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Alvon Brathwaite 100663261
Assignment #2
Hello and welcome to my Padlet wall. Here you will find researched information on what a Financial Plan is, how to go about creating one and why it is important for your future.

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What to Expect from your Financial Planner

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What to Expect from your Financial Planner

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Here we can see some of the areas that are discussed with a professional Financial planner. It is a good idea to hire a financial planner who will have your best interest at heart.

Link: https://www.thebalance.com/thmb/PIyJ6cs0M7YRS-Sn3Yl5yK_hLpI=/1333x1000/smart/filters:no_upscale()/what-will-a-good-financial-planner-do-for-me-2388442_color2-566eaab6a87b463d951130f508b5aa3e.png

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This is a video that describes the top three questions you should ask your financial planner. This is the next step after deciding to execute your plan. This video covers questions about the cost of investing with a professional Financial planner and  some covers some of the hidden fees. It also covers the importance of having some one that makes sure your best interest is being served.

I choose this video because it is the next crucial step in executing a retirement financial plan.

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3 Questions You Must Ask a Financial Advisor

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Always remember that, different Financial Planners may have different areas of expertise and some won’t be able to help with all your needs. You have to figure out where you actually are and how you’re going to get your finances to where you want them to be in your future.

Link:
https://www.google.com/url?sa=i&url=https%3A%2F%2Fnapkinfinance.com%2Fnapkin%2Ffinancial-planning%2F&psig=AOvVaw3sWOXIVVgi-XgRDTbW25cg&ust=1616952479192000&source=images&cd=vfe&ved=0CAIQjRxqFwoTCPC128b_0O8CFQAAAAAdAAAAABAK

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This site keeps track of your financial progress, and helps to educate those who are interested in personal finance and investing. it discusses everything from investing, credit cards, financial freedom and more. This Site clearly describes how to use the SMART system to achieve Financial freedom.
S: Specific
M: Measurable
A: Attainable/Actionable
R: Realistic/Relevant
T: Time Based
With out a solid plan you will encounter difficulty when trying to achieve any success unless you have your success plan clearly defined.
I choose this site because of the useful tools that were provided.

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Million Dollar Journey - Building Wealth through Saving and Investing

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Follow my journey to $1M in net worth by the age of 35. Wealth building tips including tax minimization, frugal living, index and dividend investing.

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Here is a Financial Planning Blog. I think that resources like these will give more incite about unanswered questions that many people still might have, when planning their future. You can research by participating in Webinars, reading and commenting on blog space and enrolling in the services that is offered all in one place.

I like this blog ,because it has a lot of helpful resources regarding Financial planning. I found it very interactive, especially the where you can write and post comments on other blogs pieces.

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Financial Planning Blog - Envision Wealth Planning

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Read our free articles to improve your financial literacy and learn how to make smarter money choices.

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This site aims to simplify complex financial information and decisions for Financial Planners, giving them the confidence to manage every aspect of their financial life. This international site welcome beginners to learn about money and investing for the first time. Also, others who are experienced investors, business owners, professionals, financial advisors, and executives that are looking to improve their knowledge and skills. This site reflects  the perspectives of all ethnicities, gender identities, generations, sexual orientation, and socioeconomic backgrounds in their content to empower those with different points of view and serving all diverse readers globally.

I choose this site because of it equity and diversity planned  approach towards Financial planning.

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Investopedia is the world's leading source of financial content on the web, ranging from market news to retirement strategies, investing education to insights from advisors.

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Urbanwallet is a site about equipping young people with the tools and strategies to harness  available currency. It encourages through investing, Financial planning, credit building skills and entrepreneurship. Urbanwallet highlights the wealth in Black communities and  encourages ways to mentor through Financial planning.
I choose this site because it targets the black community and encourages positive growth for the youth.

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More than 200+ reviews and best-seller on Amazon
If you're looking for actionable financial literacy tactics to create generational wealth and prosperity, this is a GREAT place to begin. The best way for people of color to reach the pinnacles we strive for is through financial literacy. It's the best way to create wealth and pass on a legacy of knowledge and financial freedom to choose our own path and foster a NEW wave of financial confidence and influence. Every chapter of this book dissects how money passes through our community, the concepts and principles of wealth building, and most importantly, how to build wealth at every stage in your life. If you're ready to take action, plan your future and generate wealth for your family and community, pick up A Step-By-Step Guide to Building Wealth from $1 .

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We put the LIT in financial literacy | urbanwallet

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More than 200+ reviews and best-seller on Amazon If you're looking for actionable financial literacy tactics to create generational wealth and prosperity, this is a GREAT place to begin. The best way for people of color to reach the pinnacles we strive for is through financial literacy.

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This video describes what a financial plan is and why it's important to think about how to drive your finances ahead and how to be proactive. It discusses the long term benefits of financial planning and the security that it provides for the future.

I like the way the video presented the information. It was accurate, transparent and precise.

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What Is a Financial Plan? (VIDEO)

Here's the thing. People are not robots. They're logical, but they're emotional too. We all want to do the right thing, but we also want to kick back and enjoy life.

And even the most disciplined among us―who watch our spending, try to pay off debt and put money aside for a rainy day―usually have limited knowledge of personal finance.

How much, for instance, do you know about cash flow? Tax planning?

This is why you need a plan and a Certified Financial Planner ® professional to design it for you. Getting a plan done could be the best financial move you ever make.

So what is a financial plan?

To answer that, I asked CFP® professional Cynthia Kett of Stewart & Kett Financial Advisors.

What exactly is a financial plan?
It's a written document that takes a big-picture look at your whole financial situation, both now and in the future. It identifies and prioritizes your short, medium and long term lifestyle and financial goals; it clarifies your current financial position, including your net worth and cash flows; and it specifies the steps and strategies you need to take to get from here to there.

And what else would the plan include?
I like to use sports terminology and break a plan into offensive and defensive components. Offensive would include cash management, tax planning, investment planning and retirement planning. The defensive would be insurance and risk management, estate planning and legal considerations. The reason why I like to break it into pieces is that offensive strategies drive your financial position forward, whereas defensive strategies protect you and your family in case something should go wrong.

Think of your plan as a GPS. You wouldn't navigate around a busy city on your own. Your GPS guides you, tells you when you're off-track and recalculates. That's what a plan and a qualified planner will do.

Some people worry that a financial planner will take all the fun out of your life―take away your vacation, make you suffer. On the contrary.

To quote Mitch Anthony, "A good financial plan will allow you to live the best life you can with the resources you have."

To find a Certified Financial Planner ® professional in your area that will help guide you financially, use our Find Your Planner tool.

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What Is a Financial Plan? (VIDEO) - Financial Planning for Canadians

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What Is a Financial Plan? (VIDEO) Here's the thing. People are not robots. They're logical, but they're emotional too. We all want to do the right thing, but we also want to kick back and enjoy life.

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This video Helps with Financial Literacy and speaks about some books that you can read to break down budgeting, debt pay offs, credit cards and investment practices. It also shows you some tools that you use to help to reach your goals. For example, a six week program, case studies, real world examples and a step by step guide to implement every thing that you learn. It will point you in the direction of literature about creating a plan to solve debt problems and waste spending.

I like this video because it highlighted another way to get educated on financial Planning. So far we  have seen how to get help by calling a professional Financial Planner, but here we can clearly see that we can educate our selves through reading.

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Financial Literacy for Beginners | BEST Book to Learn to Budget and Save Money

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This Video helps with that question surrounding whether  you are better off doing your own investing or not. It discusses some of the hidden fees involved in using a Robo advisor and a good comparison to saving when DIY. When you are a self directed investor you can personalize your own portfolio. These options are not available when using a Robo investor, because most of the investment portfolios are some what cookie cutter. Both options do offer low fees , but you will save on management fees when DIY.

I choose this video because it will answer some of the questions regarding taking that next step. If you were like me and was a bit intimidated by all those pie charts on your investment planning slips. After watching this video you will make up you mind about choosing a professional planner or if you will do it yourself.

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Robo-Advisor vs. Self-Directed Investing - Investing 101 (PART 3 OF 5)

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1. What did you learn about your topic that surprised you the most?

The fact that a large portion of  Financial professionals are not held to their fiduciary duty, which is an obligation to act in the best interest of another party, was most surprising to me.

2. Provide a real-life example of how this topic is relevant or interesting for you.
I find this topic very interesting, because my wife an I are now in our mid forties and are planning to move to Florida where we will retire.
We recently moved all of our (retirement) investments from T.D and started new portfolios(more aggressive) with a private company that seem to have our best interest at heart. So far we have been having monthly zoom meetings and several emails that keeps us up to date with our investments. It feels comforting to have someone explain the reasoning behind how your money  is being invested.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?
I have passed on the contacts for my new Financial Planner and I also suggested myself as a reference. Since we change from the large bank to a private company , we have seen a significant increase in our portfolios and we have developed a good relationship with them.