MANAGING YOUR MONEY |
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(NAPSI)-One of the ironies of the American economy is that the people who could most benefit from professional financial advice are quite often those who can least afford it. Fortunately, there are many qualified professionals who offer pro bono financial advice to those who simply wish to make the most of what little they have. For example, through the first six months of 2007, local chapters of financial planners reported providing 24,154 hours of pro bono activities by their members. This includes financial literacy/education programs for high school students and financial literacy classes for low-income parents and families to reduce their debt, control their spending, improve their credit and create savings plans that are helping them qualify for Individual Development Account funds. These programs and others, including distribution of financial-planning handbooks with plain-English tips on budgeting, banking, investments, retirement, credit and home ownership, and business advice for women entrepreneurs, are promoted by the Foundation for Financial Planning (FFP). A key example is the Moneywise in the Military program, which distributes information to service personnel and family members, including basic information about financial planning to help individuals develop budgeting and spending plans, and information on the uniformed services 401(k) program. In addition, the Foundation offers grants to nonprofit organizations with programs that utilize financial-planning practitioners. Organizations should be: • Utilizing financial-planning professionals through pro bono activities, or local affiliates of financial-planning associations to deliver programs to specific target audiences or the public as a whole; • Reaching out to underserved populations and people in need; • Demonstrating how objective advice can help improve an individual's personal finances; • Providing the knowledge and understanding of the financial-planning process to help individuals make smart financial decisions; and • Establishing programs that may enable members of the public at all levels of wealth and income to improve the quality of their lives. The Foundation for Financial Planning helps people take control of their financial lives by connecting the financial-planning community with people in need. To learn more, or for a grant application to support financial planning in your community, visit the Web site at www.foundation-finplan.org. Low-income families have a number of resources available to help them get professional financial advice, free of charge. |
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