How To

Get Your Finances in Shape with a One-Day Financial Fitness Workshop

Written by Mint.com
Published Sep 19, 2012
4 min read
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Financial literacy is the ability to understand all aspects of money so you can make smart, educated decisions.

Many people don’t know the basics — banking, loans, homeownership, retirement, taxes, credit, money management and budgeting.

Developing financial know-how will lead you to create a financial plan, either on your own or with the help of a professional.

Entrusting another person with your hard-earned cash can be a nerve-wracking experience. Not only are you placing your financial future in another person’s hands, but oftentimes investors feel as though they are blindly making decisions because they lack knowledge of basic personal finance concepts.

Throw in headlines calling out the questionable and sometimes downright unethical business practices of some financial institutions, and it seems consumers’ trust has all but disappeared completely.

The best way to find a financial advisor you can trust is to do a lot of research before you turn your money over. Here some tips on how to begin your search for a financial advisor.

If you decide to tackle financial planning on your own and are a novice investor, diving into the world of finance can be overwhelming.

The first step in getting a handle on your finances is to get a big picture of your current state. Using a free money management tool like Mint.com allows you to see your income, debts, assets, and spending habits all in one place.

Whether your financial goals include saving for a summer vacation, building an emergency fund, or growing your retirement savings, you need to know where you stand in order to get where you need to be.

If you decide to work with a professional or prefer to take your financial planning into your own hands, becoming financially literate will help you make smart decisions about how your money is invested.

On September 29^th, the Financial Planning Association of New York and NYU SCPS are hosting an all day Financial Fitness Workshop in Manhattan.

During the workshop, you will have the opportunity to sit in on a choice of sixteen sessions offered to take steps towards becoming financially literate.

Topics range from repairing your credit score to social security to understanding mutual fund & ETF’s.

What is Financial Planning?

Financial planning is the process of meeting your life goals through the proper management of your money. Life goals can include buying a home, saving for college or planning for retirement.

The process consists of six steps that help you take a “big picture” look at where you are financially—now, in the future and how to reach your goals.

The Workshop session on “Brokers, Financial Advisors, and Financial Planners – How to Choose” will offer insight on how to select the right professional for you, and what they will charge.

What are the best practices when approaching financial planning?

Set measurable goals
Understand the effect your decisions have on other financial issues
Re-evaluate your financial plan periodically
Start now – don’t assume financial planning is only for older people or the wealthy
Take charge – you are in control of your financial planning experience
Look at the big picture – financial planning is more than just retirement planning or tax planning
Don’t confuse financial planning with investing; investing is only one part of the process
Don’t wait until a money crisis occurs to begin financial planning

In addition to the 16 sessions offered at the Financial Fitness Workshop, Joe Jordan, author of Living a Life of Significance, will be the opening speaker on “Dealing with Change.”

It’s a great deal at only $40 per person (breakfast and lunch included). All net proceeds to be donated to Project Renewal, a local charity providing homeless New Yorkers with everything they need to move from the streets to health, homes and jobs.

Get your finances in shape by registering for the Financial Fitness Workshop here.

“Get Your Finances in Shape with a One-Day Financial Fitness Workshop” was provided by The Financial Planning Association of New York’s Public Awareness Committee. More information can be found on the FPANY website.