Financial counseling is performed by financial counseling professionals, often employees of a nonprofit organization organized to assist clients in financial difficulty on a one-to-one basis. Clients are helped to resolve problems that impact their financial well-being, to make decisions that have financial implications for life now and in the future, to improve their financial management, to handle difficult transitions, and to improve functioning in the consumer market and/or legal systems by handling financial or consumer collections and other dilemmas. Financial counseling utilizes information and skills to assist clients in changing behaviors in resource management, consumption, lifestyle, and communication in order to obtain and maintain increased financial security. (more…)

You can keep your financial documents in different places—in a home file, in a safe-deposit box, or on a computer. To organize your documents as effectively as possible, you may want to use all three. Each method has advantages and disadvantages, depending on the types of documents being kept.

A home file is one place to keep financial documents. (more…)

In examining your financial condition and setting financial goals, you succeeded in nailing down where you are and where you’re going financially. But it’s important that you conduct these exercises at least annually. Keep the cash in a checking account, and watch it disappear! Wouldn’t it be better to put all the money you’ve saved on that extravaganza toward financing your child’s pay college education? (more…)

If your bad debt loan problems are serious and you have little or no income, it could be in your best interest to check whether you’re a candidate for personal bankruptcy. By qualifying for Chapter 7 bankruptcy, which involves the sale of most of your assets, you might be able to wipe out all or most of your debts after bankruptcy, and get a fresh start. To qualify, you have to meet a “means test” to prove your income is within certain state limits. (more…)

Throughout your life you will have many different financial needs and financial goals. By learning to use your money wisely now, you will be able to achieve many of those financial goals.

Financial planning involves choosing a career, and then learning how to protect and manage the money you earn. (more…)

A budget is a plan for using money to meet wants and needs. Having a budget is necessary for successful financial planning. By using a budget, you will learn how to live within your income and how to spend your money wisely. You will also develop good money management skills that will help you reach your financial goals. (more…)

The first thing when setting financial goals automatically should be an emergency savings plan fund designed to cover six months’ worth of living expenses. Make sure it’s enough to cover any emergencies—like a job loss, car repair, medical or dental expense, or natural disaster. This way, you won’t have to tap those high-cost credit cards crisis! Plus, if you have any investments, you won’t be forced to cash them out when they’re down in value. (more…)

How would you like to have as much money as Microsoft’s Bill Gates? What about renown investor and businessman Warren Buffett? Talk show hostess Oprah Winfrey? Entertainment giants Gloria and Emilio Estefan?

Impossible, you say? Well, maybe we’re reaching a tad high. But we can point to a number of people who started from nothing and managed to build a net worth of at least $1 million. (more…)

Like any company, you and your family members need to develop your overall financial goals. This process is definitely a family affair. (No family or significant others involved with your financial affairs? In that case, you’re on your own.) (more…)