Usually these fire stories are reported along with appeals for donations for the unfortunate family who lost everything they owned. Everyone says ?how sad? and pitch in with whatever they can. In this tragedy however, it was reported that the homeowner ?luckily had insurance.?
Luckily??? Maybe thoughtfully? Or thankfully? But certainly not luckily?? Perhaps simply a poor choice of words, but then again, often what we say is how we think. Is it luck that someone lands a high paying job in his or her field of work? Is it luck that someone is able to retire in their early 50's? Or live in a big home, drive nice cars and enjoy all the luxuries of a financially successful life? Unfortunately, we often hear people discussing financial success as lucky. Perhaps this is why many people are still ?hoping? they will win the lottery to support them in their retirement. Same with the stock market: many people ?play? the stock market because they think they are going to ?get lucky?. They forget that what they are doing is making business decisions about companies to invest their money into.
There was no luck involved for this homeowner! They deliberately contacted an insurance provider and took precautions to protect their risk. This was part of their financial planning! If you are ?hoping? you're going to ?get lucky? you aren't taking control. Financial planning is about being in control.
There are many financial risks and any one of them could completely wipe you out financially and perhaps emotionally too. So, one of the first steps to establishing a solid financial plan is to understand your risks and to take precautions to minimize them. There is no luck involved in preparing in case a tragedy occurs. If you aren't aware of where your risks are, or haven't evaluated them recently, a review with a qualified financial advisor and reputable firm is in order. If a fire isn't enough of a wake-up call to everyone of the magnitude and impact of financial risk, consider all the potential areas of exposure: death, sickness, loss of income, loss of money, old age, unexpected accidents or repairs, and on and on.
Obviously some areas can be covered by insurance: home, auto, disability, life, medical, critical illness, long term care, credit, business overhead, etc. But consider some of these in your evaluations:
?Source of income: Is there more than one? How much are you in control of its continuity? Haven't we all seen families almost devastated by a downsizing?
?Investment protection: Do you have a loss protection plan or are you ?hoping? for a recovery and planning on only positive returns? Why do you have the investments you have? Do you know someone who hung on to a ?sure? investment only to find the money almost completely disappears?
?Your retirement: How many sources of income are you planning to receive? Are you planning to retire at a particular age or at a particular financial landmark? Retirement means you are financially independent so you can chose to leave the workforce. Is that your plan?
Financial planning is not about luck!!! You must thoughtfully plan where you want to be and carefully put the pieces together to get you there - including protecting yourself against potential risks!!
Financial Planning & Analysis
Graduates of finance, business administration, and accounting programs at universities throughout the UK and Europe often need to make a decision after their university days. These young professionals have a solid grounding in the academic side of finances and banking but lack the experience to jump into management positions immediately. As such, graduates often need to consider positions which will give the maximum amount of exposure to all of the nuances of the financial world. One of the best positions for graduates looking for broad financial experience is in financial planning.
Financial planning covers a variety of services to individual and corporate clients, including retirement planning, investment options, and basic banking accounts. Graduates who want extensive experience in dealing with the public should apply for financial planning positions at local or national banks. Successful applicants are put through an extensive financial training program devoted toward learning a specific company's financial planning processes. After the training program is completed, financial planners are then given a combination of professional development courses and practical experience. Once planners are up to speed, they often take on a certain account load that mixes personal finances, small business planning, and corporate accounts. The average day can consist of meeting concerned clients, learning about new bank offerings, and filling out important paperwork for a client's retirement savings account.
The advantages of working as a financial planner are plentiful for new graduates. Financial planning is often the first step toward advancement to bank management and larger planning positions. As well, successful financial planners can move from smaller banks to larger international banks, using their experience as leverage for better pay and bigger responsibilities. Financial planners often start at salaries nearing the 27,000 pound mark annually, which are better than salaries for bank clerks or files managers. Finally, exceptional financial planners typically receive bonuses based on their performance and customer satisfaction surveys.
The financial planning market is always steady, with banks and financial planning firms offering plenty of jobs to new graduates. However, the standards for these positions and the commitment required by applicants to a long term training program can cause applicants to turn to other positions. Financial planning positions require a combination of interpersonal, business, and communications skills that graduates may not possess right out of university. Graduates who are looking for a long term career and consistent professional development should consider investing their time into financial planning positions.
Both Tracy Piercy & Rupal Patel are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Tracy Piercy has sinced written about articles on various topics from Finances, Financial Planning and Business and Finance. Money expert Tracy Piercy is a Certified Financial Planner, author, and founder of the personal MoneyMinding Makeover System. To learn more about this step by step system and to get the Free 12 Simple Steps program visit www.moneyminding.com.This article. Tracy Piercy's top article generates over 8100 views. to your Favourites.
Rupal Patel has sinced written about articles on various topics from Real Estate, Sales Training and Keyboard Synthesizer. Rupal Patel is the Marketing Manager at JustClick, who are a leading source of and , also offering a. Rupal Patel's top article generates over 14800 views. to your Favourites.
College Financial Aid Planning It also has a firm grasp of government regulations that need to be incorporated into any realistic financial projections. Finally, its free so you could hardly ask for anything more
