum?”. Depending on where you live that may be an option, though more and more states are requiring that structured settlements be used.

The reason for this is to protect you as the person getting the money from spending the money in a careless manner that jeopardizes you future financial well being.

Let’s look at a real life example.

In 1973, Tiffany Adams was born in Memphis with severe brain damage that her parents blamed on her doctor. They sued for malpractice and received a cash settlement of $250,000 in one lump sum.

The family’s attorney recommended investing the money to create an income that would help take care of Tiffany over the course of her life.

Well, as this is not a success story, you can see where this is going.

Tiffany’s parents wastefully put the money in to the father’s business. In a little over 10 years the money to care for Tiffany’s was gone.

A few years later the parents divorced and Tiffany receives no child support. If that wasn’t bad enough, in 1987 Tiffany was in an accident with her wheelchair that caused severe facial injuries. The family won a new settlement from the wheelchair company.

This time, however, Tiffany’s mother insisted on a structured settlement for the payments. This allows Tiffany’s mother to take care of her daughter without the fear of having someone take advantage of her settlement.

Accidents and malpractice are things you can not control. What you do, however, with the settlement money you receive is something you can.

Be prepared and be informed.

Protect you and your family by finding out more about structured settlements and structured settlement annuities.

Resources: Federal Debt Relief Program, National Debt Relief Initiative, Debt Management Services

Life Insurance Settlement and its Perks:

When purchasing a policy, life settlements give a viable exit plan. It provides an individual with an assurance than one can sell off the policy if one later needs or wants to. One of the biggest disadvantages of buying an insurance policy has always been that it was not a liquid assent and hence, could not be sold off without incurring a mentionable loss.

Seniors need to be vigilant when selecting a finance professional to help them with this. Any provider they choose to work with should have a good amount of experience with settlements. Being a member of Life Insurance Settlement Association (USA) is also a great thing. The incredible amount of experience that an experienced financial expert has under their belt will ensure that the senior gets the best policy possible.

The value of a policy should always be monitored.

The possibility to earn money by selling off old insurance policies that are no longer effective as an able financial tool is fortunately available today. Of course, it isn’t always the optimal choice. There should be good research made in order to ensure that the decision to do a settlement doesn’t come back to haunt them. It is possible for seniors to gain by selling off insurance policies that they are no longer in need of.

However, they need to know their estate’s worth to know if it’s the best thing to do. In some cases, even if the policy can be sold it may not be a wise decision to opt for a life settlement. Decisions taken without a thorough and well thought out analysis might be a cause for regret later on. So seniors can really benefit from a well-planned settlement if armed with the right information. They just need to ensure they do their homework first before jumping into it. A better policy that fits their needs better and money in the pocket at the same time is always a good thing.

Sidney Alstin has been a personal finance counselor for over four years. He particularly enjoys helping senior citizens make smart money decisions, whether it’s life settlements, retirement or anything in between.

Life insurance Settlement Benefits:

Now when buying a life insurance policy, you can be confident that you have a secured exit plan if you ever need or want to opt for it through a life insurance settlement. You can breathe easy knowing you won’t be stuck with it beyond your control. You don’t have to worry about getting stuck with a policy, since you know that the option to sell it is always there. Life insurance policies normally won’t let you just cancel or change it out, at least not without a penalty. This was the bad thing with them, as they were a contract that had to be adhered to and didn’t have any liquid “assetability” to them.

Making the right decision on who to turn to for help with this is vital. Any provider you choose to work with should have a good amount of experience with settlements. Being a member of Life Insurance Settlement Association (USA) will always be a good sign. The wide range of experience that a truly experienced professional has will help them create a plan that will be best suited for you.

The value of your life settlement should be kept a watch over, just as you would watch over the value for any other asset owned in the family. This will help you make the right decision as to whether selling your policy is a good idea or not.

Today, if a policy is no longer effective or a good fit, a settlement can be an effective financial tool to fix the situation. A settlement is often a good idea, but as with anything else, it isn’t a one size fits all. You should do some good research in order to ensure that the decision to do a settlement doesn’t come back to haunt you. Selling old polices that are no longer effective could very well mean a financial gain. But you shouldn’t jump into it without knowing what’s going to happen. A life settlement may be the answer you’re looking for. On the other hand, it may not be. The decision shouldn’t be taken lightly, but you should definitely look into it.

Sidney Alstin has been a personal finance counselor for over four years. He particularly enjoys helping senior citizens make smart money decisions, whether it’s life settlements, retirement or anything in between.

Life Insurance Settlement and its Advantages

Life settlements can let a senior enjoy what a better priced and newer policy has to offer. Having the knowledge that the policy can be sold and implementing that for a better policy when the time comes is naturally a smart financial move. There are plenty of finance professionals who can help seniors make the right decisions when selling their policy in order to get a newer, better policy.

While life settlements can be part of an excellent financial strategy, it is still something that is kind of new. For that reason, there are a limited number of professionals who are experienced in doing it. When seniors are laying out financial plans, they should keep an open mind about the possibilities of life settlements. Seniors should always monitor their policies and their needs to ensure it remains a good fit.

Making the right decision on who to turn to for help with this is vital. Seniors should work only with settlement providers with commendable experience. Being a member of Life Insurance Settlement Association (USA) speaks highly of them. The wide range of experience that an experienced financial expert has under their belt will ensure that the senior gets the best policy possible.

The value of a policy should always be monitored.

When a life insurance policy becomes outdated, it’s a good thing that a settlement is an option today. A settlement is often a good idea, but as with anything else, it isn’t a one size fits all. It could end badly if a settlement is done without the proper research and knowledge. It is possible for seniors to gain by selling off insurance policies that they are no longer in need of. However, they need to know their estate’s worth to know if it’s the best thing to do. In some cases, even if the policy can be sold it may not be a wise decision to opt for a life settlement. It’s a decision that requires research and a well thought-out plan.

Sidney Alstin has been a personal finance counselor for over four years. He particularly enjoys helping senior citizens make smart money decisions, whether it’s life settlements, retirement or anything in between.

1. It requires the least effort from you. Nevertheless, the pain and hardship will only be at the early stages. Later on, all you have to do is to welcome income into your bank accounts and pockets. A good example is the real estate business. If you plan to rent your apartments, you need to purchase land, design the apartments and perhaps furnish them with furniture and fixtures, and then promote your property on the market. However, once you find people who will rent your properties, your job basically goes down to almost zero. You simply have to wait for your tenants to pay their rental fees.

2. Time can be extremely flexible.
With passive income, you don’t have to consider any time frame. You can opt to work a 9 to 5 job or not, it depends on you. After all, residual income doesn’t really rely on time.

3. You can always expect an increase in your pay.
It becomes very convenient for you to boost your
earnings by simply building various income streams for your business or investment. This could also mean diversification of your portfolio.

4. There’s no limit as to how much you can possibly earn.
Is it really possible? Yes, it is; more particularly when you talk about residual income. For instance, you may make use of the savings from rented properties to invest in more land, houses, and other kinds of real estate properties.

5. You will have something to give to charity.
Are you one of those who are blessed with a good heart? Oftentimes, no matter how much you want to share your financial blessings to those who are in need, it is impossible. Or else, you will not have enough money to save or spend for other necessities. However, if you have passive income, you can make use of the money to contribute to charitable organizations and through doing so offset your tax burden. Your active income, meanwhile, will be the one that you’re going to utilize for your daily needs.

6. There’s money for you during retirement.
What could be the worst-case scenario once you’re already out of work or that you don’t have the energy to handle your business anymore? You will be bothered as to where you will get your income. You cannot look for other work, as there are more competent and stronger individuals out there who could be more fitting to perform the job. Fortunately, since there’s no duration when it comes to when you will continuously receive passive income, you can utilize it even when you no longer have your own stable job or business.

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You must keep in mind that a budget is not the following:

1. It’s an exact amount.
When you make a budget, you don’t always go for the exact amount, unless the costs of items in your budget won’t change in any given period. Otherwise, you have to make your own closest estimate.

2. A Budget stops you from accumulating debt or spending.
There are a lot of people who may feel apprehensive about making a budget since they believe that they will no longer be able to spend anything afterwards – they think that they can’t watch any more movies, buy new clothes travel to other places, or just learn to live life to the fullest. I’ll tell you that this is completely absurd! My partner and I have been doing this for years, and yet we don’t have to experience the feeling of being deprived.

A budget, however, should make you aware of your limits to the things that you can only afford. It should establish the highest amount that you can probably spend, or else, your income will never be able to cover your expenses.

3. It doesn’t help you save.
Always remember that you have full control of your budget. If you don’t want to save, you can always equal your expenses with your income. However, savings are essential so you can have something to use during emergencies. When making a budget, you can always consider your savings as additional expenses to guarantee that you can have something to use during a rainy day.

4. They are just expenses.
When you’re making a budget, you will not only identify the costs that you are likely to incur. You also have to specify your sources of income. This is especially true when your expenses are rather high. You have to make sure that your income will be more than your budgeted costs.

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The best way to define passive income is to differentiate it from active income. According to Gary Keller, Dave Jenks, and Jay Papasan, authors of The Millionaire Real Estate Agent, active income is something that you can earn when you work for it. That means you do a particular job, and you get paid for your time, effort, and services. On the other hand, passive income is something that you gain without exerting maximum effort at your end. The money actually comes from your investments and other businesses, which could be run by other people. Does that mean that you don’t have to work hard for your passive income? Actually, no. However, you should know that the time you spend to obtain your residual income is far less than when you work to get your active income.

It requires the least effort from you. As mentioned earlier, passive income wouldn’t come to you unless you make some effort beforehand. As a matter of fact, you normally work the hardest in the earlier part of your business or investment. Nevertheless, the pain and hardship will only be at the early stages. Later on, all you have to do is to welcome income into your bank accounts and pockets. A good example is the real estate business. If you plan to rent your apartments, you need to purchase land, design the apartments and perhaps furnish them with furniture and fixtures, and then promote your property on the market. However, once you find people who will rent your properties, your job basically goes down to almost zero. You simply have to wait for your tenants to pay their rental fees.

Visit our website for good PR and blogs.