Financially Speaking

The most underrated aspect of investing is understanding your financial DNA.  The decisions you make with regard to when you try to find a financial advisor, invest with a wealth management firm, or simply invest on your own rely on your financial DNA.  Here is an explanation of financial DNA:

“Not only is it important to understand your own physical DNA, such as your personality, strengths, and weaknesses, but it also is important to understand your external DNA. Your financial DNA for example.

Wealth appears in many forms. It’s not just confined to money. Wealth also includes your health, love and support of friends and family, knowledge, as well as the education you have. Wealth does not start and end with money. It ranges and covers the entire spectrum.

That is why it is important not to let money center around your life. The moment money becomes priority number one and the only true priority you think about, disaster strikes. Greed takes over and devours you like a lion.

It’s important to work an occupation you enjoy and something you can stand. If you hate your job how are you going to enjoy life? Remember, you’re spending at least twenty hours a week at a job for part-time, and at least forty hours a week for full-time. The commitment is large and if you hate the work, you’re not going to enjoy your down time.

Finding a job you’re happy about is necessarily the one that pays the largest. Chase after your dreams and the career paths you really want to pursue.

Your personal financial DNA controls your financial decisions. Unfortunately, many make their financial choices off greed. Financial DNA is more about controlling those investments and making wise financial decisions.

Secondly, your financial DNA also controls your relationships – both personal and business related. Sound crazy?

Think about your current relationships and the problems existing from them. Do you blame a lot of those relationship struggles on money? You’re not alone, because most individuals do. However the lack of a healthy relationship is actually more tied to a lack of communication than a lack of money.

Your financial DNA controls your relationships and builds upon strong communication.

In the end, finding the appropriate balance between life and money is vital. All financial planning should revolve around that concept. It’s your DNA.

Focus on who you are and not what you are not.”

Using a financial advisor or a financial planning guide will help make your decisions, but the ultimate choices made are derived from your financial DNA.  By understanding where you stand with concern to financial DNA, and molding it before it molds you, your financial stresses and relationships will be less tension and anxiety filled due to constant thoughts on money.

The summer usually is the point in time when most college visits are done by prospective students looking to apply in the fall of their senior year in high school.  While many parents like to see their students get into the schools they want, there are many mistakes that both parents and students make in both financing for and trying to get into college.  To avoid some of the mistakes regarding financing college, it is important to find a financial advisor or get help from a wealth management firm in Philadelphia, or wherever you live.  The most important thing to remember still, however, is that students have to put themselves in a position to be accepted to the schools they want to attend.

College is such a major moment in a child’s life. While they have grown up and now earn the status of legal “adult,” your baby is still very much, your baby.

College is not only a major moment in your son or daughter’s life, but also in your life – the respective parents. Too often this important fact is ignored. Parents will struggle not only mentally and emotionally with this change, but also physically. The physical aspect often comes through finances. Finances dedicated to funding your son or daughter’s expensive habit.

But you want the best for your child so you are more than willing to handle the expenses. These are major investments to secure tuition, books, room, board, personal expenses, and most importantly – your child’s future.

However parents make several vital mistakes when it comes to their child’s college. Seven major mistakes according to John Nettleton, certified public students accountant for nearly 30 years who now specializes in financial planning techniques for college and parents.

The seven major mistakes parents make about college are…

· Parents/Students starting too late.

· Parents not positioning student correctly.

· Too many or too few of schools applied to.

· Lack of understanding regarding loans.

· Parents/Students relying too much on school counselor guidance

· Poor consideration in regard to social environment and other factors

· Parents afraid to say “no” to their children

By taking into consideration these mistakes, and trying to avoid them by getting a financial planning guide for college, a Certified Financial Planner, or some type of private wealth management firm, the decision making process for both gaining acceptance into colleges and paying for colleges will be a lot less stressful and void of mistakes.