Windber Medical Center

WIN 2014

Spirit of Women magazine is a national publication presented to women by hospitals and their physicians. The magazine provides up-to-date, evidence-based healthcare information and promotes our hospitals as leaders in women's health excellence.

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F I N A N C I A L F I T N E S S When it pays to talk to a pro N o matter how good you are at squeezing a nickel, there are times when a financial advisor may be able to help you get even more for your money. A job change, marriage or divorce, illness, the birth of a child or even "sudden money" such as an inheritance or insurance settlement can bring up money issues that are new to you, says Ric Edelman, financial advisor, author and host of "The Truth About Money with Ric Edelman" radio and television shows. "Usually a life event triggers interest in talking with an advisor … and sometimes people will want to deal with just that specific question," he says. "But we find that isolated decisions are not an effective way to achieve financial success. It's best to engage in a holistic, comprehensive approach [to financial planning]." Laura Adams, author of "Money Girl's Smart Moves to Grow Rich" (St. Martin's Griffin, 2010), agrees that getting big-picture advice is advantageous even if you're mainly concerned about one issue, such as funding your children's college education or your retirement. "I recommend going with a fee-only planner … who can set up a comprehensive plan for you that covers all the major pillars of personal finance," she says. The cost will likely range from several hundred dollars to $1,000 or more, she adds, depending on the planner's level of experience, the amount of time involved and the type A guide to of planning. A specialist financial advisor, on the other hand, such as a life insurance agent • Certifed Consumer Credit or a college financial Counselor (CCCC) – Budgeting, aid consultant, can money management give you additional • Certifed Financial Planner (CFP) – help in his or her area Tax, estate and insurance planning, to help execute your portfolio management overall plan. Some • Certifed Public Accountant advisors specialize in (CPA) – Income tax strategies, working with people fnancial planning in particular life • Chartered Life Underwriter (CLU) – situations too, such as Life insurance, estate planning divorcees or widows, • Insurance agent – Property, casualty, says Edelman. • 8 SPI RIT O F WOM EN W I N T E R 2 014 w w w. s p i r i t o f w o m e n . c o m ADVISORS life, health, disability and long-term care insurance • Mortgage banker – Home loans • Personal banker – Certifcates of deposit, Individual Retirement Accounts, interest-bearing accounts, loans SHUTTERSTOCK Getting big-picture fnancial advice is advantageous even if you're mainly concerned about one issue, such as funding your children's college education. fnancial

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