Analysis Paralysis: What are the Best Financial Products for You?

Ok.  So you’ve  decided that 2009 will be the year in which you will commit yourself to putting your financial house together.   You’ve done a financial health check and discovered the vulnerable areas which need additional attention e.g  too much debt, too low a return on savings or onerous finance charges which could be restructured.   You’ve come up with an Action Plan which now needs to be implemented.

Then what?  Where do you go from there? 

The search for the best financial solution for YOU begins and quickly falters, faced with a gargantuan pile of leaflets and brochures from various financial institutions.  I wish there was a reputable Cliff’s Notes version,  wherein someone comes in,  sifts through the various products being offered and comes up with a crisp, concise, objective summary.  

Hmmmm…..welcome to the club of those stuck in analysis paralysis. 

There are a number of websites such as comparecards.com which act as product aggregators:  trawling the country to find financial institutions which offer the best CD rates, Online Savings Accounts/Checking Accounts, credit cards, mortgages, auto loans, insurance, personal finance calculators.   Go to them when searching for the best low interest credit card or for one which will allow you to balance transfer w/ no fee.  It is up to you to decide which structure is best for your financial situation.     Be sure to explore all the options available to you and most importantly, read the fine print before signing on the dotted line.    You might discover that the institution offering the best rates may not be giving you the best terms.

Not sure what is the best action point for your particular financial situation?  Grab a copy of Suze Orman’s 2009 Action Plan.   Go to the topic which worries you the most.  She cites numerous situations and suggests actions which you could take to improve your financial standard.  No matter what situation you’re in, you will find a plan of action and the answers to your questions about:

* Credit * Retirement *Savings and Spending*Real Estate*Paying for College* Protecting Your Family

 “In times of great stress, it is natural to react by making decisions and taking actions that bring instant relief.  When it comes to financial matters, often the decisions that calm us amid tumult are actions that can imperil our long-term security.” — Suze Orman

=======================================
Motherhood has a very humanizing effect. Everything gets reduced to essentials. ~Meryl Streep

Subscribe to my feed or subscribe via email to get notified of my next post.

Advertisements

Today’s economy and YOUR money – what you should know

The recent (near) meltdown in the world’s financial markets have stirred up feelings of uncertainty and quite a great deal of panic.  It is difficult to connect what is happening at the macro level where the gods play to the micro level where we ants scurry.  What is important is to distill the noise down to the bare minimum:  a job which Ramit Sethi did so well (albeit a bit abruptly):

Key takeaway points:  Worry about the REAL risk.  Worry about not saving enough,  overspending on fluff, and not properly diversifying assets.  Don’t place ALL your bets on one “sure” thing.  If it’s only one,  then it definitely is not “sure”.

Now before you panic and unload all your equity investments because of fears the market will tank further,  ask yourself the ff:

1.  Why do you really want to sell?
2.  When do you need the money?

=======================================
Motherhood has a very humanizing effect. Everything gets reduced to essentials. ~Meryl Streep

Subscribe to my feed or subscribe via email to get notified of my next post.

Coffee Talk Series: Be Financially Empowered

The current turmoil in the financial markets has more and more people thinking about their financial future.  Suddenly,  what seemed safe ground seems to be quick sand.  The “sure” thing is now uncertain.  Compound this with problems such as paying our regular bills and you realize the increasing importance to making (and keeping) a budget sufficient to satisfy future needs. 

On Sept 20,  attend a wealth management forum with Financial Columnist Karen Galarpe hosted by Mom Exchange and Alveo Verdana Homes.

Date: Saturday, September 20
Time: 9:00 AM to 11:00 AM
Where: Coffee Bean Tea Leaf Greenbelt 3

Please RSVP to Geisler Maclang at 812-8828 or 812-9919 if you would like to attend. Here is the invitation.

=======================================
Motherhood has a very humanizing effect. Everything gets reduced to essentials. ~Meryl Streep

Subscribe to my feed or subscribe via email to get notified of my next post.

Free Debt Snowball worksheet from Vertex

Buffeted at all sides by credit card bills?  Feel that you can’t get out of debtors hell? Start ploughing your way out via the free debt snowball calculator from Vertex 24. 

From the description:
This spreadsheet allows you to choose different debt reduction strategies, including the debt snowball effect (paying the lowest balance first) and highest interest first. Just choose the strategy from a dropdown box after you enter your creditor information into the worksheet…. also includes debt reduction information and resources, as well as descriptions of the different strategies you might want to try out with the worksheet.

Whether you subscribe to Dave Ramsey’s debt snowball or the “high interest first method”, the spreadsheet will do all the math for you. Brilliant! 

Did I already mention that it’s FREE?  =)

=======================================
Motherhood has a very humanizing effect. Everything gets reduced to essentials. ~Meryl Streep

Subscribe to my feed or subscribe via email to get notified of my next post.

Money Make-Over: Personal Finance 101

Financial literacy is, unfortunately, something which is not taught in most schools. How many of us have graduated from high school or college without knowing how to make a budget, balance a checkbook or plan for retirement?

Before you sign the back of that pre-approved credit card or sign the dotted line of that insurance policy, learn the basics of personal finance. Attend PERSONAL FINANCE 101 featuring lifestyle trainer Chinkee Tan and Personal Finance Coach & Educator J. Randell Tiongson.

The sessions cost P150 but you can attend for free if you register directly through randellt@gmail.com, uylawrence@mac.com, or visionchinkee@gmail.com.

Chinkee Tan is the best-selling author of Till Debt to Us Part & a Lifestyle Trainer. He is one of the most sought after speakers in the country todayand have helped thousands of individuals to put their lives in order. Chinkee’s no-nonsense and practical approach in personal finances has made him a favorite speaker and trainer in the country today.

J. Randell Tiongson is a Personal Finance Coach and Educator and writes a bi-monthly column at the Business Mirror and a contributor for Moneysense Magazine. He is also a Training specialist and the co-founder of http://www.income-tacts.com, the country’s premiere personal finance on-line forum. He has been in the financial services industry for over 2 decades and has been featured in numerous seminars, television shows and conferences. He is a Director for the Registered Financial Planning Institute and the President and COO of Personal Finance Advisers Philippines Corp.

=======================================
Motherhood has a very humanizing effect. Everything gets reduced to essentials. ~Meryl Streep

Subscribe to my feed or subscribe via email to get notified of my next post.