{"id":6631,"date":"2013-07-12T13:31:48","date_gmt":"2013-07-12T20:31:48","guid":{"rendered":"http:\/\/www.marketriders.com\/investing\/?p=6631"},"modified":"2016-12-21T07:28:31","modified_gmt":"2016-12-21T15:28:31","slug":"financial-planning-for-the-fearful","status":"publish","type":"post","link":"https:\/\/www.marketriders.com\/investing\/financial-planning-for-the-fearful\/","title":{"rendered":"Financial Planning For The Fearful"},"content":{"rendered":"

Do you love to think about money? Financial planning? No? Congratulations, you’re perfectly normal.<\/p>\n

Most people absolutely hate thinking about money. Like going to the dentist or doing taxes, it’s a duty, a pain, and more than a little confusing. We want the best possible outcome, but we are fearful of “messing up” along the way.<\/p>\n

It’s that basic fear of making mistakes that drives the multi-billion-dollar marketing machine we call\u00a0Wall Street. From the corner bank all the way to the New York Stock Exchange, our financial system is a thicket of laws, regulation, customs and specialized language that feels to mere mortals like a barrier to entry.<\/p>\n

\"financial<\/p>\n

Which, of course, it is. Any industry does the same.\u00a0The paid practitioners don’t want you to understand the simplicity of what they do. It’s bad for business. Their business<\/a>.<\/p>\n

Some financial planning, such as for estate plans or specific tax questions, can be quite complex. Yet people often buy “products” meant to solve problems that really are quite simple.<\/p>\n

Here’s a beginner’s checklist to help you decide when to pay for financial help and when to do it yourself.<\/p>\n

1. Saving more<\/strong><\/p>\n

The goal:<\/strong>\u00a0Getting ahead of your expenses and keeping more cash for the long-term.<\/p>\n

The product:<\/strong>\u00a0Credit cards that siphon off small amounts or round up to the dollar on spending, directing money to savings.<\/p>\n

The fix:<\/strong>\u00a0You can auto-deduct from your paycheck at work a flat amount into a separate account at no cost. Why open a new credit account for that? Talk to your human resources manager or payroll provider.<\/p>\n

2. Paying taxes<\/strong><\/p>\n

The goal:<\/strong>\u00a0Less pain in the brain around April 15.<\/p>\n

The product:<\/strong>\u00a0Storefront tax advisers who offer you a short-term, high interest loan while they compile and file on your behalf.<\/p>\n

The fix:<\/strong>\u00a0The IRS recently opened up its Free File service<\/a>\u00a0to anyone and everyone. There are companies, too, that will guide you through the process at no cost if you make less than $57,000 a year. Getting a quickie loan on a tax return is just silly.<\/p>\n

3. \u00a0Paying for education<\/strong>
\n\"\"
\nThe goal:<\/strong>\u00a0Affording college for yourself or your kids.<\/p>\n

The product:<\/strong>\u00a0Long-term \u00a0student debt. Did you know that federally backed student loans cannot be extinguished in bankruptcy? Few students realize that when they sign a loan form while away at school.<\/p>\n

The fix:<\/strong>\u00a0Consider a prepaid college plan, available in many states. You purchase college classes today and lock in the cost, then get years to pay down the bill in fixed installments. Alternatively, consider a 529 plan, which gives you tax break now while saving for college.<\/p>\n

4. Retiring on time<\/strong><\/p>\n

The goal:<\/strong>\u00a0To leave the workplace with solid financial future ahead<\/a>.<\/p>\n

The product:<\/strong>\u00a0High-cost annuities sold by insurance companies or “target-date” products populated with costly actively managed mutual funds.<\/p>\n

The fix:<\/strong>\u00a0Owning investments is not as complex as you might believe.\u00a0It really only requires a well-designed, inexpensive collection of low-cost index funds and steady, disciplined rebalancing along the way<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Do you love to think about money? Financial planning? No? Congratulations, you’re perfectly normal. Most people absolutely hate thinking about money. Like going to the dentist or doing taxes, it’s … Read more →<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":6632,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_wp_rev_ctl_limit":""},"categories":[8],"tags":[],"yoast_head":"\nFinancial Planning For The Fearful | MarketRiders.com<\/title>\n<meta name=\"description\" content=\"Some financial planning can be quite complex. Yet people often buy "products" meant to solve problems that are simple. 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