Financial planner are usually connected with financial institutions that promote their own products. These planners also concentrate on individuals with high net worth. Francisco J. Colayco advised that for the ordinary income earner, there is no immediate need for a formal financial planner. It is better that he first understand the basic financial principles. Then, he can make his initial financial plan before asking advice from these financial planners. In this way, he better understand the products that they will offer him.
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He is Francisco J. Colayco, one of my favorite authors - a Filipino Chinese. He is one of the most remarkable author/writer and a successful businessman who wrote the book "Making Your Money Work". |
The author of the book Making Your Money Work, Francisco J. Colayco defines financial planneras a person or someone who can give you advice on matters related to saving, investing, taxes, insurance, household money management, real property management and retirement.
What products or services a financial planner offers to his clients? A planner should be able to help his clients do the following:
- He prepares their statement of assets and liabilities.
- He makes a budget so that they live only within their chosen lifestyle and follow the principle of: Income minus Savings equals expenses.
- He allocates their assets to ensure a diverse investment portfolio.
- He ensures that they have sufficient insurance for themselves, their families and their properties.
- He keeps his clients taxes payments at the lowest cost within the law.
- He plans for their children’s education and their retirement.
- He helps them prepare legal documentations to protect their financial interests while they are living.
- And he prepares a plan for their heirs in the event of their deaths.
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I sometimes saw him on TV shows talking finances. His book looks so interesting ah
ReplyDeleteMy first time to have heard of him. He looks like a very interesting personality.
ReplyDeleteYeah first time ko rin to hear about him but his books looks very interesting.
ReplyDeletenice insight po.. i'm yearning to get a copy of his book... i find it very interesting.. :)
ReplyDeletecheers :)
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sounds interesting. but he looks like he is campaigning in his photo here. hehe =D
ReplyDeleteoh no, i need a planner. i don't do observe the things listed here except for the insurance part.
ReplyDeleteSounds like a good way to keep your finances and investment on the right track but I am not sure if I will actually hire or need one. I'd probably need an advise but I'd do everything on my own.
ReplyDeleteI haven't heard of him but I am just glad I have a husband that runs his own business and knows how to take care of financial matters mentioned above. I am learning each day from him how all these works in a way I can understand it better. They can be complex for me:)
ReplyDeletethose are good advises, usually what i find hard is in the diversification of portfolio since i get confused where to, but thankfully, our company provides free financial planner for us to consult with when we make decisions where to invest and diversify.
ReplyDeleteIt's my first time to heard about him Kuya but he surely has great advices here! ^_^
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