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Tom Burns is a financial planner at Ameriprise Financial in Lodi. (Amanda Dyer/News-Sentinel)
Financial planner offers tips to save cash and avoid debt
Monday, June 23, 2008 7:44 AM PDT
Tom E. Burns started in the field of financial planning in 1994 after graduating with a degree in finance.
He believes financial planning is for everyone, even if you don't have a lot of money. Peace of mind is priceless, he says.
During these tough economic times Burns says don't overreact or panic, continue to save and watch your spending habits.
Burns offered this and other tips to News-Sentinel staff writer Amanda Dyer via e-mail.
What do average people use financial advisers for?
A financial adviser can help with all aspects of a person's financial life. The most common needs include retirement planning and income strategies, investments and overall strategic financial decisions. Other areas include tax and estate planning, education and protection planning.
Do you need a lot of money to use a financial adviser?
No, but most advisers who have experience will have minimum requirements and some charge more than others. Interview several who have been in business for a while, and be careful of high fees and/or high commissions.
Realistically, how soon should you start planning for retirement? Is it ever too late?
It is never too late to start saving for retirement. Most people will say they wished they had started saving sooner.
Tom E. Burns at a glance
Name: Tom E. Burns.Age: 38 on July 3.
Education: Bachelor of Science in business.
Family: Married with two boys.
Job title: Financial adviser.
Source: Tom E. Burns
What's the best way to deal with credit card debt? How do you stop creditors from calling you?
Don't use credit if you can't pay it off, that will keep the creditors from calling. Or, shop around for the best rates and pay (it) off ASAP.
Who has a harder time with finances, men or women?
Men and women both have different financial issues and habits but neither is harder than the other.
I've heard about people getting cash by borrowing against life insurance policies. How does this work and is it advisable?
Due to the high cost of insurance I'm not a big fan of it but yes, you can borrow from certain policies that are set up for it. I don't recommend using insurance as a savings tool.
What are some common financial pitfalls that people fall into?
Not saving enough and waiting too long or getting advice from friends or neighbors rather than a financial professional.
Can you recommend some good books people could read to get smarter about managing their personal finances?
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