(NewsUSA) - Given the unique challenges and frequent unpredictability of a military lifestyle, financial planning is especially valuable and necessary for military families. There are several opportunities for military families to reach their financial and savings goals, such as low-cost investments, loans, insurance and legal protection.

Applying the same mission mindset to managing finances that you bring to managing your military career can be especially helpful, says Steve Repak, CFP,® an Army veteran who went on to a career as a CERTIFIED FINANCIAL PLANNER™ professional after 12 years of military service.

"If I had done a little planning and executed on what might have been a slightly painful budget when I first joined the military, I wouldn't have been left with so much credit card debt," he acknowledges.

To make the most of your finances, plan a strategy for saving and investment just as you would plan a military maneuver. Here are a few helpful tips to help you reach your financial planning goals:

* Identify your goal. First, identify where you are and where you want to be -- then outline the steps to get there. Start by figuring out your monthly income and expenses, and create a budget with how much you want to have in savings each month. Put a plan in place to reduce or eliminate spending to meet your goal.

* Turn to your team. Military families can consult a range of resources for help in developing a financial plan, including Army Community Services (ACS) for Army personnel. In addition, a CFP® professional can help clarify financial goals and objectives and offer strategies for meet`ing them.

* Be determined and take action. What you know about financial planning is less important than what you do about it, Repak says. Adopt a "war fighting spirit," and do what is necessary to accomplish your mission. Whether it is saving money, reducing debt or building wealth for retirement, taking specific steps for money management now will pay off with financial freedom in the future.

Visit LetsMakeAPlan.org for more advice and tips to help military families meet their financial goals.

(NewsUSA) - Regardless of whether you are active duty or a veteran, a career in the military requires many individuals and their families to make sacrifices for their country. Thankfully, financial stability does not have to be one of them.

There are many resources for members of the military and their families to remain financially secure, as well as practical advice to manage their finances without additional stress.

Personal situations may be different for active duty, deployed and retired service members. But all can benefit from having a comprehensive financial plan in place and working with a qualified financial advisor.

Military OneSource offers financial counseling to the military community through the U.S. Defense Department, but you can also find a local CERTIFIED FINANCIAL PLANNERTM professional to provide you with competent, ethical and holistic financial planning advice. Some CFP® professionals even specialize in working with military and government clients.

U.S. Navy veteran Mark Wernig, CFP® offers four examples of how military members and their families can benefit from developing a financial plan:

1. Create a budget. Keep track of your income and spending. For deployed service members, this may also involve determining who and which funds will pay the bills. Special pay or entitlements may boost your spending or savings.

2. Invest in savings plans. A CFP® professional can help you make sense of the different savings options, including the Thrift Savings Plan and TSP Savings Deposit Program, and low-cost investment opportunities available to service members. They will also make sure you've established a sufficient emergency fund.

3. Manage your debt. A financial plan includes the amount of debt you owe, the interest rate on each debt and your monthly payment amounts. It also lays out which debts you will pay first, or put the most money toward. "In addition to mapping out this information, a CFP® professional can help you determine if military-focused financial programs, including the Servicemembers Civil Relief Act, can help reduce your debt," adds Wernig.

4. Maximize benefits programs. People who have served in the military have access to special financial benefits. This can include healthcare services, mortgages with no or low down payment, GI Bill educational benefits and special legal protections, among others. A CFP® professional can help you determine and take advantage of the varied benefits to which you are entitled.

Focusing on financial preparedness and sustaining healthy financial habits will help you and your family navigate the challenges of military life.

You can use the "Find a CFP® Professional" search tool on LetsMakeaPlan.org to locate CFP® professionals who focus on clients in the military. You can also connect with local veteran- and military-based community organizations for more information on the special programs and benefits available to you and your family.

(NewsUSA) - Deciding to select and partner with a financial planner to bring all the pieces of your financial life together is a big step for you and your future.

But before you meet with your CERTIFIED FINANCIAL PLANNER™ for the first time, you should familiarize yourself with the financial planning process, gather key information, have an idea about your goals and prepare a list of questions.

"You should also have an idea of what your CFP® professional is likely to discuss at the meeting," says Elaine King, CFP®.

This preparation is very important, but unfortunately, often forgotten by many new clients when meeting their financial planner for the first time.

"I have found that when some clients first meet me, they spend a lot of time over-explaining or justifying their prior financial decisions," says Charles Weeks, CFP® "In this case, don't worry. Your CFP® professional is not here to judge you -- only to help you!"

Below are some common financial mistakes that many clients make before they meet with a financial planner.

"If any of these sound familiar to you, you may want to address them before meeting with your CFP® professional the first time," Weeks adds.

- Insurance issues. Many people don't know what their insurance policies cover and don't cover. "At a minimum, you need to make sure you carry enough underlying liability insurance to protect your assets and income if you are involved in an accident or lawsuit," Weeks advises.

- Insufficient emergency funds. Weeks says he rarely sees clients with the recommended "emergency fund," three to six months' worth of nondiscretionary expenses. An emergency fund should be kept in a cash or cash equivalent, so it maintains its expected value and can be readily available when needed.

- Cash-hoarding concerns. Some cash is good, but hoarding too much cash can be detrimental. The main problem: Inflation will reduce the purchasing power of cash over time.

- Debt-management doubts. "Know the difference between good and bad debt," Weeks says. Good debt is debt we hold on appreciating assets such as a mortgage or a business loan. Bad debt is debt owed on depreciating assets, such as high-interest-rate consumer debts. Bad debts should be prioritized and paid as quickly as possible.

- Estate-planning procrastination. Your loved ones need a blueprint on dealing with the financial consequences of your passing. "By leaving family members unprepared, you leave them vulnerable to financial hardship on top of the emotional hardship they already bear," says Weeks.

If you are guilty of any of these financial pitfalls, explain them to your CFP® professional, and he or she will help you develop a sound financial plan.

Visit LetsMakeAPlan.org for more information on how to find a CFP® professional, common financial missteps and how to make the most of that first meeting.

(NewsUSA) - The number of women starting their own businesses continues to rise. According to data from American Express, women create more than 1,800 new businesses in the United States each day. As people reassess their careers and goals in the wake of the pandemic, more women are making the decision to start their own businesses and be their own bosses.

However, data from the Bureau of Labor Statistics show that approximately 20 percent of new small businesses fail in their first year. The most common reasons that small businesses fail include: a lack of capital or funding, inadequate management and/or a bad business model.

Fortunately, smart financial planning can help avoid these common pitfalls.

Based on interviews with successful women entrepreneurs, Scott Ward, a CERTIFIED FINANCIAL PLANNER™ professional, proposes creating a financial plan that incorporates three sequential stages of the entrepreneurial journey: the launch phase, the lead phase and the letting-go phase.

Launch. Ward advises women starting a business to transition into it, and not quit their day jobs just yet. This can be an effective way to manage cash flow. They should also pay themselves for their work and take a paycheck, maintain good credit and keep a close eye on their capital.

Lead. The lead phase is when business owners need to assess how to be leaders in their industries. Women who inherit existing businesses may need to innovate and invest in employees with fresh ideas. Expanding businesses must also be aware of legal and financial hurdles.

Let go (or don't). Don't forget about succession planning. Even as you enjoy the success of your business, a financial plan can be especially helpful on all areas affected by succession -- including business transition, tax planning, investment strategies and estate planning.

When choosing a CFP® professional to guide the launch of a startup business, Lynn Ballou, CFP® reminds women to ask questions and make an informed decision. In addition to asking financial advisors the typical questions, women entrepreneurs may also want to ask them to share:

• A sample financial plan for a startup business,
• How privacy and cyber security are handled, and
• How to create a team of advisors (if needed) to address various elements of business, such as insurance or tax.

"You can ask these questions at your first meeting or send them in advance, so the planner is ready to address them when you meet," Ballou says. "You might also find some of this information on the advisor's website."

If you are a female entrepreneur (or are interested in becoming one) and would like to collaborate further on a specific planning strategy, connect with a CFP® professional today. More resources and articles on small business planning and financial topics relevant for women can be found at LetsMakeAPlan.org.

(NewsUSA) - October is Cybersecurity Awareness Month, when people and organizations learn how to reduce their cybersecurity risks and protect themselves online.

Although people are becoming smarter in the way they handle cyberattacks, cybersecurity threats remain prevalent at financial services firms. In fact, the cyber and intelligence unit of BAE Systems found that 74% of financial institutions, such as banks and insurers, have experienced a rise in cyberattacks since the pandemic began.

This is why consumers need to stay vigilant when it comes to sharing their financial information.

"The online world makes many aspects of financial planning quicker and easier," says Felicia Gopaul, CFP®. "Unfortunately, it also opens the door to identity fraud."

Identity fraud is any instance of using someone else's identifying information without their permission. The most common instances of identity fraud are stealing a credit card number, insurance information, or a Social Security number to get a job or open an account.

"Older adults are often vulnerable to identity fraud by family members," adds Gopaul.

"As you age, you are more likely to rely on friends and family to assist you with making financial planning appointments and handling your banking. This trust potentially opens you up to becoming a victim if you don't monitor your banking and investment accounts," she emphasizes.

When hiring a CERTIFIED FINANCIAL PLANNERTM professional for any reason -- whether to establish future goals, manage debt or enter retirement -- make cybersecurity part of the conversation. Ask your CFP® professional how your financial and personal information will be protected, what security provisions are in place for transactions, and how they handle naming trusted contacts.

At home, be as conscious of cybersecurity as you would be in an office. No one wants to think ill of family or friends, but some people find it irresistible to peek if you leave bills, financial statements or financial planning documents lying around, or if you have passwords taped to the computer.

If you discover that you are a victim of identity theft, whether from a friend or an unseen stranger online, take these three steps immediately:

* File a police report. Even if you suspect a friend or family member, failing to file a report will leave you liable for any expenses.

* Put a lock on your credit file. This will prevent others from applying for credit using your personal information. This strategy keeps an identity thief from continuing to take out credit using your information.

* Get professional help. If you work with a CFP® professional, tell them what has happened. They can support you in monitoring your accounts during your reviews. Whether you have experienced identity theft or not, some CFP® professionals might be able to set up triggers similar to those sent by banks that ask, "Did you make this transaction?"

The most important thing you can do is keep your private financial information secure. A dose of caution about the financial information you leave unprotected will reduce the opportunity for you to be a victim of identity theft. A CFP® professional can guide you and help ensure that you have confidence today and a more secure tomorrow.

Have you already been a victim of identity fraud, or want to better prepare? At LetsMakeAPlan.org, you can learn how you can recover your finances and bring all the pieces of your financial life together in a safe and secure manner with the help of a CFP® professional.

(NewsUSA) - New Year's Day is a popular time for making resolutions to save more and spend less, but you don't have to wait until January 1 to commit to financial well-being. This October 6, World Financial Planning Day provides the perfect opportunity to refresh your financial plan and set goals for your future.

World Financial Planning Day is dedicated to increasing financial literacy worldwide and helping people understand the value of financial planning, as well as the role a competent and ethical financial planner can play in making sense of your finances.

Experts agree that it's important to periodically review your financial plan to determine if adjustments are needed, particularly given the economic and personal impacts of the COVID-19 pandemic. If your circumstances have changed, your financial plan may need to change, too.

A CERTIFIED FINANCIAL PLANNERTM professional is a highly trained and trusted advisor who can help you get a holistic view of your finances, identify the short- and long-term goals most important to you, and determine if you need a financial refresh to get there.

A CFP® professional can help you set and achieve goals, such as these:

* Afford a comfortable retirement. A CFP® professional can help you take advantage of saving and investing opportunities as you age, estimate your expenses in retirement, and prepare to have enough money to cover those costs for your lifetime.

* Buy a home. CFP® professionals can recommend key insurance, saving and budgeting strategies for buying a home and protecting what you own. They can also advise you on special programs to help reduce housing costs.

* Pay for a child's education. Understanding the tax breaks, savings plans and financial aid options that can make the cost of college more affordable are some of the ways that CFP® professionals can help you reach this goal, in addition to recommending strategies for paying off student loans.

* Start or grow a business. A CFP® professional can provide guidance on retirement savings plans for yourself and your employees, debt financing, succession planning, and adapting your personal financial plan to suit the risks and realities of owning a business.

* Get out of debt. CFP® professionals work with you to determine which debts to focus on repaying first and how to reduce what you pay in interest.

Visit LetsMakeAPlan.org to find a CFP® professional and learn more about how they can help you reach your goals by bringing all the pieces of your financial life together. Then you can mark this World Financial Planning Day as the kickoff to working with a competent, ethical financial planner to map out your financial future.

(NewsUSA) - A growing body of research shows that throughout the next decade women will control significantly more financial assets. Today, they control a third of total U.S. household financial assets (about $10 trillion), but by 2030 women are expected to control most of the $30 trillion in financial assets currently held by baby boomers.

McKinsey & Company reports that the biggest reason for this shift is demographics. Younger women are making more financial and investment decisions than they were 5 years ago. Additionally, older women are set to inherit the assets of joint households (households where a woman is present but hasn't been actively involved in financial decisions).

Meanwhile, American Express estimates there are nearly 13 million women-owned businesses in the United States. They state that "the potential of women entrepreneurs for spurring economic growth has not been fully realized."

As women take charge over a greater share of financial assets, it's important that they seek out financial professionals that best meet their needs.

If you are one of these women, your financial responsibilities probably are or will become significant, and you may have wondered if you need some help. Working with a trustworthy financial advisor -- such as a CERTIFIED FINANCIAL PLANNERTM professional -- can help you navigate financial challenges related to life's transitions, family responsibilities and earnings potential.

Here are 4 examples of why it is important for women to work with a financial planner:

1. During the pandemic, many women have been laid off, furloughed or reduced their working hours. Unfortunately, time away from your career can have negative financial implications -- both for short-term cash flow and long-term goals, such as saving for retirement. A CFP® professional can help you stay focused on the future after a career transition or other earnings gap.

2. If you own a business (or plan to start one), a CFP® professional can collaborate with you to create a financial plan that incorporates different stages of the entrepreneurial journey, including the start-up phase, growth, expansion and succession planning.

3. A CFP® professional can help couples merge, reset or adjust their finances. Whether you are getting married or have made another long-term commitment to each other, a CFP® professional can help you evaluate Social Security maximization strategies, tax implications, and options for retirement planning and estate planning. In these cases, it is important that women have a relationship with their advisor, regardless of who serves as the primary financial decisionmaker for their family.

4. A CFP® professional can help manage estate planning. When you lose a loved one, your financial planner can help you handle insurance claims and policies, review Social Security and retirement benefits, and understand where investment accounts are located. They can also help you manage any inheritance you receive.

If you decide to work with a financial planner, you'll want to conduct due diligence before entrusting someone with your most important decisions. Visit LetsMakeAPlan.org to find CFP® professionals, then interview several of them -- asking questions about their service model and experience, among other areas -- to find the right fit.

Once you establish a relationship with your financial planner, keep in touch with them and stay involved in your finances. Together, you and your financial planner can work toward and reach your financial goals.

(NewsUSA) - For many people, the idea of creating and sticking to a budget is intimidating. The thought of investing, managing debt and saving for major purchases, such as a house or car, can leave anyone overwhelmed.

"A budget is a necessity for controlling spending and working toward financial goals," says CERTIFIED FINANCIAL PLANNER™ professional Ross Levin, CFP®. "But what people don't remember is that budgeting is actually about making choices."

One smart (but ironic) choice you can make is to budget for a financial planner -- who will help you better manage your budget. A skilled financial planning professional can help you build a workable budget and give you the tools and encouragement to stick with it.

How do you pay for a financial planner?

Although financial planners aren't free, their valuable expertise can help you plan for many parts of your life -- not just help you budget.

There are various ways a CFP® professional may get paid for their services, and some options might be friendlier to your budget than others. Common ways that financial planning services are paid for may include:

• Commissions on products you buy, or transactions you make,
• Fixed fees for particular services,
• Hourly rates,
• Monthly or quarterly retainer or subscription fees,
• A percentage of the assets they manage for you, or
• A combination of the above.

It is important to ask your financial planner a number of key questions, including how clients pay the advisor and what costs you should expect in working with them. Their answers should help you determine how much to include in your budget to pay for your financial planner's services.

What will you get for your money?

Financial planners provide a variety of services that more than offset their cost. A CFP® professional can advise you about the details of the tax code, how to best save for retirement or other goals, and how to manage the risks and rewards of your investments. A CFP® professional can also guide you on how to use your health savings account effectively, and how to maximize tax benefits from charitable donations.

CFP® professionals provide advice to guide financial decisions at all stages of life, including when or whether to buy or refinance a home, how much to put aside for a child's education, and how to invest for long-term wealth.

"A good financial planner will not only help you set your goals, but also track your progress toward achieving them. And when your objectives change [as they often do], your plan can change with it," says Levin.

Visit LetsMakeAPlan.org for more information about the benefits of financial planning, why it is worth fitting into your budget and how to find a CFP® professional who can help you manage your financial future.

(NewsUSA) -High-achieving college graduates are continuing to flock to Wall Street pursuing dream careers in finance. This year, investment banks and other financial firms received record numbers of applications for internships, leading prospective candidates to seek new ways to stand out.

Inspired by this strong interest, CME Group, the world's leading and most diverse derivatives exchange, is offering an innovative opportunity for undergraduate and graduate students to shine: the 18th annual University Trading Challenge, which enables future professionals to try their hand at trading.

The competition is free to enter and runs from October 3 to October 29. Teams of three to five will learn expert techniques on how to trade CME Group futures across all major asset classes using a real-time professional trading platform. Live market data and premium news articles are also provided to students free of charge. First-place team members will each receive a $2,000 cash prize, with additional prizes awarded down to the fifth-place team.

"It's an exciting time for students who are planning to pursue a career in finance and want to gain insight into our industry," says Anita Liskey, Senior Managing Director, Global Brand Marketing and Communications. "This [global] competition provides the next generation of financial leaders with a unique opportunity to learn about futures trading and risk management -- skills that can help them navigate a variety of economic environments in their future careers."

Teams will be able to trade on CME Globex by using CQG's trading applications. Futures products in the challenge include agriculture, energy, metals, equity indices, interest rates and foreign exchange contracts.

CME Group provides a wide range of risk management education, including its CME Institute education hub, which offers detailed courses, webinars and videos on trading futures on options markets, as well as a trading simulator.

CME Group also partners with other industry organizations to offer educational tools, such as Futures Fundamentals, a one-stop educational resource for "Futures 101" to help beginners understand the role of futures markets in everyday life.

Registration for the competition is open now through September 30.

To register and view details on eligibility, rules, regulations and requirements, visit https://www.cmegroup.com/events/university-trading-challenge/2021-trading-challenge.html.

(NewsUSA) - The "Sandwich Generation" is a term that can be used to describe many adults in their 30s through 50s who support both their children and their parents -- whether financially, physically or mentally.

These adults are often stressed out because they are pulled in two separate directions: They must provide for their (often growing) family, while also taking care of their elderly parents.

To mitigate such stress, Sandwich Generation adults can take the following steps to help manage their multiple roles without jeopardizing their own financial futures:

Set realistic goals. Instead of saying you want to be "comfortable" in retirement or that you want your children to attend "good" schools, define exactly what "comfortable" and "good" mean so you'll know what it takes to reach your goals.

Reevaluate your finances periodically. Your financial goals will change over the years with changes in your lifestyle or circumstances. Revisit and revise your financial plan (and update your estate plan) as time goes by so you stay on track to meet your long-term goals.

Plan for emergencies. Life is unpredictable, and emergencies, accidents and unforeseen events can happen. To protect your finances, plan for the worst by building up an emergency fund.

"Your emergency fund can cover unexpected medical bills, long-term hospital stays and incidental costs that can threaten to throw your budget off," said Marguerita Cheng, CFP®. "The last thing you want is financial worries when you're already stressed and anxious about medical decisions or unexpected occurrences."

Budget for childcare. According to a 2020 childcare survey from Care.com, the average weekly cost of childcare for one child is $244 for an after-school sitter, $300 for a daycare center and $612 for a nanny. Whichever option you choose, it could account for a substantial portion of your budget -- so you may want to ask your elderly parents to help take care of their grandkids.

Just as you need to plan for emergencies and education costs, Sandwich Generation adults also need to prepare for the care for their elderly parents.

Elder care is often provided by family members, as they can help with errands, finances and personal care. Some families share these responsibilities, and some decide on a trusted agent (who may or may not be a family member) to help.

"In either case, it's important to communicate as specifically as possible about the roles and responsibilities of the people caring for your elderly parents. When it's appropriate, put those agreements in writing and in legal form," said Bill Schretter, CFP®.

In addition to communicating responsibilities, Schretter identified four key areas the Sandwich Generation needs to address with aging parents:

1. Estate planning. Ensure that a family member or trusted agent has management or copies of an aging parent's estate planning documents, such as power of attorney and a living will or terminal care directive.

2. Medical care. Budget for medical expenses, and know what medications your elderly parent is taking and why.

3. Money management. Make a plan to oversee bill payments and credit card use. For instance, create a separate checking account for discretionary spending that the elderly parent can control, with limited overdraft protection.

4. Home improvement. Many older adults restructure and renovate their homes to better accommodate their needs as they age. Talk to your parents about budgeting for home renovations that they would like to make.

Opening a dialogue with a CERTIFIED FINANCIAL PLANNER™ professional can help Sandwich Generation adults get expert perspective on their unique challenges in managing finances across generations. Find your CFP® professional today using the Find a CFP® professional tool.