Financial Planning the Right Way: Mapping Your Future With a Professional Financial Advisor

Anyone can write a financial plan, or at least it looks that way. You can consult your banker, go to a brokerage firm, or hire someone who calls himself or herself a financial planner to prepare a plan for you. Financial planning simply is not that complicated, right?

Let's consider what's included in a comprehensive financial plan. There's a section on what happens if you died today. Will estate taxes be due? Does your estate have enough liquidity? Another section outlines what happens if you become disabled or need long-term care. Have you saved enough for retirement? And how will you pay for your kids 'or grandkids' college education? What about charitable giving, income tax savings, and investment allocation?

The first place to start is selecting the right person to develop a financial plan. Find someone with a fiduciary responsibility such as a Certified Financial Planner ™.

It is important to seek out someone who will listen to your objectives and design a plan to meet your goals. Be sure the person you choose to draft your initial financial plan is familiar with how the planning you do in one area affects exit in another. For example, what you do in the area of ​​investment planning can affect your tax planning. What you do to provide for asset protection can affect your estate planning, and so forth.

A sound financial plan should also address how you are expected to have when placed in a variety of scenarios. The only certainty in life is that the unexpected will always happen. When placed in an unexpected situation, most people will tend to make major decisions based on emotion, and then try to rationalize them, underlining their long-term planning. Therefore, a solid financial plan should be flexible enough to accommodate the unexpected. This is especially true in the investment-planning arena. It is important to have a written investment policy statement to help protect your portfolio from unplanned and impulsive revisions of sound long-term policy. Especially in times of market turmoil, investors without an investment policy statement are inclined to make investment decisions that are inconsistent with prudent investment management principles – and their best interest. Your investment policy provides an agreed-upon and well-thought-out framework from which sound investment decisions will be made.

Many people believe the process ends once the plan is written. But good financial planning means regularly monitoring and adapting strategies to ensure you're meeting your goals. Remember, you're not just trying to create an end product that will not ever need to change. You're developing a map that will help guide you toward financial stability. And regular comparisons of where you planned to be in the future with where you actually end up can generate important discussions about why you ended up where you are. Are you ahead of plan because your investment portfolio did better than expected, were taxes lower than expected, or maybe you spent less than expected? The reason you end up at a particular place is important to understand because that determinates what types of adjustments might be needed for your plan A financial plan that's developed with the help of a professional financial planner could be the right map to help you reach your financial destination.

Many people can help you prepare a financial plan, but the most successful plans are crafted by professional planners which allegiance is to you, the client. Professional planners have the credentials and understanding to know how the different areas of financial planning affect one another so they can help determine what is right for you. And professional financial planners will follow up with you after the plan is in place to assist in analyzing deviations from the plan in order to make competent adjustments to steer you away from failure.

Will Online Apps Prevent Consumer Waste Or Embolden Customers To Buy More Stuff?

If Apps using artificial intelligence help us all use less, share more, recycle things to others – then, will this hurt retailers and retailing due to reduced consumption? Will it prevent all the discarded waste, underutilized stuff we buy and own? Many believe it will. Take the sharing economy companies with popular apps; Lift, AirBnB, NetJet, Uber and other such concepts. Many corporations that build or manufacture vacation homes, hotels, automobiles and corporate jets are worried about their future, they see opportunities but also decreased volume, loss of economies of scale, overall "pie" reduction even if they garner a larger piece of that pie (Market Share) in such a future.

If everyone shares cars, aircraft, extra rooms, then of course; fewer rooms will be rented, and aircraft and cars purchased. This has economic implications of course, manufacturing and hospitality jobs for instance. Still, it provides efficiency to consumers, so, less waste, lower costs (due to sharing) and that is a plus positive for quality of life and higher standard of living – no need to buy an expensive car, share a car with others, or buy a corporate jet, share instead. Makes sense (cents) right, no actually it makes dollars.

Indeed the very same new communication technology to bring buyers and sellers together; Artificially Apps also make it easier for consumers to buy, and since consumers enjoy buying, this creates more purchases, more spending, and more consumerism. More consumerism means more redundancy, more waste, right? Sure, when capitalism speeds up its efficiency of exchange through digital money transfer, instance purchases, immediate delivery – we find more abundance due to increase in the ease of trade.

So, on one hand we have a threat to jobs and big changes to industries and certain sectors of our economy due to our new apps and smartphone mobile technology – and, then on the other hand we have a tool to help sell more stuff, faster and make more revenue and less cost, allowing corporations to enjoy increase shareholder's equity and quarterly profits while passing on some of that savings in lower prices to consumers.

When consumers buy more stuff, their homes fill up with more junk and each year a portion of the cluster gets donated to the local Thrift Stores. So, we should see more items that are bought by way of customer rewards programs, and apps from a certain sellers that have perfected that game. Okay so, we should be watching for lots of cheap Chinese made consumer goods showing up in mass at the second hand stores. While larger items like cars, planes, and time shares will decrease in the next couple of decades "IF" these current trends continue. Please consider all this.

Play Games at My Wedding Reception?

You can add spice to your wedding reception and have great fun doing it by playing games! Of course, you’ll still have that first dance with your new spouse to the tune from when you first met. And, you’ll still get to eat from each other’s fork when you cut-the-cake.

While the bride may play games at her bridal shower with the other “girls”, games are not reserved for showers only. You can use games to encourage conversation among your guests. Games can also help in cases where you want a fully enjoyed reception, yet there are religious or other reasons for limiting your dancing or music.

There are basically three types of games that work at a wedding reception. They are: Games for Everyone, The Joke is on the Bride and/or Groom and Outdoor Games (of course for an outdoor wedding).

Games for Everyone

Pass the Buck – Play musical dollar at each table. Whoever is left holding the $1, wins the centerpiece.

Switch the Shoes – The bride and groom may hold up a shoe or garment belonging to the opposite spouse in answer to a what-if question on how they will act in married life.

On the Spot Art – Each guest is given a paper and pen and asked to draw another random guest. This works best when they don’t know beforehand the guest being drawn.

Guess the Truth – Guests are asked multiple choice questions that have been previously asked of the bride and groom. A show of hands will see how many guests are on target.

On the Spot Poetry – Each guest is given a piece of paper and a pen. The paper has the start of a poem like “Sally and Mike met at the fair…” The guests complete the poem.

Games where the Joke is on the Bride and/or Groom

*If you are the bride or groom, let your best man or a bridesmaid read these

Give Back the Keys – (This only works if the bride and groom do not yet share a home) The bride and groom is each given a basket. Announce that “Anyone who still has her house keys must give them back.” Lots of guys get up and drop keys in her basket. Only one guy and the groom’s aunt return keys to the groom’s house.

Guess the Bride – Blindfold the groom and present him with 5 barefooted persons. He must guess which feet belong to the bride. Choose anyone but the bride to be among the 5 persons. In fact, this is really funny if they are all men.

Guess the Groom – Blindfold the bride and ask her to feel 5 men’s faces to guess which belongs to the groom. Choose anyone but the groom to be among the 5 persons.

Outdoor Games

What you play will depend on where the wedding is and how the guests are attired. A game like croquet is easy to set up in a park or large backyard and is possible in semi-formal clothing.

If the wedding is very casual, a park with large grassy area may be great for Volleyball or a huge circle of folks passing a Frisbee. And limbo – with the right music – is great almost anywhere, especially for a Caribbean or beach themed reception.

Translation Services Metrics and Averages

When requesting a translation quote the result can be a total mindfield. Translation quotes can be quoted per word, per hour, per character, per page, rates differ from language to language and translation company to translation company, some companies use translation memories and within this we get differing metrics for matching and repetitions, some rates include revision by a third party, rates differ from subject matter to subject mater while some companies charge project management fees. The list goes on and on and can often leave the client in a very confusing predicament. However in this article we hope to clarify some of the issues of translation quotes especially in the area of translation metrics.

Requesting a quote

The standard measurement of translation cost is by word or translation rate per word. This has many advantages in that it`s easy to measure and suits most world languages with the exception of some of the Asian languages. A translation quote per page is very unreliable as the word count per page differs depending on size of page, font size, graphics etc… A translation quote per hour also tends to be unreliable as some translators tend to be faster than others and a metric based on words has to be established to plan the work anyway. Also, both quotes per page and per hour do not fit into the analytical reports of translation memory tools. Most reports are based on raw analysis and manipulation of word counts. If a translation quote is based on time there is a huge and unnecessary degree of trust placed on the sub-contractor. In some cases a translation quote will be based on the character count. This is a reliable method to quote on translations however, leads to more complications due to higher character counts and more complicated calculations. In some cases, especially in the case of Asian languages it is more logical to base the quote on the character counts due to the nature of some of the Asian languages.

So far so good, we have reached our first concrete decision, the measurement value of our translation quote will be in words or in the case of Asian languages, characters. We now have to request an itemized quote from the translation services companies based on the word counts. After doing this we notice that some documents are translated at a higher rate than others. A general rule of thumb is that specialized fields such as legal, medical and technical tend to be 20% more expensive than general and business fields.

How so, you may ask and the answer is that there are fewer suitably qualified translators for the subject matter which tends to drive translation prices up. Other factors that contribute to a higher translation rate per word are as follows:

· Unusual language combinations with few translators

· Language combinations where the pool of translators have high living costs

· Highly specialized subject matter

Great! so we can now compare the word count and the rate from translation agency to translation agency but we then start to notice that some translation agencies are offering lesser rates for previously translated text or repeated text, while the rate for untranslated text may be slightly higher. These translation agencies are offering Translation memory services which stores previously translated text. It may be a first job with the agency so there is no previously translated text however there may be what we call in the industry repeated text which only needs to be translated once. This type of text may be offered to the client at say 30% of the normal rate. Translation Memory systems complicate the translation process and require investment on the part of the agency but they ensure consistency and cut costs in the long run. This is why translation services companies offering these services often have higher rates but in the long term the investment in higher rates is worth it

Here is a summary of the key decisions we have to decide on when analyzing translation quotes:

1. Translation Quote measurement (Words)

2. Understanding differing word counts

3. Understanding translation rates and why

- Degree of difficulty and expertise

- Language combination

Hopefully this article helps you to facilitate the translation quote process. Remember to ask the translation agencies to provide their quote in the same format. Ask them for a quotation per word with each document/text itemized. This will ensure you get an easy to compare breakdown of rates and word counts which should help the decision process easier! Happy outsourcing!