FINANCIAL TIP OF THE DAY HOW TO
FINANCIAL TIP OF THE DAY PROFESSIONAL

Most people just need to focus on cash flow and the debt management issues tied directly to their personal goals - that is at the heart of the financial coaching process. Mainstream marketing and media overcomplicate finding personal financial solutions. Many can accomplish great financial successes working with financial coaches, for less money, and avoid unnecessary fees or commissions.Most financial planners require clients to have fairly high incomes or investment levels to make it cost-effective and a good fit.Many financial advisors that say they do financial planning also sell products that may be a conflict of interest вЂ“ unlike most financial coaches, who do not sell any financial instruments (e.g., stocks, bonds, mutual funds).Financial coaches focus on the fundamental building blocks that eventually lead to needing to hire a financial planner or wealth manager.Reasons to consider working with a financial coach: Financial coaches provide support, encouragement, accountability, and tools to help people make informed decisions.вЂќ The process is personalized and non-judgmental.

FINANCIAL TIP OF THE DAY PROFESSIONAL

Hiring a financial coach might be the better choice.ДЄccording to the Consumer Financial Bureau: вЂњA financial coach is a trained professional who collaborates with and guides their clients to reach their financial goals. Many people think that if they want expert help with their finances they should hire a financial planner, but as a 30-year financial planning veteran, I can tell you that this myth is a disservice to many. Hire a Financial Coach Instead of a Financial Planner

By making more smaller payments throughout the month, you will be avoiding late payments and using slightly less of your available credit, both of which are important factors in increasing your credit score.ДЇinally, micropayments may have a beneficial effect on reducing your financial stress. Micropayments may also help raise your credit score. Smaller interest penalties also mean more money can be devoted to paying off the balance. YouвЂ™ll lower your average balance by making smaller payments during the month. Most issuers calculate interest based on your average daily balance during the month. In addition to paying off your debt faster, micropayments will also help lower your interest payments. If they made a habit of doing this each time they made a conscious effort to save money, theyвЂ™d be surprised how much their debt would decrease. If they took that money and immediately made an online $50 payment to their credit card balance, their debt would forever be lowered by $50. But rather than spending $75, what if they ate at home and rented a movie? They might save $50. Micropayments are smaller payments you make to the credit card company throughout the month.ДЄn example: a couple was thinking about going out to dinner and a movie. Most people believe that credit card payments can only be made when the bill comes due. One of the unconventional ways to dig yourself out of credit card debt is to make micropayments throughout the month. Use Micropayments to Manage Credit Card Debt

LetвЂ™s take a look at the unconventional financial tips our expert panel produced. Unconventional Financial Tips You Need to Know We asked 15 professionals for their #1 unconventional financial tips. If youвЂ™re looking for suggestions you may not have heard yet, weвЂ™ve got you covered. What if thereвЂ™s other good advice out there that we arenвЂ™t hearing? Still, it can get tiring to hear the same tips and suggestions over and over again. Advice often gets repeated because itвЂ™s good advice, based on facts and impartial analysis. There are good reasons for much of this repetition. Saving experts remind you to think twice and take a time out before making an impulse purchase. Credit experts tell you to pay your bills on time and keep your credit utilization low. Investment experts advise you to diversify your portfolio.

FINANCIAL TIP OF THE DAY HOW TO

You canвЂ™t turn on the TV, open a newspaper, or browse online without finding an expert telling you how to invest, save, or improve your credit score. Advertiser DisclosureДЇinancial tips are everywhere. When you purchase through referral links on our site, we earn a commission.

Financial tip of the day