Financial planning is key when it comes to making different types of investments. However, technology now plays a key role in financial planning with the increasing use of software to analyze and predict certain financial outcomes. Access to historical data to compare different types of investments, assess their viability and predict a profit margin are all tasks which have been simplified due to this premium software.

Valuation formulas for different types of securities, risk assessment, equity analysis done in real time within seconds are just some of the highlights of these financial planning tools. The five most popular softwares which have now become mainstream financial planning tools include:

Money Tree: Money Tree has designed a number of softwares and additional tools to be primarily used by bankers. The Silver program, MoneyGuidePro, eMoney Advisor are just some of the financial products associated with this software beneficial for estate planning, retirement planning, and even educational funding plans. An easy to use software which can be integrated with various third-party programs, especially to run certain scenarios to predict financial outcomes making it one of the popular financial planning tools available in the market.

MoneyGuidePro: Visually interactive, MoneyGuidePro is designed to engage whoever is using it to input different choices and mimic certain desired financial outcomes. This software can be integrated with many third-party programs, similar to that of Money Tree which makes it a comprehensive financial planning tools for end users.

eMoney Advisor: Cash flow analysis module is the premier highlight of this software, with a financial feed that provides you with real-time data for analysis. Additional features allow clients to access their financial data to take printouts. Real-time data helps financial advisors stay on top of their game and assess the best investment options available.

Advicent: While the eMoney advisor is best known for its cash flow analysis module, NaviPlan by Advicent features a detailed cash management module. The user interface of this software includes a side by side on screen comparison for investments and scenario simulations best suited for financial analysis for retirement accumulation, distribution of the assets and liabilities of clients.

Advizr: This software offers sophisticated financial planning tools for social security, stress tests for retirement planning and more. Of all the software available in the market, Advizr is the only one which has a comprehensive focus on retirement planning which makes it one of the best financial planning tools for investment advisors.

Selecting a person who will be in charge of your money can be quite a challenging task, which is why you need to understand the different types of financial advisors and their specializations. Financial planning is imperative to build a nice comfortable retirement nest egg so that you will not have to worry about making rent and payments for utilities in your golden years.

Different types of financial planners will provide both general and specific services. Here are five financial planners who are adept in analyzing your portfolio and utilizing financial planning tools to help build you that nest egg.

Stockbrokers: Stockbrokers are registered representatives who have a good knowledge of the different investment products available in the market. These financial planners qualify after taking the series 6 & 7 exams and register with the Financial Industry Regulatory Authority, to obtain their license to practice as a broker. Stockbrokers will not advise you on the best financial planning tools rather they will use these tools to sell you different products to invest in and earn their commission, while you make a profit to be saved for retirement.

Investment advisors: Individual advisors or investment agencies will advise the best possible course of action to be taken on certain financial products, mostly securities. It is up to the client to act on the advice given which is why investment advisors differ from stockbrokers.

Chartered Financial Analyst: People who have qualified and earned this designation from the Chartered Financial Analyst Institute are eligible to practice. CFA’s are adept in investment analysis and portfolio management on behalf of the client.

Certified Public Accountant: CPA’s just like CFA’s have to clear the examinations set forth by the CPA institute to qualify and practice on their own. Additional certifications for CPA’s include a PFS (Personal Financial Specialist) designation which focuses on financial planning mainly concerning taxation and accounting. CPA’s are great planners who make use of various financial planning tools.

Certified Financial Planner (CFP): Probably one of the best options when it comes to choosing financial planners since CFP’s have to qualify stringent education and experience requirements and are also required to take continuing education programs even after certification. There are certain ideals of conduct which comprise of the code of ethics, rules of conduct, practice standards to be followed and compiled by the CFP.

Qualification and experience are two of the main parameters which will help you decide on which financial planner will best suit to make use of various financial planning tools available at his or her disposal to assist you in an investment.

Are you a teenager or a youngster struggling hard to manage with your pocket money or have you just started to earn? Proper financial planning is an art, and not everyone gets to master it. Here, we share some simple financial planning tips to help you become a good financial planner in the future.

Proper financial planning is key to a secure future. Regardless of the money you earn (or get), it’s important that you plan a budget and stick to it. Learning to save from an early age can go a long way in making your life prosperous and comfortable.

Master the art of self-control
Learning the process of delayed gratification helps. What this means is, if you really want a new pair of shoes the moment you see it, don’t splurge on it even when you have a credit card. Rather, save up for that pair and buy later. Also, if you don’t really need a new pair of shoes, you can avoid buying it completely.

Learn budgeting
Budgeting is simple and it’s one of the most important things you need to do, as far as financial planning is concerned. Take a notebook, and track your expenses. More technically speaking, you keep a log of your expenses. You can take this a step further by keeping a copy of your budgeting file on the cloud platform or Google drive so you can update on the go. Sometimes the smallest things tend to make the biggest differences, like splurging on a cup of coffee at Starbucks every day or going to laundry services instead of washing your clothes on your own. The expenses add up down the line and if you can realize that, you’ll be able to manage your budget more wisely. This can help you save up a lot too.

Safeguard your health
Eat healthy, live healthy! Follow this mantra for the rest of your life and you’ll be on your way to financial well-being. Bad health leads to medication, hospitalization, and loss of money. On the other hand, if you are hale and hearty, there’ll be no need to spend on medicines and hospitals. Make sure your diet is in check and you get regular exercise. Although you can’t permanently eliminate all risks in your life, you can certainly minimize them by taking care of yourself. A higher quality of life equates to a better financial well-being.

Once you start earning more, start investing in different mediums. Plan well and plan ahead, and you’ll definitely have a financially sound future.

The great self-improvement author Alan Lakein once said, œPlanning is bringing the future into the present so that you can do something about it now. Considering the same quote with finance, financial planning would be bringing future financial problems to the present so that you can do something about it now to make your future more secure. Financial planning is the process of making smart, calculated decisions about money that help you achieve the goals you set for yourself.

Now, there are several types of financial planning ranging from children’s future planning to tax planning to even retirement financial planning. This article is going to focus on financial planning tips on a more personal level.

How to develop a financial plan

• Set your goals for the short-term and for the long run: For goal setting, follow the SMART approach-
  S- specific
  M-measurable
  A-achievable
  R-relevant
  T-time bound: This is the most important parameter of all; you should be able to set yourself deadlines to accomplish individual goals, because without these you will be stuck, making no real progress.
  Habits are the building blocks of life, so find out what habits you need to develop to attain your goals. It could be something simple like, “I’m going to carry a little diary with me in which I will note down everything that I purchase.” This sounds mundane but overtime you will hold yourself more accountable for the money you spend, and you will subconsciously develop tendencies to spend wisely.
• Note down your assets and liabilities: Assets are anything that create an inward cash flow. Rising stocks, booming real estate, etc. are all assets. Liabilities are anything that suck cash out of you. Risky investments with poor return-potential are liabilities. It’s crucial that you become well aware of your assets and liabilities and look to turn your liabilities into assets. You might inflict some short-term losses in doing so, but the key to financial independence is racking up assets. Always work on paper, making decisions mentally are not quite as effective as systematically working on paper.
• Assess your current financial situation: The difference between your assets and liabilities is what’s called net worth. Think about how much far from your goals is your net worth. Try to understand where you are standing and where you want to go.
• Make mini plans to achieve each of your goals: For example, “To retire before I turn 50, I need to have earned x amount of dollars in y amount of years.” After making plans, think of the most efficient ways you can implement your plans. Planning is just a fantasy; execution is what makes that a reality.
• Monitor your plans regularly: This is the most critical step of all. You have to review your activity every month or every six months and find out if what you are doing is taking you towards your goals. Develop a flexible mindset to keep changing your approach until you find yourself heading towards victory. Failing to get feedback from your actions will turn out to be disastrous. You will have spent a lot of your most precious resource: time. Do not believe in failure. There are only victories or lessons. There’s no such thing as failure. Always look to learn from your mistakes and keep moving forward.

We shouldn’t let the uncertainties of life overpower us. This might seem like a clich, but it’s a good principle to follow in the matter of finances.

The lack of a proper financial plan can lead to serious problems in our lives. It’s really important that you plan right, as far as money is concerned. Medical emergencies and unexpected accidents require immediate monetary help, and you should have enough funds to bail you out of such situations. A few baby steps are all you need for a perfect financial plan and a relaxed future. The earlier the better. Keep the following pointers in mind for a financially secure future.

Plan Right
Maintain a record of all the financial expenses that you make. Keep a record of the money you’re saving every month as well. Is that amount enough for securing your and your family’s future? If the answer is no, try and save more. Reduce your expenses or look for additional income options.

Spend Right
A little bit of luxury is understandable. However, don’t overdo it. Have a saving goal in mind and make sure to reach it every month. Splurging a huge amount under peer pressure is something that you need to put an end to, unless you have already done it.

Pay Taxes And Debts On Time
Make sure to pay taxes and debts on time. If you default, you would have to pay penalties and late charges. If you have taken a loan, pay the EMIs on time.

Invest
Buying assets that appreciate in value is a great way to make money. Invest in shares and debentures or any other assets that have a lucrative future. However, make sure to talk to an expert before making such investments. Investing in the wrong assets can lead to losses.

Health is Wealth
Serious illnesses caused due to negligence can cost you a bomb. Take good care of your health and everyone around you. Lead a healthy lifestyle and make sure to exercise few times in a week. Get rid of bad habits and most importantly, be happy. Try and get the right treatment at an early stage of the illness so that the cost of the treatment doesn’t bog you down.

A proper financial planning is bound to make your future better, and more importantly, secure. Plan properly and nothing can stop you from achieving your financial goals. Talk to experts and friends who are doing well in life financially. Invest in the right places and make sure to save. Unless you save today, you won’t have a secured future. Consider investing in medical insurances too as medical costs are touching the sky.

Make a plan and stick to it. No one is asking you to forget about holidays and other luxuries in life. Learn the art of balance, and you’ll be in a better position to handle your financial needs.

If getting a better handle on your financial life tops your to-do list, well, you’ve come to the right place. After all, everyone wants to save more, get out of debt and aspire for bigger things like asking for that well-deserved raise. Here are some tips that will put you on the right path to better money management.

Make the most of your 401k. That’s right before you take that big step towards your career, make the most of your 401k. Leaving your money right where it is may make sense, but if you are ready to take the money with you after comparing on options at your future employer, consider a direct rollover to a traditional IRA.

It can be done with one simple step and the help of a smart broker who will walk you through the entire process over the phone.
• Set up automatic bill pay: Don’t pay late payment penalty fever! Simply set up automatic bill pay. You can also request your bill collectors to change their due dates to match your pay cycle. This way, you’ll always have enough in the bank to cover you.
• Save for a rainy day: Dipping into your savings to bail yourself out is the last thing you would want to do. Learn to keep cash stashed in the cupboard for this purpose or you might just slip right back into debt. It would be wise to have an emergency fund to cover you for three to six months. Also, save to cover your annual deductibles like health and car insurance.
• Don’t dip into your retirement account: At all costs, funds in your retirement account should be your last resort. If you take money from that account before you hit 59, you are liable to pay a penalty of 10%. Plus, you’re putting a dent in the money available to you later in life. It simply doesn’t look good.

Finally, follow these steps if you lose your wallet:
– Call your debit card/credit card issuers and prevent unauthorized spending. If you fail to do so until after days and before 60 days, your liability might jump to $500 in event of fraudulent activity, especially in case old debit card misuse.
– File a police complaint and set up a fraud alert or identity theft alert with one of these agencies Experian, Equifax, Transunion.
– Call your health insurance company and inform them too, if your health insurance card was in your wallet.
– But if your social security card was in it too, consider applying for a credit freeze so that no lasting damage is done.