Back To School: Time To Learn More About Financial Planning

Fall is a time of year when people go back to school and even when you aren’t returning to school, it can be useful to adopt a more academic frame of mind when it comes to financial planning. Even if you work with a Fee-Only financial advisor, it would help to be more conversant about money management so that you can participate fully in discussions of your finances.

Here are just a few financial ABCs to ponder:

Assets What kinds of financial assets do you currently have? If you don’t know that assets include stocks, bonds, and bank deposits then you might think that you don’t have any. Physical assets, such as land or property, differ from financial assets.

Banking Think about the financial institution you have chosen. It can be more than just a place to leave your money. You can develop a relationship with your bank or credit union that will be to your advantage. If you find that you can’t really talk to anyone at your bank or they try to convince you to opt for financier products you don’t want, think about switching.

Credit Score Your credit score can affect various aspects of your life and if you don’t know what it is or how to improve it, you may be at a loss. Your credit score can affect the interest rate you get for loans, your ability to rent an apartment and some organizations use a credit score to screen job applicants.

If you are already aware of the basics of money management, why not do more to educate yourself so you can be even more financially literate? Again, learning more about money and investments doesn’t mean you don’t need expert guidance from a Fee-Only financial planner, but it can mean having a great understanding of how a professional can help you achieve your financial goals.

About the author

Claire Emory, MBA, CFA, CFP®

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