The Financial Planning Support Center

Financial planning is still a relatively new field. Only a few decades old, financial planning is the process by which trained professionals help others make decisions about their short-term and long-term financial needs.

TSC has scoured the Internet and assembled links to the very best financial planning resources: articles, blogs, forums and tools that can help you make better decisions and take action.

As you’ll see, we always welcome your ideas and suggestions to make this Financial Planning Guide even more helpful to survivors like you.   
 

JUST FOUND OUT

Survivors Say: Best Resources for Financial Planning

• Financial Planning
• CNN Money.com
  
• Suze Orman
  

The Big Picture

Financial planning isn’t fun for most people. It falls into the category with other “musts” of adult life. Still, that’s no reason to approach financial planning as an unwanted chore. Making a good plan is important for your long-term financial health and your peace of mind.

Blogspot: Piaw's Blog - Why Financial Planning is Important

Your Financial Planning

One of the hardest parts of financial planning for many people is building up the resolve to get started. Many folks believe they’ll get around to it "sometime." If you’re one of them, consider how simple the basics of financial planning can be.

Ms.Money: Take Control of Your Money

You can never start developing a financial plan too early. Children can have savings accounts for their money, and young adults can have financial plans as well.

About.com: Financial Advice for Your 20s

After a bad drop in the stock market, many people think they should shy away from stocks. Instead, it’s often prudent to look at financial planning during these times to see if you can make money.

AMEinfo: Financial Planning - When to Start Investing in Stocks Again

Financial Planning Myths

• Financial planning is a one-shot deal. You can make a decision and not consider it again.
  
• Mortgage interest is good because it’s tax-deductible. The same applies to home equity interest.
  
• Only people who make a lot of money need financial planning advice.
  

Information and Recommended Links for Survivors

• Feministfinance.com
• Kiplinger.com

Types of Planning Philosophies

Investment Side

Some people believe debt is an acceptable part of modern life and that paying off debt isn’t important to your overall financial health. These advisers stress investments over debt repayment.

Smart Money: Being Debt-Free Isn't Always All It's Cracked Up to Be

Debt-Free

Some financial planners work with their clients on first becoming debt free. These planners believe the money lost to interest and stress is not worth it and that everyone should strive to pay off debt before anything else.

MSN Money: Smart Spending Blog - 20 Great Reasons to Become Debt-Free

Holistic

Holistic financial planning is a relatively new term that indicates planners who take a “whole family” approach. They look at the family’s way of life and incorporate important – if not always financially prudent – goals the family has into the financial plan.

WebCPA: What's Different About Holistic Financial Planning?

Creating a Support Circle

• Set up your TSC Survivor Profile
• Join support groups of other survivors or set up your own
• Interact and provide updates on your profile or our forums

College & Vacation Matters

College Matters

Having children means dealing with whether or not you will pay for college. Many parents want to be able to pay for their children’s college education, making planning for it a major priority.

MsMoney - College Planning

Vacation Matters

Much of financial planning focuses on the long term – retirement and college. You need to think about the shorter-term, however. Vacation planning should make it into your plans, especially if you have an eye for pricey vacations.

MSN Video: How to Budget a Vacation

Financial Professionals Who Can Help

Though financial planners are the people most often associated with financial planning, this term is an umbrella term that includes all types of people. Financial planners, or advisers, can be certified or they can be people with an interest in or background in finance. A lot of financial planners are also accountants, while still others are attorneys. You need to determine what type of professional will mesh best with your personality.

Yahoo: Financial Planners - How to Pick a Good One and Why the Best One Might Just Be You

Resources to Find Planners

• U.S. News - How to Find a Financial Planner
• NPR - Tips on Choosing a Financial Planner

The Emotional Roller-coaster

Financial planning requires both reason and instinct. You need to be able to make good decisions to put yourself on the path to a solid financial future. On the other hand, you should let your gut have a say, too. Just be sure you can strike a good balance.

Books Survivors Recommend

• Ernst & Young’s Personal Financial Planning Guide
• Financial Planning Demystified 
• Personal Financial Planning
  
• The Wall Street Journal Guide to Planning Your Financial Future
  

What Survivors Wish They’d Known

Communicating with Your Financial Professionals

• Financial planning is chock full of jargon. Make sure you understand what your planner is saying and ask questions if you don’t.
• It's not imperative that you make decisions at the first meeting. Instead, firmly communicate to your financial professional when you need more time to make a decision.
• Talk over your decisions with at least one person who can offer you good advice. Don’t be taken in by plans that are too strict.

Dealing with Financial Planning: Information and Recommended Links for Co-Survivors

How you can help

• You can offer to help with someone’s budget, but few people want to share their full budget with those outside their immediate family. In that case, ask if you can help with areas where you may have expertise. Perhaps you raised five children and can offer help on frugal child-rearing. You may know which car repairs it pays to learn to do yourself. Offer these smaller versions of financial help to your friend or loved one.
• Consider the cost of the activities you invite someone else to do with you. Some people have a hard time saying when they cannot afford something, and you should make a concerted effort to take that into account.
• Offer advice by sharing financial experiences you have had. You can educate them simply by telling stories about the things you learned from your  own financial life.

What to say  

• "Getting control of your finances can be difficult to do, but it’s an important step to take.”
• "I’d be happy to offer you any advice or support, but I’ll wait for you to ask."
• “While it may be difficult to save now, making good financial plans can help you down the line. You’ll be glad later that you economized now.”

What not to say

• "It’s about time! I thought you’d never get responsible with your money."  
• "You probably won’t be able to save enough for retirement anyway."
• "Whew. You’re a grown-up now."

Things you can do for a survivor every day

You can be a good part of someone’s support network by making the offer to help with specific aspects of financial planning. While “whatever you need” is a wonderful offer, sometimes people need to know that you are willing to do something specific and what expertise or experiences you can share.

How to build a support network

• Set up your TSC Co-Survivor Profile
• Create a support group for your friend or family member.
• Interact and provide updates

How to help a survivor deal with day-to-day challenges

• Preparing Your Financial Life for Children: About.com - Can You Afford to Have Kids?
• Handling Money During a Divorce: People's Law - Financial Planning & Divorce
• Dealing With Major Medical Bills: WSBT South Bend - Strategies For Dealing With Medical Bills

After you create your financial planning strategy and you set up your retirement accounts and savings plans, you may find that you leave these plans on autopilot. You should re-evaulate your circumstances periodically, however, to make sure you are on your way to thriving in retirement.

Re-Evaluation of Retirement Plans

As you age, your retirement needs will change. You will have a clearer idea of the economy you will be entering in retirement, and you can get a better idea of the value of your investments. As you make these plans, you should re-evaluate your retirement plan.

Scribd: How to Evaluate Your Investment Portfolio as You Age

Though many people think their pension amounts are set in stone, that is not the case in all circumstances. Be sure to stay apprised of news on your company’s pension plan.

United States Department of Labor: FAQs About Cash Balance Pension Plans

Your Lifestyle

Though you should do your best to make good long-term plans for your financial health, it’s also important to keep in mind that you aren’t guaranteed to live until retirement. Part of your financial planning goals should include the ability to sit back and enjoy some of your money.

Investopedia: Enjoy Life Now and Still Save for Later

Give Back

What helped you while you were creating a financial plan? Take a look back at your journey and share with other what helped you and what you wished you would have known/done during your financial planning experience. You can create a profile, reach out to other survivors, join support circles or share your story by following the links at TheSurvivorsClub.org. 

 

Should you find yourself unable to pay all of your bills, you may have to face bankruptcy. While this eventuality is unpleasant, it is the only way some people can get out of the mountain of debt they have. Should you decide to file for bankruptcy you need to be well-versed in what to expect.

Bankruptcy Action: FAQs, Chapter 7 & 13 Information

The other “worst case” option is facing retirement without enough money to cover your bills. If you find yourself nearing retirement, without the savings you anticipated, you will need to adjust your plans -- including those relating to when you anticipated retiring, and those relating to how much you are currently saving.

Consumer Affairs: Survey - Americans Not Prepared for Retirement