1. The scope of family financial planning. Financial planning involves all aspects of life, including career planning, consumption and savings planning, debt planning, insurance planning, investment planning, retirement planning and inheritance planning, and income tax planning runs through all these plans. Income tax is actually the government's share of your success, and people have become more and more accustomed to it. Many people have increased income tax on their payrolls.
(1) career planning. Choosing a job is the first major choice in life, especially for those college students who just graduated. To choose a career, we must first correctly evaluate our personality, ability, hobbies and outlook on life, then collect a lot of information about job opportunities and recruitment conditions, and finally determine the work goal and the plan to achieve this goal.
(2) Consumption and savings plan. You must decide how much of a year's income is used for current consumption and how much for saving. The tasks related to this plan are to prepare balance sheets, annual income and expenditure statements and budget statements, which are tools that people often use to ensure the realization of their goals.
(3) debt plan. Few people can avoid debt in their lifetime. Debt can help us balance consumption in a long life and bring convenience to our shopping. But we must manage the debt well, keep it at an appropriate level, and reduce the debt cost as much as possible.
(4) Insurance plan. The uncertainty of life leads to the constant demand for insurance. When you are young and have no burden, your main wealth is your ability to work. Therefore, you must ensure that you will not lose this ability, so you have no income compensation insurance. When you step into the last stage of your life cycle, the importance of other insurance becomes apparent. With the success of your career, you have more and more fixed assets, such as cars, houses, furniture and electrical appliances. At this time, you need more property insurance and personal credit insurance. In order for your children to live happily after you leave, you need life insurance. More importantly, in order to deal with diseases and other accidental injuries, you need medical insurance, because hospitalization expenses may wipe out your savings.
(5) Investment plan. When our savings are increasing day by day, the most urgent thing is to find a portfolio that can give consideration to profitability, security and liquidity. There are many kinds of investment tools, from the simplest bank savings to the most speculative futures. Successful investors should choose according to their own characteristics.
(6) retirement plan. The retirement plan mainly includes estimating the consumption and other needs after retirement and how to meet these needs without working. Most of us are used to relying on the government's social endowment insurance, but we should know that it is not enough to rely solely on social endowment insurance to live comfortably and independently after retirement. We must accumulate a retirement fund as a supplement when we have the ability to work, because social endowment insurance can only meet people's basic needs.
(7) Heritage plan. If you can live forever, forget it. Unfortunately, immortality is just an elusive myth that people have been pursuing for generations. The main purpose of the estate plan is to make people pay the lowest tax when they leave their property to their heirs. This problem is more prominent in foreign countries, and many countries have stipulated high inheritance tax rates. Although there is no law in this field in our country at present, with the people getting richer, the law of inheritance tax will be introduced sooner or later. The main contents of the estate plan are an appropriate will and a set of tax avoidance measures, such as giving part of the property as a gift to the heir in advance.
(8) Income tax plan. Personal income tax is the government's share of personal success, and income tax will be more and more closely related to people's lives. In the past, personal income tax was associated with singers and rich people, but it seemed to have nothing to do with ordinary people. Now, many people have added "personal income tax" to their payrolls. People often hear that big names evade taxes. Have you ever thought that you can achieve legal tax avoidance by adjusting your behavior?
2. Build a wealth management building. An important aspect of family financial management is to prioritize. There will be many risks and opportunities in a person's life, so you need to take a long-term view. Suppose you are a young man, married and have little savings. At this time, a friend of yours who is a broker tells you that there is a highly speculative investment opportunity. What should you do? This is really a powerful temptation. If you succeed, you can quadruple your money and do things you never dreamed of before. However, once you fail, you will give up many more important plans, which are necessary for your basic life, such as buying a house and having children. Financial experts will advise you to forget about those high-risk investments before implementing the plan you think is the most important.
Personal finance is like Gai Lou, and laying the foundation is the most critical. Buildings can't be castles in the air. You have to build from the bottom first, meet the needs of masonry at the bottom first, and then go up step by step. For example, if you decide to buy national debt as an investment, although the rate of return is not too high, it is safe and stable, which can be used as the tuition fee for your child to go to a public university in the future. On the contrary, if you invest it in speculative stocks, it may be possible to send your children to study abroad in the future, but it is also possible to tell them that you are unable to continue their studies, even in public schools with low tuition fees.
Therefore, when you manage your finances, you must first take safe ways such as savings, national debt and insurance to meet the basic needs of your family. On this basis, invest in high-risk and high-yield projects in order to obtain higher consumption.
3. Financial decision-making. Decision-making is a complicated process, and sometimes it really feels difficult to make a choice. First of all, you should try your best to find all the alternatives, then you should determine the basis for choosing each option and finally choose the best one. Think back to your experience as a volunteer before entering the university. Facing thousands of universities and hundreds of majors across the country, it is really dazzling. Which can bring you the best future? Similarly, in family financial management, there are many times when you need to make decisive decisions. At this time, the basis of judgment is mainly marginal analysis, opportunity cost and time value of money.
(1) marginal analysis. Marginal analysis refers to considering the income or cost of the last unit quantity of a project, rather than considering the average income or cost of all projects. For example, if you just graduated from college and start working, you need to buy several sets of professional clothes for your first job. In order to facilitate the exchange, at least two sets should be bought. How about three sets? At this time, you should consider the benefits and expenses of buying a third suit. If you think it's worth it, buy three sets, otherwise, buy two sets. Obviously, the third set of clothes will bring you less benefits than the first two sets, because two sets of clothes are enough to make people feel that you are neatly dressed.
Marginal analysis is usually used for the comparative decision of two schemes. For example, if you want to choose one of the critical illness insurance policies of two insurance companies, their basic insurance terms are the same, and one of them has serious burns, so its premium is higher. When making a decision, you don't have to consider the total premium, you just need a higher premium and extra insurance, and you can decide which policy to buy.
(2) opportunity cost. From the perspective of investment, opportunity cost refers to the maximum income you can get when you put money into one investment activity and give up other investment activities. There are many alternatives, and when one of them is adopted, the others are actually abandoned. If you decide to work in the summer vacation to earn money, then you can't go to the seaside to watch the sunrise, so the opportunity cost of your job is the pleasure of watching the sea.
What is the opportunity cost of choosing to be a teacher instead of going into business or politics? What is the opportunity cost for you to go to college for further study? What is the opportunity cost of renting a house instead of buying one? Wait a minute. Some of these problems are easily measured by numbers, while others are determined by personal values and can only be decided by individuals.
For example, whether to go to college or not, the general analysis is to consider the cost of going to college and the knowledge and ability that college education can bring you, while the opportunity cost analysis considers: I will get knowledge and ability when I go to college; If I don't go to college, I can gain experience through this period of work, and maybe I will meet good opportunities. The experience and opportunity here is the opportunity cost of going to college. If you think the opportunity cost is less than the income from going to college, you should choose to continue your studies. Some people pay more attention to the accumulation of experience and opportunities, and he will choose a job.
(3) Time value of money. Financial decision-making will be more related to the inflow and outflow of money in a certain period in the future, which needs to consider the time value of money. The time value of money refers to the increased value of money after a certain period of investment and reinvestment. Of course, you know that ten thousand yuan today is not equal to ten thousand yuan three years later. If you have two investment opportunities and invest 654.38+10,000 yuan at the same time, one opportunity can recover130,000 yuan after two years, and the other opportunity can allow you to recover1320,000 yuan after three years. Which do you think is better? In terms of the amount, of course, the second scheme has a large income, but if the time value factor is considered, it is not so good to judge. The usual practice is to convert the income of two investment opportunities into present value and then compare them.
If you really think that financial decision-making is too complicated for you to master, you can consult a financial planner. This profession has become more and more popular abroad, just like accountants and lawyers. The main function of financial planner is to help people make reasonable financial plans. They have a broad and in-depth understanding of taxation, insurance, investment and finance. Although they are not necessarily experts in these fields, they usually have extensive knowledge and can quickly and sensitively find problems and make suggestions.
It is not easy to choose a good financial planner. You need to fully understand his knowledge, ability, experience and quality, because this is a major event involving the family economy and cannot be sloppy. Instead of hiring a second-rate irresponsible financial planner, do it yourself.
In the era of highly differentiated social division of labor, it is logical to use professionals to do things. Take investment as an example. Statistics in the United States show that investors who hire investment consultants perform better than those who "rely on themselves". There is a simple reason. Through investment consultants, investors can understand their real investment purpose and have a more comprehensive understanding of risks. Therefore, it is very important to choose the right investment consultant. The American Association for Investment Management and Research (AIMR) advises investors to use the "5P principle" to select suitable investment consultants. These 5Ps are preparation, specialty, concept, performance and professional qualification. Of course, the consultant fee you pay to the consultant who meets this requirement will also be higher. Always remember that a developed society is also a professional society, and the use of professional talents conforms to the times and is more conducive to the development of a cause.
When you meet some candidate financial advisers, you can ask the following questions, and their answers can help you evaluate and choose the most ideal one. He should have the ability and professional qualifications, you can get along well with him, and his financial management style is suitable for your financial planning.
(1) Any experience?
Find out how long the financial planner has worked, and ask him to outline his own work experience. The financial planner you choose must have at least three years of personal financial consulting experience.
(2) What are the qualifications?
Many financial managers call themselves "financial planners". You should know whether the candidate has formal qualifications. You can go to the registered financial planners association and other institutions to understand his background. Certificate qualification can only prove history. The field of financial planning is constantly developing and changing, and the contents and means are constantly being introduced. Financial planners should also keep up with the changes in the situation.
(3) What services can be provided?
Financial planners are not omnipotent, which depends on their qualifications, business licenses and business expertise. Financial planners can't sell insurance, mutual funds, stocks and other securities unless they get the registration permission from government departments. Some financial planners only give advice on certain aspects of financial planning, such as estate planning or tax avoidance planning. The choice should be based on the specific needs of the family.
(4) What is the method of making financial planning?
Ask the financial planner what kind of customers he likes and what kind of financial institutions he likes to do business with. Some financial planners like to combine all your financial goals to make a plan, while others only provide advice on a specific aspect according to your needs. You should make sure that the candidate financial planner can give you valuable advice.
(5) Is it the only person who provides me with consulting services?
Some financial planners have many assistants to assist them, including professionals in law, insurance and taxation. These people are likely to deal with you during the consultation process. Ask the financial planner to make a list of these people and understand their relevant backgrounds.
(6) How much do you need to pay for its services?
Financial planners should clearly explain in writing how to collect service fees. General charging methods are:
① Customers pay fees or commissions to companies that provide financial services, and companies pay salaries to financial planners.
The financial planner will charge you directly, and the fee is calculated according to the number of hours you provide services or the amount of property or income you own.
(3) At the same time, the handling fee and commission are charged. The fee is the labor remuneration paid for providing you with financial planning advice, and the commission is provided by the institution that sells investment products. Some financial planners will charge less after receiving commissions.
According to the financial planner's suggestion, you can invest in an investment tool, and the commission will be paid by the third party who provides this investment product. The amount of commission is usually calculated according to a certain proportion of your investment.
(7) Will your proposal bring benefits to other organizations besides me?
The business contact and cooperation between the financial planner and other institutions may affect his professional judgment when providing consulting services for you, so that he can't consider the problem completely from your interests. For example, financial advisers who sell insurance, securities and mutual funds have business contacts and interests with companies that provide these investment products. You should know about these situations, and know how much income the financial planner can get by recommending you to an insurance broker, accountant or lawyer to complete the financial plan.
(8) Have you ever been punished for illegal or immoral behavior during your practice? Some government departments or industry associations keep the practice records of financial planners and can consult them.
(9) Can a written agreement be signed?
Please ask the financial planner to provide you with the details of the services you can provide in writing and keep these documents for future reference.