What is Financial Planning?

Home / Articles & Help Guides / What is Financial Planning?

What is Financial Planning?

Financial Planning can mean many different things to many different people, typically as a person goes through their life they will be faced with many different stages of Financial Planning such as:

• Saving for a house deposit
• Mortgage Planning
• Saving for a Family
• Family Protection ensuring loves ones are looked after
• Saving for retirement, ensuring pension income will be sufficient
• Getting ready for retirement, choosing the right annuity
• Estate Planning & Tax planning

This is just a very broad example of how someone’s priorities may change throughout their life, now lets consider the process.

The Financial Planning Process

Financial planning is a process of setting objectives, assessing assets and resources, estimating future financial needs, and making plans to achieve monetary goals. Many elements may be involved in financial planning, including investing, asset allocation, and risk management. Tax, retirement, protection planning including life assurance and estate planning are typically included as well.
Financial planning plays a starring role in helping individuals get the most out of their money. Careful planning can help individuals and couples set priorities and work steadily towards long-term goals. It may also provide protection against the unexpected, by helping individuals prepare for things such as unexpected illness or loss of income.
As mentioned Financial planning may mean different things to different people. For one person, it may mean planning investments to provide security during retirement. For another, it may mean planning savings and investments to provide money for a dependent’s college education. Financial planning may even involve making career-related decisions or choosing the right insurance products.
Many individuals choose to use the services of financial planners to help them reach their goals. A financial planner is a professional who provides advice and guidance for a wide spectrum of financial planning issues. Financial planners may or may not be certified and offer varied levels of experience, it is important to make sure you choose a financial adviser that is right for your needs, care should be taken to make sure you research local advisers and prepare questions you want to ask them in advance.
Though a financial planner may make developing a financial plan easier, hiring one is not at all a necessity. There are many books, computer programs, and other resources available to help individuals with financial planning. Furthermore, there is a wealth of related information available on the Internet. The decision to hire a financial planner may depend on many things, including the financial worth of the individual, his or her goals for the future, and the amount of research the individual is willing to perform.
Their have been many changes put in place and are due to be put in place by the FSA, The Financial Services Authority. When it comes to choosing a Financial Planner must people consider an Independent Financial Adviser (Click this to see a full description of what an Independent Financial Adviser is) to be the must suitable to meet their Financial Planning needs, this is because they provide unbiased advice because they are not tied to a particular provide and so can recommend products as services from the whole of the market.
All too often, people delay planning for the future. They may feel such planning should take a back seat to staying financially afloat in the present. However, even those living from paycheck to paycheck can benefit from financial planning by creating a budget. A budget can be used to determine what is actually spent each month and find ways to trim or even eliminate unnecessary or out-of-control expenditures.
The right time to create a financial plan is right now. No matter what your income level or what your hopes for the future, you need a solid plan to achieve your goals. Drifting through life without carefully set goals and well-researched methods of achieving them is a recipe for disaster. To enable your money to offer you more of what you want out of life, start creating a financial plan today.

Steam Fish Rolls

Ingredients for Omelette

3 eggs
1/2 tsp of salt
a few dash of pepper

For the rolls :

300 grms of fish paste
1 red chili - chopped finely
3 spring onions - only the green part and chopped finely
half carrot - chopped finely
2 sheets of seaweed (Optional)

For the sauce :

1/2 cup of chicken stock
1 tsp of soy sauce
1 tsp of corn starch
1 tbsp of oyster sauce
1 tsp of sugar

1) Beat eggs with salt and pepper. Heat a large non stick pan with a little bit of oil and fry half of the egg mixture to make a thin flat omelette. When is lightly brown flip it over and then set it aside.
2) For the fish paste, add in some salt and pepper to taste and mix it really well.
3) Place the seaweed on top of the omelet and spread a thin layer of fish paste on it.
4) Sprinkle chopped chili, spring onions and carrot on top. Roll it up carefully into a long tube.
5) Transfer the rolls to a steamer and steam for 20 min on high heat.
6) While the rolls is steaming, make the sauce. Combined all the ingredients except the corn starch and bring it up to a boil. Let the sauce reduce a bit and thicken it up with cornstarch.
7) Cut the rolls into slices and drizzle the sauce over. Serve warm

Miami, Florida Information

Miami (pron.: /maɪˈæmi/ or /maɪˈæmə/)^[6] is a city located on the Atlantic coast in southeastern Florida and the county seat of Miami-Dade County. The 42nd largest city proper in the United States, with a population of 408,568, it is the principal, central, and most populous city of the Miami metropolitan area, and the most populous metropolis in the Southeastern United States.^[7] According to the U.S. Census Bureau, Miami's metro area is the eighth most populous and fourth-largest urban area in the United States, with a population of around 5.5 million.^[8][9]

Miami is a major center and a leader in finance, commerce, culture, media, entertainment, the arts, and international trade.^[10][11] In 2010, Miami was classified as an Alpha- World City in the World Cities Study Group’s inventory.^[12] In 2010, Miami ranked seventh in the United States in terms of finance, commerce, culture, entertainment, fashion, education, and other sectors. It ranked thirty-third among global cities.^[13] In 2008, Forbes magazine ranked Miami "America's Cleanest City", for its year-round good air quality, vast green spaces, clean drinking water, clean streets and city-wide recycling programs.^[14] According to a 2009 UBS study of 73 world cities, Miami was ranked as the richest city in the United States, and the world's fifth-richest city in terms of purchasing power.^[15] Miami is nicknamed the "Capital of Latin America",^[1] is the second-largest U.S. city (after El Paso, Texas) with a Spanish-speaking majority, and the largest city with a Cuban-American plurality.^[16]

Downtown Miami and South Florida are home to the largest concentration of international banks in the United States, and many large national and international companies. ^[17][18] The Civic Center is a major center for hospitals, research institutes, medical centers, and biotechnology industries. For more than two decades, the Port of Miami, known as the "Cruise Capital of the World," has been the number one cruise passenger port in the world. It accommodates some of the world's largest cruise ships and operations, and is the busiest port in both passenger traffic and cruise lines.^[19][20]

                                              Miami Beach

                                           The hotel is by the beach

= 

                                           Shopping mall at Miami

Eberglades Ariboat Adventure, Miami

Everglades Airboat Adventure:
Take a journey with one of the comfortable airboats into the wilderness of Miami! During a thirty-minute adventurous ride you will be able to spot some of the wilderness' exotic creatures - alligators, turtles and native flora and fauna can be seen in their natural environment. You will also be able to enjoy the breathtaking panoramic views, lush vegetation and tranquility away from city. After the Everglades airboat tour, you will see the alligator wildlife show and experience the jungle walking trail filled with crocodilian exhibits. This venue has ample facilities throughout, a restaurant and a gift shop. It's a truly memorable and exhilarating adventure.
Everglades Airboat Adventure departs from Miami Beach and Downtown Miami Hotels or at Gray Line Central Station at Bayside Marketplace.

Hard Rock Cafe, Miami, Florida

Inside Hard Rock Cafe, Miami

Miami has everything - climate, beaches, food, music, unsurpassed nightlife and fabulous art deco style. But it's the people more than anything that make this city unique. Half the population is Hispanic (mostly Cuban), and there's a large influx of Jewish and Jamaican culture flourishing as well. The Hard Rock Cafe Miami, true to our "Love All, Serve All" motto, is proud of this city's diversity and honors it at our thriving Biscayne Bay location in bustling Bayside Marketplace. We're easy to find for all. We are located in the southern most part of Bayside Mall by the Marina. So come on inside, sit back, relax and enjoy our excellent food and Miami-Heat-quenching drinks! Or maybe drinking in the views of massive rock memorabilia displays is more your cup of tea. This is definitely your kind of place, too. Whoever, whatever. That's how we do it at the Hard Rock Miami, so make us your place to gather in unity. Whether Madonna or Ricky Martin-spotting, we're by far the coolest spot in this hot, Hot, HOT town.
Address:
Hard Rock Cafe Miami
401 Biscayne Blvd. R-200
@ Bayside Marketplace
Miami, FL 33132
http://www.hardrock.com/

Retirement Planning: Why Plan For Retirement?

Filed Under » Bonds, Enron, Life Stage - Retirement, Options, Retirement Budgeting, Retirement Planning

Before we begin discussing how to plan a successful retirement, we need to understand why we need to take our retirement into our own hands in the first place. This may seem like a trivial question, but you might be surprised to learn that the key components of retirement planning run contrary to popular belief about the best way to save for the future. Further, proper implementation of those key components is essential in guaranteeing a financially secure retirement. This involves looking at each possible source of retirement income.

Uncertainty of Social Security and Pension BenefitsFirst off, we need to be up front about the prospects of government-sponsored retirement - they're not very good. As we all know, the developed world's populations are continuing to age, with fewer and fewer working-age people remaining to contribute to social security systems.

For instance, consider that according to a 2005 study by Stephen C. Goss, chief actuary of the Social Security Administration, the ratio of covered workers versus the number of beneficiaries under the U.S. Social Security program has been reduced significantly over the years. In 1940, there were 35.3 million workers paying into the system, with only 222,000 beneficiaries - a ratio of 159 to 1. In 2003, the number of workers increased to 154.3 million, with 46.8 million beneficiaries - a ratio of 3.3 to 1. (For related reading, see Introduction To Social Security and The Generation Gap.)

A similar pattern exists with other pension systems, including those in many European nations. At the same time, greater and greater burdens are being placed on the system, as more and more people retire and, due to advances in health care, are living longer than ever before.

This "double-whammy" effect holds the potential to put significant strains on the system and could leave governments with no other viable option but to reduce social security benefits or suspend them altogether for all but the poorest of the poor.

Private pension plans aren't immune to shortcomings either. Corporate collapses, such as the high-profile bankruptcy of Enron at the turn of the century, can result in your employer-sponsored stock holdings being wiped out in the blink of an eye. (To learn more about how this happens, read What Enron Taught Us About Retirement Plans.)

Defined-benefit pension plans, which are supposed to guarantee participants a specified monthly pension for the duration of their retirement years, actually do fail every now and again, sometimes requiring increased contributions from plan sponsors, benefit reductions, or both, in order to keep operating. (For more on this topic, check out The Demise Of The Defined-Benefit Plan.)

In addition, many employers who used to offer defined-benefit plans are now shifting to defined-contribution plans because of the increased liability and expenses that are associated with defined-benefit plans, thus increasing the uncertainty of a financially secure retirement for many.

These uncertainties have transferred the financing of retirement from employers and the government to individuals, leaving them with no choice but to take their retirement planning into their own hands.

Unforeseen Medical ExpensesWhile the failure of a social security system may not occur, planning your retirement on funds you don't control is certainly not the best option. Even with that risk aside, it's important to realize that social security benefits will never provide you with a financially adequate retirement. By definition, social security programs are intended to provide a basic safety net - a bare minimum standard of living for your old age.

Without your own savings to add to the mix, you'll find it difficult, if not impossible, to enjoy much beyond the minimum standard of living social security provides. This situation can quickly become alarming if your health takes a turn for the worse.

Old age typically brings medical problems and increased healthcare expenses. Without your own nest egg, living out your golden years in comfort while also covering your medical expenses may turn out to be a burden too large to bear - especially if your health (or that of your loved ones) starts to deteriorate. As such, to prevent any unforeseen illness from wiping out your retirement savings, you may want to consider obtaining insurance, such as medical and long-term care insurance (LTC), to finance any health care needs that may arise. (To learn more about providing for your medical expenses, read Medicaid Versus LTC Insurance, The Evolution Of LTC-Insurance Plans, Long-Term Care: More Than Just A Nursing Home and A New Approach To Long-Term Care Insurance.)



Estate PlanningSwitching to a more positive angle, let's consider your family and loved ones for a moment. Part of your retirement savings may help contribute to your children or grandchildren's lives, be it through financing their education, passing on a portion of your nest egg or simply keeping sentimental assets, such as land or real estate, within the family.

Without a well-planned retirement nest egg, you may be forced to liquidate your assets in order to cover your expenses during your retirement years. This could prevent you from leaving a financial legacy for your loved ones, or worse, cause you to become a financial burden on your family in your old age. (For more insight, read The Importance Of Estate And Contingency Planning.)

The Flexibility to Deal With ChangesAs we know, life tends to throw us a curve ball every now and then. Unforeseen illnesses, the financial needs of your dependents and the uncertainty of social security and pension systems are but a few of the factors at play.

Regardless of the challenges faced throughout your life, a secure nest egg will do wonders for helping you cope. Financial hiccups can be smoothed out over the long term, provided that they don't derail your financial plan in the short term, and there is much to be said for the peace of mind that a sizable nest egg can provide.

Read more: http://www.investopedia.com/university/retirement/retirement1.asp#ixzz2LJyCtQV6

Potatoes Salad

Ingredients
- Potato
- Broccoli
- Lettuce
- Cherry Tomato
- Capsicum
- Salt & pepper
- Japanese Mayonnaise or normal mayonnaise

Method
1. Peel the potato skin, cut into cubes and boil into hot water for 10 minutes
2. Let the boiled potato cool down for 5 minutes and smash with 90ml Japanese mayonnnise, season with some salt and pepper
3. Cut the brocolli into pieces and boil for few minutes
4. Cut the cherry tomatoes into halfand use a small knife to carve capsicum to the star shape
5. Decorate the lettuce as the base layer on the plate
6. Wrap the smash potato into the plastic wrap and make the lease shape
7. Decorate with some cherry tomatoes, broccoli and star shape capsicum