A Few Things You Need to Know About Setting Up for Financial Planning

A Few Things You Need to Know About Setting Up for Financial Planning

Financial planning is a self-explanatory term. Used by both businesses and laypeople, financial planning involves generating a plan that will ultimately result in reaching the financial goals that the businesses or lay people stablished. Rather than researching online about how to properly plan one’s financial situation out, it is always better to trust tried-and-true financial planning companies in Atlanta, Ga. However, if you do decide to deviate from this solid game plan, here are a few things you should know before trying out financial planning for yourself.

Know What Different Certifications Mean

In the world of financial planning, the most common certification that practitioners worth what they charge have is the title of CFP (Certified Financial Planner). This certification indicates that practitioners are trained to help individuals through their retirement and overall lifelong financial plans. Also, these professionals can help with short-term financial goals. If you need insurance help, try to seek out help from a Chartered Financial Consultant, or ChFC. Tax issues are best left in the hands of a Certified Public Accountant, or CPA.

Look for Fee-Only Financial Planners

Financial planning companies in Atlanta, Ga, usually utilize either fee-only or fee-based pricing. The former means you will’ll pay for a single session in which an agreed-upon goal is reached or by the hour you meet with them. Fee-based advisors make a commission on the sale of certain financial instruments, which could lead them to recommend things you may not actually need to meet your goals. Fee-only advisors are the way to go.

Don’t Invest Before Paying Off Debt

Debt almost always has higher interest rates than investments. Even if investments do have higher returns than some or all your debts, make sure to pay all debts off first before investing.

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