financial advisers

There are many names for the group of people born from about 1981 to 1997-- millennials, Generation Y, Echo Boomers. A survey by investment firm T. Rowe Price called them the Money Conscious Generation.

Not so long ago the Medicare federal health insurance program was relatively simple. Most Americans were more or less automatically enrolled in the program at age 65. Nowadays, Medicare has become vastly complicated, with different enrollment periods, different plans, and lots of other variables at play. Make a mistake in any of these areas and it can cost you money, aggravation, and lost chances to get the best health care.

"Don't put all of your eggs in one basket." Sound advice for anyone with an investment portfolio, including a retirement account. Financial experts recommend diversifying the types of assets you hold and the companies and industries you invest in to minimize risk.

Personal finance is something that leaves a lot of us scratching our heads as we ponder questions like how to save, what to invest, and how to do all this while reducing debt. University of Chicago professor Dr. Harold Pollack and his co-author, financial journalist Helaine Olen, say it really isn't as difficult as some would have you believe. 

Many of us feel we need to take control of our finances and do a better job of managing our money. But it can be difficult to sort through the vast amount of financial advice available today from online sites, cable shows and best-selling authors, and come up with a financial plan that works for our specific situations.

  Carl Richards is a certified financial planner and a columnist for the New York Times. In his latest book, Richards shares the one question that should be at the heart of your personal finance strategy: “Why is money important to me?” 

  Last week, U.S. stocks had their worst one-day drop since February as traders worried about weak corporate earnings and the looming end of economic stimulus from the Federal Reserve. In mid-July, the Dow Jones was over 17,000; by last Friday it had dropped to just under 16,500. We look at the recent volatility in the stock markets, how it affects the average investor, and what those who see their retirement accounts losing value should do.

  Do you need a financial planner or advisor? The answer is a resounding maybe. Everyone's situation is different, but there are stages in life when it could be beneficial to have a professional help you with your finances. Then you have to do your homework, learn how planners make their money, how they are regulated, and what all those letters after their names -CPA, CFP, CLU, or CFA - mean.