How to Form a Financial Plan
In honor of Hispanic Heritage Month, we hosted a #CreditChat to focus on financial planning for the Hispanic/Latinx community.
The economic disparity among the Hispanic/Latinx community presents a lack of resources and accessibility to services on financial literacy. Today we hope to educate the community on financial planning! #CreditChat pic.twitter.com/g8oZ8b88JD
— Experian #StaySafe (@Experian) October 7, 2020
The panel included Rod Griffin: Senior Director, Consumer Education and Advocacy, Experian; Christina Roman: Consumer Education and Advocacy Manager at Experian; Forbes Advisor; Amanda Arizola: Community Advocate for Healthcare, Financial Stability and Latino Literacy; Xavier: Personal Finance Blogger; Chris Taylor: Award-winning personal finance journalist; Kiplinger; Beverly Harzog: Credit Card Expert and Consumer Finance Analyst for U.S. News; Janet Alvarez: Award-winning financial journalist and money expert; Take Charge America; Lawrence D. Sprung: CFP® President of Mitlin Financial, Inc; Leslie H. Tayne, Esq: Founder and Managing Director of Tayne Law Group, P.C. (f/k/a The Law Offices of Leslie H. Tayne, P.C.); Mike Periu: Angel investor and advisor, NerdWallet; Jannese Torres-Rodriguez: Creator and host of the Yo Quiero Dinero podcast; and Patrina Dixon: Certified Financial Educator.
Questions We Discussed:
Q1: When should you start financial planning, and why is it important?
Q2: What does financial planning entail?
Q3: What is the difference between financial planning and budgeting?
Q4: How do you manage debt in your financial plan?
Q5: How can a financial plan save you money?
Q6: What is an IRA, and how can you get started?
Q7: What are some tips for organizing your bill-paying process?
Q8: How do you check your credit score and improve it?
Q9: What are some tips for staying disciplined and committed to your financial plan?
Q10: Any final tips for creating a financial plan?
Retweet these insights from our community:
In honor of #HispanicHeritageMonth, today’s #CreditChat will focus on financial planning for the Hispanic/Latinx community. #CreditChat pic.twitter.com/PkZ1iCU2Dr
— Experian #StaySafe (@Experian) October 7, 2020
A1:
A1: You should come up with a #financialplan as soon as you can. #Financialplanning includes everything from defining your goals to executing on them with a budget and/or saving and investing plan, so it’s really never too early to get started! #creditchat
— Accredited Debt Relief (@Accredited_Debt) October 7, 2020
A2:
A financial plan includes developing a budget & reducing expenses. Your budget serves as a guide to saving and spending so you can stay on track with your financial goals, while a cost-cutting program can help ensure you’re saving more money than you’re spending. #CreditChat pic.twitter.com/dkkoX9ydNa
— Experian #StaySafe (@Experian) October 7, 2020
A2: You need a budget, a way to track expenses and financial goals. I also suggest using a financial planner to help you set realistic goals and stay on track. Here’s more info from @USNewsInvesting. #CreditChat https://t.co/HNfWAg5azA
— Beverly Harzog (@BeverlyHarzog) October 7, 2020
A3:
A3. Budgeting is only one small part of putting together a financial plan. A financial plan can address areas such as cash flow, planning investments, retirement planning, estate planning, education planning, and risk management. This is not an exhaustive list #CreditChat
— Larry Sprung, CFP® (@Lawrence_Sprung) October 7, 2020
A4:
Managing debt isn’t easy – luckily, financial plans help us stay organized! #CreditChat pic.twitter.com/Sl4uzLzHCi
— Experian #StaySafe (@Experian) October 7, 2020
A4. Planning is a roadmap towards your financial future and it should provide a guide for how you invest. Keep in mind, investments are simply one component of the plan. #CreditChat
— Larry Sprung, CFP® (@Lawrence_Sprung) October 7, 2020
A5:
A5. When you start planning it will become a lifestyle to stop wasting money and throwing it away on impulse purchases. #CreditChat
— Nicole Perez (@nicole_perez1) October 7, 2020
A6:
A6) IRAs are useful retirement saving vehicles for people of all ages. As an example, Roth IRAs offer all workers, but particularly those starting out in the workforce, a tax-free, flexible savings vehicle that really pays off over time. #CreditChat https://t.co/Wg4NW1lN4w
— Kiplinger (@Kiplinger) October 7, 2020
Saving for retirement may seem far away, but it’s important to start early to have financial stability in the long-run. #CreditChat pic.twitter.com/fmcvFwYlOu
— Experian #StaySafe (@Experian) October 7, 2020
A7:
A7: Automate. Automatic payments eliminate the risk of being late-as long as your account has sufficient funds. #creditchat
— Rod Griffin (@Rod_Griffin) October 7, 2020
To make your life easier, set up autopay on your accounts. You can usually set the payment date and the amount you want to pay. If you don’t want to set up autopay, consider enrolling for text or email reminders instead. #CreditChat pic.twitter.com/UPSKq2EaFA
— Experian #StaySafe (@Experian) October 7, 2020
A8:
A8 with experian and you can improve it with Expedia boost. Also by taking out small loans you know you can easily repay if you want to build more credit, I had no idea if you don’t take out lines of credit your score goes down. #CreditChat
— bobbi obanion (@swmh1409) October 7, 2020
There are a few ways to check your credit scores:
▪️You can obtain your free FICO® Score through Experian.
▪️ Check with your credit card issuer or lender.
▪️ Visit a nonprofit credit counselor.https://t.co/vTemrgUWE3 #CreditChat— Experian #StaySafe (@Experian) October 7, 2020
A9:
A9. Remember your “WHY.” I’m building generational wealth for my ancestors who couldn’t. That’s what keeps me going! I want to be the lady with $1000 in the $20 handbag, not the lady with $20 in the $1000 handbag. #CreditChat pic.twitter.com/LdrU7i4Dd2
— Jannese @ Yo Quiero Dinero Podcast (@DineroPodcast) October 7, 2020
A10:
A10: No matter what method you use, by calculating your income and expenditures, determining how you will meet your financial goals and planning for your discretionary expenditures, you will have the framework you need to make your finances fit your life. #CreditChat
— Forbes Advisor (@ForbesAdvisor) October 7, 2020
If you pay a utility, telecom or Netflix bill using your bank accounts, consider using Experian Boost to get credit for your past on-time payments and instantly raise your credit scores. https://t.co/3pQpw7NFcZ #CreditChat #ExperianBoost
— Experian #StaySafe (@Experian) October 7, 2020
Starting an emergency fund can help during life’s unexpected moments. #CreditChat pic.twitter.com/yEV5FaZ1ez
— Experian #StaySafe (@Experian) October 7, 2020