Do you really need a Financial Advisor?

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If you do your own investing, have you ever wondered whether you should turn things over to a professional advisory? This article attempts to shed some light on this topic and provide you with some things to think about so you can make the best decision.

Professional financial advisers carry out a ‘fact find’ where they ask you detailed questions about your circumstances, your goals and how you feel about taking risks with your money. Then they recommend financial products that are suitable and affordable for you.

Types of financial adviser

Financial advisers offer services ranging from general financial planning and investment advice, to more specialist advice, such as the suitability of a particular product such as a pension.

In the case of investment products, some advisers are ‘independent’ – meaning they offer advice on the full range of investment products from the market, while others offer a ‘restricted’ service meaning that the range of products or providers they will look at is limited.

What are the benefits of getting advice?

If you buy based on financial advice and a recommendation, you should get a product that meets your needs and is suitable for your particular circumstances.

Depending on the type of adviser you use, you might also have access to a wider range of choices than you’d be able to assess realistically on your own

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When The Time comes 

Professional Advisor Say there is no magic numbers that pushes the investor to seek advice.

Rather, it is more likely an event that spooks a person and sends him scurrying through an advisor's door. The event could be something that requires the individual to manage an asset himself.

According to Charles Hughes, a certified financial planner in Bayshore, N.Y., the event typically involves either the receipt of or access to a large sum of money that the individual didn't have before.

Judge yourself

It is important to have a self-evaluation when you are deciding whether you need a Financial Advisor or not.

So you really need to do your homework.

Ask yourself these questions:

• Can you afford to lose any money?

• Do you have the time to do the research?

• Do you have much experience, knowledge or skills when it comes to investing?

•If things go wrong, are you comfortable taking responsibility for any bad investing decisions?

If the answer to any of these is ‘No’ then seeking financial advice might be your best option.

When trying to decide, also bear in mind the cost of fees against the financial and emotional cost of getting it wrong if you buy without advice.

Lessons of Financial Planning - In Ipl way

          You always need to be equally prepared for the pleasant surprises and the bad shocks as well

              

Cricket in India is the most popular and most watched sport as compared to all other sports in India. The passion, the craze, the thrill and the excitement that the spectators experience is in matchable to that of any other sport. Cricket in India is like Football in Brazil or Spain. The enthusiasm and the excitement is above all other things. Cricket in India is everyone’s favorite (still there are few who doesn’t like the hype of the game) and is played by most people. 

People here in India can talk cricket all the time. Cricket flows in their blood and probably that’s the reason for “We Bleed Blue” slogan we saw on t-shirts during ICC Cricket World Cup 2011.

It’s back! The fun, the action, the madness and the crazy atmosphere that engulfs each and every part of the country. It’s the game that is a sport second and a religion first. The game that makes millions of hearts skip a beat as the ball is hit high up in the air. Will it be caught? Or has it been hit hard enough to cross the boundary line? Yes, it’s cricket. As the Indian Premier League (IPL) is back with a smashing tenth season, there’s a lot of excitement in the air.

If you cannot fathom how cricket is related to making money apart from the fact that cricket stars make tons of it, let us help you out in deciphering what you can learn about financial planning from the IPL format.

Start early

T20 does not reward late starters—teams need to start scoring early in the innings. If you don’t have enough runs on the board, your batsmen will always be playing catch-up

Similarly, you need to start investing and saving early. The sooner you begin, the more time you get to compound your capital. Also, all batting sides take advantage of the fielding restrictions early in the innings. In the same way, when you are young, there are many things you can afford to do as compared to when you grow older. One of these could be to start building your financial resources when you have few other financial obligations.

Surprise, Surprise!

People say cricket is a game of uncertainties and it’s absolutely right. No matter how many pitch reports and game predictions you make (depending on the latest form of players from both teams), you can never really predict the outcome. A batsman who has been consistently failing in the previous matches might suddenly surprise you with a century. Or a bowler, who had a five-wicket haul in the previous match, might just get banged with fours and sixes. Basically, it’s all about surprises.

Investments are exactly the same. You always need to be equally prepared for the pleasant surprises and the bad shocks as well. Since it involves a fair bit of risk, there’s always some room for surprises creeping in.

Strategic break

Teams take a strategic break to review their progress after 10 overs and chalk out a strategy for the rest of the innings. Such strategy breaks are important for your financial road map as well. If you don’t regularly review progress and look at ways to address the problems and challenges, you may end up falling short of your financial targets.

Seek advice of a coach: 

On an IPL team, there is a whole host of inexperienced actors who may be good but are not familiar with what needs to be managed to accomplish success on the field while facing players of professional gauge.This is true of life as well as finances. You may an innate sense of investing, but may not have adequate knowledge of all investment avenues. It is therefore best to seek advice of a financial planner who will make your money work for you.

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Balance

Just like a team needs the right balance of big hitters, anchors and effective bowlers, your investment portfolio, too, needs the right balance of investments. Too much of growth or aggressive funds, without adequate support or backup, might make your portfolio shaky. You must recognize that your investments should be diversified across sectors and different assets, and not be concentrated in any one area.

Cultivate and maintain a winning attitude:  

For any player who is a part of IPL a winning attitude is a must. Only when each player of the team believes that he will do his best will the team win the match. This is true of your financial goals too. You must have the confidence to invest in a regular and discerning manner and believe that your investments will accumulate wealth for you.

Distractions can be entertaining, but ultimately the score matters

T20 is highly entertaining not only on the pitch, but also because of all the music and dancing. But ultimately, a team wins or loses on the back of its performance. Similarly, while you are securing your finances, distractions such as the hottest investments or the flavours of the month will come and go, but what matters most is that your “investment scorecard” should show a healthy average. You must focus on what matters and ignore the distractions.

So,you can see even a game of cricket in an entertaining format can teach you a thing or two about better money management. As you enjoy the ongoing season of the IPL, make certain you keep these simple lessons in mind as well!

Importance of Financial Literacy For kids

Financial literacy for kids is about ensuring that your child is educated on the best way to manage finances. This is a way of securing their future. This is because they will be able to learn how to manage money in all ways possible. This helps them spend wisely at all times.

Kids now a days get aspired to be astronauts, scientists or entrepreneurs.

No matter what they become when they grow up — a computer whiz, talented artist, gifted surgeon or a competent lawyer — Financial Literacy for kids is important as it prepares the toddler for a brighter financial prospect. It is the duty of every parent to make sure that their children have adequate knowledge on cash matters. Good monetary literacy will help your child to have a good understanding and awareness of cash 

But the challenge for parents is in familiarising children with ideas such as inflation and insurance, without boring them to tears with our usual rants?

Parents can share real time example so that they don’t get bored. You can show them youtube videos relating to finances.

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Take inflation, for instance.

Prices of products and services going up over time is something we can make our children understand. This is the foundation for many other concepts such as supply and demand, interest rate and the need for savings.

The story of rahul a maid in Bengaluru, is used to introduce this idea The old lady he works for plans a birthday party for her grandson and buys goodies such as chocolate cake, toys and new clothes. When she casually mentions the price she paid for these, Mani is shocked; just six years ago he had bought these items at bargain prices.

He thinks someone had fleeced her, but she explains how prices go up over time and that is normal.

This fact gets rahul worried, as the cash he has been stashing in a bag under his bed may not be enough for the more expensive future.

Grandma explains the idea of getting money to grow and decides to keep his money in the bank to earn interest.

No rocket science here, but the story repeats the price increase in different products — all of them of interest to children — to ensure that the point is made.

And rather than preach economics, it moves on to the practical question of how price increases can impact you adversely and what you can do about it. Putting aside money for a rainy day is another life lesson and a habit that can be taught early.

Introducing insurance

Sufficient savings may not be feasible for many situations and some risk mitigation ideas are needed. Insurance is explained through a clever and time-tested story-in-a-story (one and a half stories) format, bringing old-world kings and jungle robbers along with car and health insurance.

A precious crown is to be made for a king, but there is the risk that a dacoit in the jungle may strike when it is transported. A clever lady suggests a deal to the goldsmith — deposit 20 coins and she will pay back the 200 coins it took to make the crown in case it is stolen. This backdrop is used to explain modern day insurance products, with a new product idea of toy insurance thrown in.