• Date Started: Feb 21, 2007
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Starting a financial planning business

5 Responses to “Starting a financial planning business”

1. Dalibor Says:
   December 17th, 2008 at 10:11 am
   jIM,
   
   How is the financial planing business going?
   I would be interested in setting up a budget plan that best works for me and my wife, pay the debt off, saving, etc.
   Can you help me with that?
   I'm a first time visitor to your blog side. 4 years in US and all this financial stuff is new for me.
   
   Thanks,
   Dalibor
   

2. jIM_Ohio Says:
   December 17th, 2008 at 01:06 pm
   dalibor- what do you need to accomplish?

3. Dalibor Says:
   December 18th, 2008 at 11:17 am
   I've already set up(attempted) a budget with the envelope system but somehow it's hard to keep up with it... One of the biggest problems for us is that we have an overdraft protection (on master card) for the checking account and every couple month we bounce and we tray to pay off the master card but it always comes back. Seems to me that this strategy doesn't work. I get paid monthly and my wife works part time and she gets paid biweekly. I'm also convinced that buying with cash is the best option but we have one checking account and my wife doesn't know how much money is there all the time. Also from the same account we pay our bills. In order to see how much money we have in the checking I look online at our account but there I can't see what's coming.
   So my goal is to have a good system that works and i know that the key is to keep doing it over and over. I just know that my system is not good.
   Thanks,
   Dalibor

4. Dalibor Says:
   December 18th, 2008 at 11:23 am
   Your entry on "How to create a budget" from
   February 21st, 2007 was really helpful, though.

5. jIM_Ohio Says:
   December 18th, 2008 at 11:40 am
   Dalibor-
   
   We have modified our system some since them.
   
   2 accounts to pay bills out of:
   1 account is for bills which will go away in retirement (IRAs, house payments, car payments)
   1 account is for all other expenses which will exist forever (utilities, groceries).
   
   This was done for some retirement planning purposes (we need to track the expenses which will exist forever).
   
   The better plan is to estimate the "total bills per month" (exlude mortgage, IRAs and cars). Set up your paycheck to only deposit the estimate into that account. Then send the rest of your paycheck to another account. Make sure the second account is not tied to the first (no debit card access either), and this allows you to capture raises and invest without interfering with electric bill (for example).

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