Playground to highlight inclusivity

LONG POND — Pocono Raceway announced earlier this month that they will be constructing a 5,000 square foot inclusive playground on the track’s infield.The playground will be open to the public and include elements that make it accessible to children with disabilities.“We’re trying to do what’s right for the community, what’s right for people and what’s right for our guests,” said Nick Igdalsky, Pocono Raceway CEO. [...]

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Playground at Pocono Raceway to highlight inclusivity

LONG POND — Pocono Raceway announced earlier this month that they will be constructing a 5,000 square foot inclusive playground on the track’s infield.The playground will be open to the public and include elements that make it accessible to children with disabilities.“We’re trying to do what’s right for the community, what’s right for people and what’s right for our guests,” said Nick Igdalsky, Pocono Raceway CEO. [...]

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How to Find Out if you Already Have a Pre-Approved Credit Card Offer

Using a credit card responsibly is one of the best ways to improve your credit score over time. However, anyone who’s been working to push that three-digit number closer to 700 knows that applying for a new credit card can sometimes hurt your score.

One way to find a new credit card without affecting your credit score is to use Credit One Bank’s new pre-approved offer tool that allows you to check if Credit One Bank already has a pre-approved offer for you. Simply input your first and last name as well as the last four digits of your Social Security number, which will be automatically encrypted. It’s safe, secure and just that easy!

Another way is to see if you pre-qualify for a credit card. Not all companies offer a pre-qualification process, but the ones that do, like Credit One Bank, let you know the chances of getting approved for a card without the impact on your credit report.

What does ‘pre-approved’ mean?

Being pre-approved for a credit card means the card issuer has determined that you meet the minimum criteria for the card and will most likely be approved when you apply. These offers sometimes come in the mail, or you may need to fill out a short form online. The card issuers verify this by doing a soft credit inquiry vs. a hard credit inquiry.

What is a soft inquiry vs. a hard inquiry?

A soft inquiry refers to any credit check that occurs as part of a background check, such as getting pre-approved for a credit card or insurance, checking your credit score through a service, or as part of a background check for employment. These soft inquiries don’t affect your credit score, and in some cases may not even be recorded on your credit report.

On the other hand, a hard inquiry occurs any time you formally apply for some form of credit, such as apartment rentals, auto loans, credit cards, mortgages, as well as personal or student loans. These hard pulls are recorded on your credit report and may impact your score. In most cases, having one or two hard inquiries won’t hurt you by more than a few points. However, having too many within a year can dock your score.

How long does an inquiry stay on your credit report?

Most hard inquiries will impact your credit score for only six to 12 months; however, they can stay on your report for up to two years. If you find an inquiry on your report that you did not authorize, you can call or write to the creditor asking them to remove it.

What are some credit card best practices?

More than two-thirds of your FICO® Score is determined by your payment history and the amounts owed. This means that the best things you can do to maintain and improve your score over time are to make payments in full and own time each month. Missing payments or making payments late could dock your score, just as carrying too high of balance could also bring it down.

The post How to Find Out if you Already Have a Pre-Approved Credit Card Offer appeared first on The Simple Dollar.

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These Are the Best Days to Buy Your Sweetie Wine and Chocolates for V-Day

Want to Fly? These 3 Pilot Scholarships Can Help Your Career Take Flight

Scholarships aren’t just for your typical two-year or four-year colleges.

Obtaining a professional certificate in your field of choice costs money, too — and scholarships can help lower the expense!

Last summer, we wrote about how to become a pilot. Industry experts are predicting thousands of unfilled job openings over the next couple of decades — and the pay can be pretty sweet.

But first, pilots must undergo training and earn certificates, which could cost between $3,000 and $20,000.

If you or someone you know is interested in the aviation field, keep reading to find out how you can fund the training toward an initial or advanced pilot certificate.

Apply for an Aircraft Owners and Pilots Association Scholarship

The Aircraft Owners and Pilots Association is currently accepting applications for three different scholarship programs: the You Can Fly High School Scholarship program, Primary Certification Scholarship program and Advanced Rating Scholarship program.

The deadline for all three flight school scholarships is May 2, 2018.

You Can Fly High School Scholarship

Scholarship Amount: $5,000

Number of Scholarships Awarded: 20

To qualify for the scholarship, applicants must:

• Be between 15 and 18 years old

• Be a U.S. citizen or permanent resident

• Be currently enrolled in high school with a GPA of at least 2.75

• Complete their solo flight or obtain their pilot certificate within one year of receiving the scholarship

• Not have already obtained a sport, recreational, glider or private pilot certificate at the time of application

Applicants under 18 need to have a parent’s permission to apply.

See here for more information and to apply for the You Can Fly High School Scholarship.

The Primary Certification Scholarship

Scholarship Amount: Multiple scholarships will be given ranging from $2,500 to $7,500.

To qualify for the scholarship, applicants must:

• Be a U.S. citizen or permanent resident at least 16 years old by the time of the application deadline

• Intend to obtain a recreational, sport or private pilot certificate

• Have an FAA student pilot certificate or have a pending student pilot certification application

• Not have completed the FAA practical test/checkride at the time of application

• Be a member of the Aircraft Owners and Pilots Association

See here for more information and to apply for the Primary Certification Scholarship program.

The Advanced Rating Scholarship

Scholarship Amount: Multiple scholarships will be given ranging from $3,000 to $10,000.

To qualify for the scholarship, applicants must:

• Be seeking one of the following ratings or certificates

• Instrument

• Commercial

• Certificated Flight Instructor (CFI)

• Certificated Flight Instructor – Instrument (CFII)

• Multi-Engine Instructor (MEI)

• Be a U.S. citizen or permanent resident at least 18 years old (though those seeking an instrument rating can be 17 years old)

• Have an FAA private pilot certificate

• Be either a newly certificated private pilot (within 24 months) or have completed a flight review

• Be a member of the Aircraft Owners and Pilots Association

• Not have completed the FAA practical test/checkride for the desired additional rating at the time of application

• Have two recommendations

See here for more information and to apply for the Advanced Rating Scholarship program.

Nicole Dow is a staff writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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How to Raise Your Credit Score 100 Points or More in Less Than 5 Months

Raising your credit score 100 points is easier than many people might think, especially if you currently have bad credit.

Step 1 – Know Where You Are

Pull your credit score to determine where you are and how much damage control you need to do. There are dozens of websites that you can use, but GoFreeCredit.com is one of my personal favorites.

Go Free Credit is secure, easy-to-use, and the best part – it’s only $1 to get BOTH your credit report and score. It Not only shows you your credit score, but it also explains why your credit score is that number. This means showing you factors like credit inquiries, credit card usage, age of credit history, payment history, and other aspects that impact your credit card score and how it holds up against the credit score scale.

Go Free Credit is great, but their one drawback is that you only get your score and report from TransUnion. This means you may be missing on some of the information from Equifax and Experian. For most people this will not make a big difference since what is most important is seeing your report. I do have to warn you that you are signing up for a service and the $1 is a trial for seven days. After the seven days they will charve you $19.99 per month and you get a really good credit monitoring service. If you just need your score and reports then you will need to cancel within the 7 days. I had no problems and the whole thing went very smoothly.

In order to find out all three scores, you need to go through MyFICO. This will give you your FICO score – but it isn’t free.

MyFICO has a monthly fee of $29.95, which includes credit tracking and instant access to a 3-bureau credit report and FICO score. If you only need to check one of the three credit reporting agencies, then it will cost $19.95.

Step 2 – Fix Credit Problems

Now that you know your credit score, we can start working to make it better. One of the best ways to earn a great credit score is to always pay your bills on time. Missing one bill can lower your credit score by as much as 100 points.

To begin your credit card recovery journey, make sure you pay all of your late payments and don’t miss another bill payment. While paying those outstanding debts isn’t going to raise your credit score, it will keep it from getting any worse.

Step 3 – Run Up the Score

Now that you’re paid up on all your bills, it’s time to give your credit score a serious boost. One of the best ways to improve your credit score 100 points is to have a credit card, but not use it. Sounds crazy, right?

One of the biggest factors that impacts your credit score is your credit utilization.

Credit utilization basically refers to how much of your credit card limit you use.

So, if you have a $10,000 credit card limit, don’t get anywhere near it. In fact, we would suggest using only around 20%-30% of your total limit.

If you have little available credit, this may be difficult. If your score isn't too bad, you may be able to open an additional credit card or get your utilization down on any maxed out cards using one of the many balance transfer credit cards.

If your credit is hurting, though, you may need to look at a secured credit card to get your utilization down.

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This next section is how one of my interns, Kevin, did just that and made a HUGE impact on his credit. His parents had always told him not to open a credit card in fear that he would get in massive credit card debt and ruin his future.

Unfortunately, his parents were wrong.

To help Kevin out, I asked him to find out what his credit score was through MyFICO.com. Sadly, he was unpleasantly surprised. The story that follows is about how Kevin improved his credit score 100 points with a surprising tool – a secured credit card. Please welcome Kevin…

As a Junior and Senior in college, I was always told that applying for a credit card could be my first step in the wrong direction.

With a credit card in hand, my parents worried I would spend money I couldn’t pay off and build a lifestyle I couldn't really afford, rather than learning to save money.

While these are legitimate concerns, I had to let them know I felt as if I had some control over my spending.

My response was always the same: “How would I know until I was able to try for myself?”

My First Humbling Credit Experience

When I was finally prepared to get a credit card on my own, none of the banks I applied to would give me a chance. I had to walk into the banks and tell them what is probably the typical story for most recent grads or anyone in their final years of college. It went like this:

“I am unemployed, have no credit history, and have a couple thousand dollars in college debt that I will have to start paying on in the next year or two.”

Let's face it, this is not exactly a winning pitch when you are trying to convince someone to give you a line of credit!

Two banks denied me, but one banker was kind and shared some info that has helped me raise my credit score over 100 points in the past five months. I think everyone should be aware of this “trick”, which is why I’m sharing it today.

The gist of it was that I should stop trying to apply for credit cards and getting denied. His reasoning was that, when you apply, they do a hard credit check which, in turn, can lower your credit score even more.

His second piece of advice was to…

Get a Secured Credit Card

He told me that no major bank was going to accept my credit application, but that there was actually an alternative option available – one that was especially perfect for those in my exact situation. This was to sign up for what is called a “secured” credit card. While the terms for these are horribly one-sided in favor of the lender, I assure you it is a small price to pay for the result you receive after only a few months.

With secured credit cards, you give the lender a cash deposit up front, and that cash deposit is typically equal to your credit limit. This process truly confused me at first, since I thought the deposit was money I could actually spend.

What I learned, however, is that the deposit is there in case I default. I couldn’t spend the deposit itself, but I would get it back if I kept my account in good standing until I closed the card. This wasn’t an ideal proposal, but I knew it could help me build my credit score – and that was my real goal anyway.

There is also an annual fee associated with most secured credit cards, but I felt it was a small price to pay for the opportunity to build some credit history. After you make your deposit, secured cards are also treated just like traditional credit cards. Your secured card will typically look and act just like a regular credit card, so no one will know it is secured.

This is the route I had to take, and I suspect there are many others out there who are also in a similar situation. Even though you have to put all the money up front and pay an annual fee, it is still very much worth it when you consider the long-term benefits.

Long-Term Benefits: My Experience

When I first checked my credit score with MyFICO in March of 2011, it was sitting at 621. I set up my new secured credit card with a credit limit of $1,100. The credit limit should be a function of what cash you have, and also what you plan on using the credit card for. According to many bankers and friends I talked to, you should try to run a 75% utilization rate on your credit card to maximize your potential to raise your credit score.

So, if you only spend around $300 a month, you should give your secured credit card a $500 dollar down payment so that you are utilizing your credit rather than having a $1,000 dollar limit and only spending $300. My expenditures were approximately $700 dollars a month so the $1,100 dollar limit fit my needs.

After I received my secured card and started spending, I made sure that I would only spend money I already had, or would receive before the next pay period. I ended up paying off my credit card roughly four times a month to ensure I never carried a balance from one month to the next. I would never let my credit limit exceed $800, and I would never pay it off if the card balance was under $300 unless the pay period was coming to an end.

I would put every penny of my spending on the credit card – from the smallest expenses such as a drink from the gas station, to major purchases such as airline tickets or hotel rooms. I repeated this process for five months to establish a credit history of regular use and always paying on time.

Second credit check: YES!

In August of 2011, I had to purchase a car so that I could switch jobs. When I filled out the credit application to see if I qualified for the lower financing rates, my credit score came back as 731.

In other words, I raised my credit score from 621 to 731 in just five months!

This is a very big deal because, at 621, I would have been denied a loan for the car, or would have had an interest rate that exceeded 9% on the auto loan. Since I chose to get a secured credit card, I was able to take the car loan on my own, and qualify for the low rate of 3.99% financing.

The difference in the loan between the two interest rates would be $750 over the life of the loan, far surpassing the card's annual fee, and the opportunity cost of my secured credit card holding my $1,100 for five months.

A Message to Parents

To all of the parents out there who worry about letting their college kid apply for a credit card, I can tell you it worked for me in five months and will change my financial future for many years to come.

Secured credit cards offer a foolproof way to raise your credit score when it is not possible through a regular bank credit card, and is a safe way to earn credit if you do not trust your kid to spend responsibly. The worst that can happen with a secured card is that you cannot pay your bill, your company closes out the account, and they pay off your credit with the money you already have on deposit.

My secured card worked perfectly for me and I have now been accepted for a credit card with a major bank.

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Secured credit cards are a great way for someone to build credit.
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How to Make a Secured Credit Card Work For You

Here’s the truth: If you have a low credit score and cannot qualify for traditional credit, a secured credit card is the best way to build a credit profile that will last.

Here are the steps to moving your credit score in the right direction using a secured credit card:

Step 1.: Learn your current credit score

If you’re worried about your credit, the best thing you can do is figure out where you’re at. By signing up for a free credit score with Credit Karma, you can get an estimate of your FICO score from two of the three credit reporting agencies. Although you’ll only receive an approximate score, it will be close enough to give you an idea of your current standing. Best of all, signing up for Credit Karma is free so you have nothing to lose.

Step 2. Research secured credit cards

The next step you’ll want to take is to research the top secured credit cards available. We recommend the Discover it® Secured Credit Card because of its meaningful rewards and lack of fees.

Step 3. Read the terms and conditions, then sign up for the card that suits your needs best

Once you find a card that meets your needs, you need to read through all the fine print to make sure you understand all fees involved with your new secured card. Once you feel comfortable with the details, simply click on the “apply now” sign and fill out all of the required information.

Step 4. Put down a cash deposit you can afford

Most secured credit cards will ask you to put down a deposit that is equal to your new credit limit. If you want a $500 credit limit, for example, you’ll need to put $500 in cash down as a deposit. You might need to save a few weeks or months to build this up, but the wait will be worth it.

Step 5. Use your secured credit card sparingly at first

As you get used to using credit, you’ll want to use your card sparingly at first. Don’t rush in and begin charging items until you get a grasp on what you can truly pay back. You don’t want to end up with a revolving balance you can’t afford to pay off every month, and you definitely don't want to pay interest on your purchases!

Step 6. Monitor your bill closely, and pay your secured card off frequently

To make sure you’re utilizing your new secured credit card, you’ll want to keep close tabs on your growing bill. If your card offers online account management, this task should be fairly easy. If it doesn’t, you may need to keep track of your purchases and charges manually. Either way, this step is crucial since staying debt-free is the best way to keep your credit in tip top shape.

Top 3 Secured Credit Card Offers in 2018

I strongly recommend the Discover it^® card, but there are plenty of other options to browse through on CardRatings.com. Among the best are:

1. Discover it^® Secured Credit Card – No Annual Fee

If you’re looking for a secured credit card to build your credit, look no further than the Discover it^® Secured Credit Card.This card comes with NO ANNUAL FEE, which is almost unheard of in this industry.The card also offers a meaningful rewards program. You'll earn 2x points on dining and gas on your first $1,000 spent each quarter, and 1x points on all other purchases.

2. Capital One^® Secured Mastercard^®

The Capital One^® Secured Mastercard^® is another secured credit card that doesn’t charge an annual fee. Once you're approved for this card, you'll get a credit limit equal to the cash deposit you put down. You'll also get access to CreditWise^® from Capital One^® – a credit tracking tool that can help you monitor your credit over time.

The downside is that you won't earn rewards with this card. But, since this card does report your credit movements to the three credit reporting agencies, you can use it to build your credit slowly over time.

3. First Progress Platinum Prestige MasterCard Secured Credit Card

While the First Progress Platinum Prestige MasterCard Secured Credit Card does charge a $49 annual fee, it comes with a perk that the others on this list don't have – a low APR. Amazingly, this card charges only a 9.99% APR on purchases, which is almost unheard of among secured credit cards.

If you plan to carry a balance each month, your interest rate will play a huge role in how much you pay to use credit. By choosing a card with a lower APR, you can save money over time, despite the annual fee.

The Bottom Line

While Kevin's story is absolutely amazing, it isn't all that unique. The truth is, this is exactly what secured credit cards are supposed to do. They do receive a bad rap because of the initial deposit and the fact that some charge annual fees, but that's not really fair. In the real world, secured credit cards are a valuable tool that can be used to build your credit when you otherwise couldn't.

Whether you like it or not, your credit score is important. If you ever hope to take out a mortgage, borrow money for a car like Kevin did, or borrow funds to start a new business, you'll need a good or decent credit score to qualify for the best rates.

While imperfect, secured credit cards offer the opportunity to improve your credit and your life. If you are ready to improve your credit and think a secured card could help, don't delay. Research your options and sign up today.

Have you ever used a secured credit card? What is holding you back?

The post How to Raise Your Credit Score 100 Points or More in Less Than 5 Months appeared first on Good Financial Cents.

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These Scholarship Opportunities for Black Students are Worth Up to $8,200

Here at The Penny Hoarder, we like to help people find ways to make and save money — especially when it comes to the ever-rising cost of college.  

So, since this is a month for celebrating black history, education and achievements, we’ve dug up a list of scholarships open now specifically to black students. Read on for specifics — and for a resource that will help you find even more opportunities like these!).

5 Scholarships for Black Students to Apply for Now

Check out the following scholarship opportunities that are open for entry now!

2019 Martin Luther King Jr. Scholarship Award

This scholarship, from the ACA, is awarded to minority nominees who have a demonstrated need and are planning to pursue a degree in the criminal justice field.

Open to: Nominees must be accepted to (or currently attending) an undergraduate program at a four-year college.

How to enter: Winners must be nominated to receive this award. (Nominees do not need to be ACA members, but the person nominating them does). To nominate a student for this award, follow the instructions outlined here.

Number of winners selected: Not stated

Amount: $1,000

Deadline: All nominations must be received by June 1, 2018

The CBC Spouses Education Scholarship

This scholarship is provided by the Congressional Black Caucus Foundation. It is for full-time  students of all majors who are currently pursuing an undergraduate or graduate degree at an accredited university or college.

Open to: U.S. students currently enrolled, or who plan to be enrolled, for the upcoming academic year.

How to enter: Fill out the application here. You’ll need to include a good bit of information and attachments (including a resume and transcript), so don’t wait until the last minute.

Number of winners selected: Not stated

Amount: Between $500 – $8,200 (amounts vary)

Deadline: May 18, 2018

To find out more about this award and see the official guidelines, go here.

CBC Spouses Performing Arts Scholarship

This scholarship is for full-time undergraduate students studying the performing arts including (but certainly not limited to) drama, dance, music and opera.

Open to: U.S. students currently enrolled or planning to enroll for the upcoming school year as a full-time undergraduate student

How to enter: Fill out the application here. Again, this application requires a good bit of work, so don’t wait.

Number of winners selected: Not listed

Amount: $3,000

Deadline: April 20, 2018

To find out more about this award and see the official guidelines, go here.

CBC Spouses Visual Arts Scholarship

This scholarship is for full-time undergraduate students studying the visual arts, which could include anything from architecture and ceramics to graphic design.

Open to: U.S. students currently enrolled or planning to enroll for the upcoming school year as a full-time undergraduate student

How to enter: Fill out the application here.

Number of winners selected: Not listed

Amount: $3,000

Deadline: April 20, 2018

To find out more about this award and see the official guidelines, go here.

2018 Black History Month Contest

To celebrate Black History Month, Florida Governor Rick Scott and wife Ann are hosting an art and essay contest. The theme for this year’s contest is “A Celebration of Innovative African-American Leaders.”

Open to: Grade K-12 students living in Florida

How to enter: Grades K-3 will create original artwork expressing this year’s theme. The varying entry requirements for grades 4-12 can be found here.

Number of winners selected: Three winners will be selected from the grades 4-12 essay division. Two winners will be selected from the K-3 art division, and will be invited to attend the Black History Month celebration in Tallahassee.

Amount: Exact amount unknown, but each of the three winners in the grades 4-12 division will receive a four-year Florida College Plan scholarship

Deadline: All entries must be submitted by 5 p.m. EST on March 2, 2018

To read the official rules and find out more information, visit the contest’s website.

Find Even More Scholarship Opportunities

Because we wanted to be timely by rounding up scholarship opportunities with current entry periods, we weren’t able to mention the many more contests and opportunities specifically for black students.

If you‘re still on the hunt for awesome scholarship opportunities, there’s an expansive scholarship database you can search through on Scholarships.com.

Grace Schweizer is a junior writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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This Work-From-Home Job With Alorica Comes With a $180 Bonus After Training

Do you love people? Do you love people who need people? Because customer service company Alorica says it doesn’t have employees — it has people.

And right now Alorica is looking for enthusiastic people who want to help other people as a work-from-home customer service agent.

If you have excellent customer service skills, can work 30 hours per week on a set schedule and are a person, this might be the gig for you.

You’ll start with paid training, which is scheduled for March 12 through April 13 with the choice of 8 a.m.-noon or 1-5 p.m. CST.

Not the job for you? No worries, there are plenty of other gigs on our Facebook Jobs page. We post new opportunities there all the time.

Work-From-Home Customer Service Jobs at Alorica

Pay: $9 an hour

Responsibilities include:

• Receiving incoming phone calls and adhering to a script while entering clients’ information and answering questions

• Helping customers with their payment plans, service and questions about their utility bills

• Upselling additional services

• Completing initial and ongoing training

Applicants for this position must be at least 18 years old and must have:

• Strong computer skills

• A high school degree or GED

• A minimum one year of sales experience

• Ability to pass background checks

• Ability to meet standards for some projects that may require drug screening or the ability to speak both English and Spanish

Benefits include:

• Paid training at minimum wage for your state or local area

• After your training and 60 hours of call time, you receive a $180 bonus.

Apply here for the customer service rep job at Alorica. If you have additional questions or are ready to start the process, click here.

Tiffany Connors is a staff writer at The Penny Hoarder. She’s not much of a people person.   

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Home Sweet Home: This Tool Helps LGBTQ Homebuyers Avoid Discrimination

Buying a home is exciting, but there are a lot of factors to consider before making a final decision on where to live.

You need to figure out whether the area has the amenities you’re looking for, how and where to get the best mortgage deal and if the property is a good long-term investment.

It’s also important to understand federal, state and local laws before plunking down a pile of money on a new home.

Many federal laws protect homebuyers from discrimination based on things like race, age, religion or national origin. Laws protecting against LGBTQ discrimination, however, are left up to individual jurisdictions to create (or not) as they choose.

Online residential real estate site Trulia just rolled out a terrific new tool to help members of the LGBTQ community figure out which neighborhoods are welcoming to people of any sexual orientation and gender identity.

How Trulia’s Local Legal Protections Feature Works

The Local Legal Protections feature is built right into Trulia’s property details pages.

It allows prospective homeowners to tell at a glance if the community they’re looking at protects LGBT people from housing, employment and public accommodation discrimination.  

(Note: Results do not represent queer and questioning people. More on that in a minute.)

Simply enter a specific address in the search bar or click on a property listed on a neighborhood map page.

Local Legal Protections results are automatically displayed in the Home Details section, along with other details, such as a description of the home and its features.   

The new tool gets its legal protection information by aggregating data from the Movement Advancement Project, an organization that provides research on LGBT people.

It does not currently include data for queer or questioning people because “‘queer’ or ‘questioning’ are not consistently defined from a policy perspective, [so] the data provided by our partner does not include specific references to people who identify as ‘queer’ or ‘questioning,’” says Tim Correia, Trulia’s general manager and senior vice president.

Correia notes there are other groups that aren’t protected by federal homebuying anti-discrimination laws and LGBT-specific data is only a “starting point” for Trulia’s new Local Legal Protections feature.  

Lisa McGreevy is a staff writer at The Penny Hoarder. She loves telling readers about affordable ways to live their best life, so look her up on Twitter (@lisah) if you’ve got a tip to share.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Enter to WIN FREE Admission to Work-At-Home School – $497 Value

Last week, I blathered on about enrolling in Work-At-Home School because it has such an amazing curriculum for such a crazy low price! I know A LOT of you wanted to enroll, but you weren't able to swing it financially. I BELIEVE in this program so much that I decided to purchase the top tier […]

The post Enter to WIN FREE Admission to Work-At-Home School – $497 Value appeared first on The Work at Home Woman.

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How To Become a Certified Financial Planner (CFP)

I get asked pretty frequently about what the requirements are to become a Certified Financial Planner and what I went through to achieve the designation.

Knowing there are over 800,000 people who can be considered “financial advisors” to some degree, I knew I had to differentiate myself.

But, it wasn't all about being different; it was also about having a deeper understanding and appreciation of the financial planning process.

I knew becoming a CERTIFIED FINANCIAL PLANNER professional (CFP®) was the answer to enhance my career. I found it fitting to not only share my experience but to have a few other CFP® professionals chime in with their experience's, too.

But before we dive into how, let’s take a step back. Let me tell you more about how I got inspired to become a CFP.

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I love my job. I can't tell you how lucky and fortunate I feel to be able to truthfully say this.

Is my job easy? H-E-Double-Hockey-Sticks no!

Being a financial advisor requires a certain skill set I had no idea I had until I got started in the business.

But I'm not here to tell you how successful I am.

What I want to do is to address the most common question I get from prospective advisors:

I'm interested in becoming a financial advisor. What do you consider the best way to get started in your industry?

Whew. That might seem like an easy question to answer, but SO much has changed since I got in the business over 15 years ago.

How I Got Started: A Look Back In Time

Pretty soon it would be the end of a good run — graduation was approaching. I had just had one of the best interviews of my life with A.G. Edwards and Sons (they were purchased by Wells Fargo).

It was so good, in fact, I felt I had secured a position with their corporate office in St. Louis, and I would soon be living the dream of riding the corporate ladder to the top.

It all looked good; then the “Dot Com” bubble burst.

Things changed. And not for the better.

A. G. Edwards, at the time, had a been in existence for 117 years and never had any company layoffs. Never.

That is, until, I was getting ready to graduate. Of course, right?

My future, which once had visions of me living in St. Louis, was gone. Now what I'm going to do?

Um… How about Plan B?

Part of me getting the opportunity to have a great interview was because I was already interning at the local A.G. Edwards office in my hometown.

I landed the internship as kind of a desperate measure between my junior and senior year. I had one of those pucker moments where I realized that other than my work history of local retail jobs and my military experience, there was nothing really outstanding on my resume.

It hit me how I would be graduating in a year and I still needed to get up and do something, and I needed to do it now.

Through a connection, I inquired about a summer internship at the local A.G. Edwards branch, and I was lucky enough to get it.

It was like any other internship you would imagine: filing, paper shredding, all the administrative tasks that no one else in the office wanted to do.

Although the tasks were remedial, I treated the internship like a real job. I showed up on time, dressed the part, did everything which was asked of me (and above), and made a lot of good impressions on the staff.

Amazing What a Little Bit of Effort Will Do

Along the way, I was asked by one of the assistance of the top producers in the branch if I could help file away some financial statements which had been piling up on them. I'm the intern, of course, I'll help.

As I started to file them away, I realized their filing system was a little bit out-dated. In fact, it was a mess.

So I took it upon myself to re-setup their file system which I thought would help them out in the long run. Turns out, the little extra effort made a very good impression.

As it turns out, the top producer was looking to hire someone part-time to help out his assistant with their day-to-day tasks.

At this time, I was getting ready to be a senior in college. I was already working 15 to 20 hours a week at a mall job. But I thought it was good opportunity to get my foot in the door.

My senior year, I was hired to work 8 a.m. – noon, Monday, Wednesday, and Friday (most of my classes were on Tuesday and Thursdays), and then I would also work at my mall job in the evenings and weekends.

I didn't think much of the job at the time, about what it may turn into. Turns out it would lead to much, much more.

I continued working for them and helping them out with just their day-to-day tasks. Then, along the way, the broker had asked me if I'd be interested in cold-calling for him.

I had never done anything of the sort, but I thought, oh, what the heck, we'll give it a try.

Every once in a while I would call randomly from a list he had purchased of residents in the local community. I was calling just to set appointments for him, with a basic spiel; and, to both his and my amazement, I landed him a few appointments.

That's when it started to happen.

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My first nameplate – how exciting!

As graduation was getting closer, it turns out this producer who I had helped with his filing, was looking to hire a junior broker.

He had asked if I was interested, but initially I turned him down, primarily because I had bigger dreams. I had planned on working a corporate job up in St. Louis, and also I felt I was way too young to handle people's money.

I had noticed many of the top clients who came in the branch were at least twice, if not three times my age. I felt I had no business advising them on their retirement planning.

So I kept plugging away, hoping for the next bigger and better thing.

As graduation approached, I realized the bigger and better thing was not coming. I didn't want to graduate without having something lined up, so I accepted his offer.

I was going to be a junior broker.

I didn't have the same ring as “corporate executive” or “investment banker”, but I was still excited for the prospects of what could come.

Most everything in life I'd ever tried out, or even attempted, I had always succeeded; so naturally, I thought this would be no different.

I still didn't know if this was what I would do for the rest of my life, but I was excited for the opportunity to see what could happen.

And as they say, “the rest is history.”

If you’re at the same point in your life, where you’re truly considering the possibility of becoming a CERTIFIED FINANCIAL PLANNER, you might be wondering what exactly the process looks like from beginning to end.

Well, here's exactly what it takes.

The Steps You Need to Take To Become a CFP

1 | Complete the Education Requirement

Before you can even apply to the CFP® program, you have to satisfy the preliminary education requirements.

At the point in my career, I decided to pursue the CFP® certification, I was more than five years removed from college, with my Bachelor's in finance, so I easily satisfied the education requirement.

Currently, the CFP Board allows three different paths to achieve these requirements. Taken directly from the CFP.net website:

Complete a CFP Board-Registered Education Program

• There are more than 300 academic programs at colleges and universities across the country from which to choose.
• These programs include credit and non-credit certificate programs, undergraduate and graduate degree programs.
• They use various delivery formats and schedules, including classroom instruction, self-study, and online delivery.
• Many of CFP Board's Registered Programs also offer in-house educational programs for individual companies.

Academic degrees and credentials which fulfill the educational requirements include:

• Certified Public Accountant (CPA) – inactive license acceptable
• Licensed attorney – inactive license acceptable
• Chartered Financial Analyst® (CFA®)
• Doctor of Business Administration
• Chartered Financial Consultant (ChFC)
• Ph.D. in business or economics
• Chartered Life Underwriter (CLU)

Request a Transcript Review

Certain industry credentials recognized by CFP Board, or the successful completion of upper-division level college courses, may satisfy some or all of the education requirements set by CFP Board.

Bachelor's Degree Requirement

A bachelor's degree (or higher), or its equivalent,1 in any discipline, from an accredited college or university2 is required to attain CFP® certification.

The bachelor's degree requirement is a condition of initial certification; it is not a requirement to be eligible to take the CFP® Certification Examination.

After you pass the CFP® Certification Examination, you will be required to provide evidence (official transcript from the degree-granting institution) you hold a qualified bachelor's degree or higher degree.

Jim Blakenship, CFP® and author of Getting Your Financial Ducks in a Row, shares his experience on achieving the CFP® designation:

I took the American College Chartered Financial Consultant (ChFC) course which fulfilled the education prereq. The ChFC course was provided by my employer at the time (an insurance company). I followed this up with a CFP self-study course from Dalton. Then I went to a two-weekend live review from Dalton. The Dalton courses were much more useful than the American College course, in my experience.

2 | Pass the CFP® Certification Examination

Wholey Moley, what an exam!

The CFP® Certification Examination was by far the most challenging exam I've ever taken (and hopefully ever will) take.

The two day, 10-hour exam applied all the key areas of comprehensive financial planning. Although all questions are multiple choice, they are arranged in a way where every question “almost” sounds right.

That's what makes the test so challenging.

The exam is administered three times a year – generally on the third Friday and Saturday of March, July, and November, at about 50 domestic locations.

I took mine at the University of Missouri-St.Louis in November of 2007. The application deadline is approximately seven weeks prior to each exam date (e.g., February 1, June 1, and October 1).

To apply to take the exam, complete the online application, download an application, or call 800-487-1497 to have one mailed to you.

Completed applications, including payment of the $595 fee, must be received by the deadlines printed on the applications – there are no exceptions.

How I Prepared For the Exam

My previous firm had an arrangement with Kaplan University which offered a “boot camp” style class.

Once a month, for nine months, I traveled to St. Louis to sit in on a four-day (8 a.m. – 6 p.m.) lecture. I've never drank more Diet Coke and coffee in my life!

Our instructor was insanely smart and helped us trudge our way through all the concepts. Imagine learning about estate planning for 9+ hours a day. Are you jealous, yet?

After all the sessions, we then had a final recap with a different instructor a month before the actual exam.

Reflecting back, I really don't know another way I could have absorbed so much information in such a small amount of time. If I had to do the CFP program by self study, I would probably still be without the designation (no joke).

Richard T. Freight, CFP® who also authors the blog Think Beyond the Numbers, confirms my suspicions by sharing his experience with the CFP self-study program:

After failing to discipline myself with self study, over the course of 3 years I took the individual courses (5 in 1998) at 3 different community college and universities, often traveling an hour each way, twice a week, to pass the exams. Then I took Ken Zahn's “blitz” 3-day course to pass the overall exam. I know it sounds like the old walking uphill both ways to school in the snow, but it wasn't a cake walk by any means. My overall exam had a pass rate of 49% across the U.S. that year.

Test Results

I sat for the exam in November of 2007 and didn't receive my test results until early January. Talk about suspense.

I just happened to be home the day when the mail came. I remember seeing the thin, little white envelope from the CFP Board and my heart sank.

Why was the envelope so thin? Was it a bad sign?

I nervously paced inside and finally just ripped the envelope open….Congratulations you passed.

I screamed with excitement and then called my wife to share the good news.

Typically, each testing period has about a 50% pass rate and this was about the same with my group. This is why I was so thankful I passed.

When you receive notice you passed, you then have to satisfy the remaining requirements.

3 | Meet the Experience Requirement

In March of 2007, I began the Kaplan University CFP® course. At that time, I had been a financial advisor for already five years, which satisfied the experience requirement.

The CFP Board requires you have at least three years of qualifying full-time work experience.

According to the website, the experience can be gained in a number of ways including:

• the delivery of all, or of any portion, of the personal financial planning process to a client.
• the direct support or supervision of individuals who deliver all, or any portion, of the personal financial planning process to a client.
• teaching all, or any portion, of the personal financial planning process.

Joe Pitzl, CFP® shares how he got a head start in completing his experience requirement:

To get a head start on fulfilling my experience requirement, I held three financial planning internships and filed tax returns in a tax firm for two years while in school (it counted for about a year collectively). I then worked for a year as a full-time financial planner before taking and passing the exam. Six months later, I had officially fulfilled the 3-year requirement and became a CFP®.

4 | Background Check… Do You Pass?

Applicants for CFP® certification must pass CFP Board’s Candidate Fitness Standards, which describe conduct which may bar an individual from being certified.

This is one of the aspects which makes being a CFP® professional so much more prominent; we are held to a higher standard than your typical financial advisors.

The board will conduct a background check as you make your commitment to adhere to the CFP Board's Code of Ethics and Professional Responsibility and Financial Planning Practice Standards.

Brian Plain, CFP® shares a similar accelerated approach to achieving his designation:

Apparently I'm a glutton for punishment as I fulfilled my education requirement through the accelerated 9-month program at Northwestern and then did a 4-day live review course prior to taking my exam…for the first time. Getting the “fail” letter in the mail was deflating, but it was also made me appreciate the experience so much more when I received my “pass” letter the next time I sat for the exam. Needless to say, I still have the letter!

5 | Time to Pay Your Dues

After you verify those three steps, it's time to pay up (yeah, the $595 fee from before was just to apply).

You'll have to pay a one-time, non-refundable initial certification application fee of $100 for the background check.

In addition, you will be responsible for a biennial certification fee of $360. To me, this cost is minimal, compared to the amount of knowledge I have gained through the whole process.

Jason McGarraugh, CFP® gives a detailed account of his path to becoming licensed:

I went the Degree Plan rout. After spending 4 years getting a BBA in Corporate Finance at Texas Tech I graduated without any of the Financial Planning knowledge that I wanted. Circa 2000 I discovered that Texas Tech actually had a Masters program in Financial Planning. I spent 2 1/2 years working on my Master of Science in Personal Financial Planning which included the necessary CFP® courses with additional classes to round out the degree plan. After graduating I spent a semester working for a private school in Singapore that taught the CFP® courses there.

I moved back to Lubbock in May of 2003 and began the two month live review with the professors at Tech to prepare for the July exam. I made enough money In Singapore to pay for the review and a few months of rent with some friends that were also taking the review. I studied 6 days a week for two months and passed the exam on the first go round. I probably put in about 250 hours of study and class time. I made it a point to take one random day off a week to relax.

It took about a month to get the results back and during this time I was interviewing for jobs. By early October 2003 I was fully licensed for insurance and securities and working with Waddell & Reed in Fort Worth, TX (plan B). I reached my 3 years in October of 2005 thanks to 12 months of experience as a Peer Financial Counselor with Tech's Red to Black program.

6 | Congratulations! You Are Officially a CERTIFIED FINANCIAL PLANNER Professional

Once everything is complete, you will get a notice you are officially a CFP® and you can refer to yourself as one.

After making it this far, you deserve it.

Now it's time to order new business cards and make the appropriate updates to your website. I never thought I would be so excited over “three little letters” but all the time invested to achieve those letters makes them extra special.

7 | Continuing Education Requirements for a CFP®

Once you pass the exam, you're not done, however.

Every two years you'll have to satisfy continuing education requirements to keep your CFP® credentials. The CE requirements consist of:

• 2 hours from a CFP Board-approved program on CFP Board's Standards of Professional Conduct.
• 28 hours from one or more of the accepted subject topics.

It's up to you where and how you complete the CE requirements, you just have to make sure it's a pre-approved program by the CFP board. There are plenty of resources nowadays to do this.

One of my favorites is mini quizzes found in trade journals such as Financial Advisor Magazine and the Journal of Financial Planning.

It's always nice to learn something new and get credit for it, too!

Are you still considering becoming a financial planner? Think you’re ready? Keep reading.

Going Solo – The True Costs of Starting Your Own Financial Planning Firm

In 2011, I embarked on one of the most exciting business transitions of my life – I formed my own registered investment advisory firm. I get a lot of questions from advisors wanting to know about the process.

• How does it work?
• How much does it cost?
• Is it worth it?

Plus, I have friends and blogging friends who are also curious and would love a look behind the scenes of starting a financial planning business. Since I have over 5 years underneath my belt of starting my own firm, I thought I would share a little bit of how it all went down.

I’m also trying to get a sense of how much I have spent in the past year in doing so… thank goodness for my CPA!

Before I begin, let's first start with a jump back to my story so you can understand exactly what had happened since getting my “three little letters” approved.

The First Step

In 2007, three others advisors and I left A.G. Edwards and Sons, which had recently been bought out by Wachovia (now Wells Fargo) and started Alliance Investment Planning Group. We were an independent financial planning firm under the independent broker-dealer, LPL Financial.

LPL Financial was the largest independent brokerage firm and the big difference between them and an Edward Jones or a Merrill Lynch (or any major brokerage firm), at least from the advisor standpoint, is they allow you to create your own company at the local level.

That’s why we operated as a DBA (doing business ass) Alliance Investment Planning Group.

Essentially, in the relationship, I was an independent contractor utilizing their services, and then LPL held my licenses: my Series 7, and my insurance licenses.

Keep in mind many advisors don't take this step, although it's becoming more popular. From a payout standpoint, it definitely pays to take some risks.

Let me explain…

With A.G. Edwards, my payout was 40%.

That meant for every commission or fee earned, I would give the company 60% of every dollar. That was my price for having the company name behind me, back office support, my fully furnished office (phone, computer, desk, etc), a receptionist and anything else you would need to run an office.

For many, it takes away all the added pressure of running a business so you can just focus on your existing clients (and also acquiring more).

Unfortunately, if you're an obsessed entrepreneur like myself; it just wasn't quite enough.

Moving to LPL meant we now became true business owners.

We had to find our own office building, buy our own computers, desks, printers, filing cabinets, phone systems, 47″ TV's (I will argue to this day it's a necessity!), receptionist, etc.

Why would anyone want to deal with that?

Because the payout increased from 40% to 90%.

Yes, that's a pretty substantial raise. What made it even more substantial is we were able to split costs 4 ways. (We eventually added 3 more advisors so everything was split 7 ways.)

This meant more money in my pocket! My revenue increased dramatically because of this.

In fact, it has increased 4-5 times more where I was at when I left A.G. Edwards in 2007.

Trapped in a Box

My practice continued to grow and, honestly, I had no reason to change. No reason whatsoever.

There was, however, this one little thing which occurred which eventually made me realize change was not only coming, it was inevitable.

That “occurrence” was this blog.

As my blog continued to take off, and I got tired of the compliance hurdles, I knew I needed to make a change.

If you have a Series 7 license, anything you do online comes with great scrutiny and everything, I mean EVERYTHING, has to be pre-approved first.

Note for those who aren't familiar with this industry: If you have a Series 7, you have the ability to sell a security (stock, ETF, mutual fund, variable annuity) and earn a commission. If you can earn a commission, FINRA has fairly strict rules on how you discuss these types of securities. That's what makes blogging such a challenge for advisors with their 7.

Pre-approval is very time consuming, but it wasn't the most frustrating part.

I was also limited to what I could say and how I could say it. As an example, my post 7 Financial Advisors I Would Like to Punch in the Face would never have been approved. Never!

And that's why I enjoyed writing it so much more.

Dropping the 7

To get the freedom I wanted, it required me dropping my Series 7 and then forming my own RIA (registered investment advisory firm) with the state of Illinois. There were a lot of hurdles in my way because I didn’t know how it all worked.

• I didn’t know if I could stay with LPL Financial.
• I didn’t know if I could still be in the same office building with my current partners.
• I didn't know how to even begin.

I had a lot of fact-finding to do.

Thanks to some good contacts, I learned it was possible to operate in the same office as my other partners, I would just to create a separate entity, ergo, Alliance Wealth Management, LLC, was born.

I had to get a new phone number, order new business cards, and change my literature to reflect these changes, too.

Now, the question was who was going to be my custodian. The custodian is the provider who offers statements, a trading platform to buy and sell investments, among other things.

LPL Financial has an RIA platform, I just didn’t know if it would all work out.

Sure enough, it did. This was an easy transition for many of my clients since they would continue to get the same statements and most would keep the same account numbers.

Another note: this was probably the most confusing part about the whole process, which was hard for my clients to fully understand, especially since was still with LPL. The easiest way I explain it is I just switched departments within LPL's business structure. Before I was an independent agent/contractor with them. Now my firm, Alliance Wealth Management, LLC., is a client utilizing their custodial services. LPL no longer held any of my licenses and they are not responsible for me. Instead, the State of Illinois is now responsible for me. Clear as mud? Good.

So, once I found out I could be in the same office and I could stay on with LPL as my custodian, it was time to begin the process.

That’s when I contacted a compliance attorney who would set up all the documents I would need and help me get registered with the state.

I also needed to set up a new LLC., and then contacted my CPA who helped me through the process. In May of 2011, the transition was ready to begin.

Setting up Shop

As mentioned above, I end up sticking with LPL Financial as my RIA custodian.

So, in that regard, there wasn’t any cost in switching.

A few other ones I looked at were Schwab, Scottrade, E-trade, and Fidelity. The biggest reason for me sticking with the LPL was:

1. Less paperwork. It still was A LOT, but less if I would completely switched.
2. Easier story for my clients. I had left A.G. Edwards in 2007 and going through another change I thought might be too much.
3. Convenience of billing. (see below)

With most of my revenue coming from assets under management (I earn a % of my clients assets invested with me), LPL takes care of calculating the fee, deducting the fee, and then sending me the appropriate payment.

When I researched a few other custodians, I learned this was something I had to do on my own, and it honestly did not excite me at all; so, as far as costs associated with being with LPL, mostly it’s just ticket charges.

Mutual funds were ranked anywhere from $5 to $26.50; equity trades are approximately $15, and other investments such as bonds or UITs are somewhere in the $50 range.

Note that I don’t do a lot of these trades, so I don’t know the exact cost. Most of my trading costs involve mutual funds, stocks, and ETFs.

The Major Expenses

Compliance

The first major expense was compliance. I had to find someone to set up my ADV (client brochure) and begin the process of setting up my advisory firm with the State of Illinois.

LPL had a few vendors who they referred me to, and I tried calling a few of them, but their timelines did not mesh with mine.

Their costs ranged anywhere from $2000 to $5000, depending mostly on what state they were located. The ones in New York seemed to charge the most.

Through my blog, I’d met another advisor who had gone the RIA direction, and he referred me to his compliance guy who he had used.

The setup fee was $3,000, and he took care of the entire process; and let me tell you, the $3,000 was totally worth it.

Total cost: $3,000.00. Recurring cost: $2,000 per year.

LLC Setup

The second major expense was getting the LLC set up; fortunately, I lived in the state of Illinois, where just to set up an LLC runs you around $450 to $500 (note: heavy sarcasm).

I could have set it up myself, but I honestly didn’t feel comfortable, so my CPA helped in the process. Total cost there was $850.

Total Cost: $850. Recurring cost: $250 per year.

Business Lost

The other major cost for me was the business I lost.

I had a decent amount of money tied up in variable annuities and some 529 and 403(b) accounts I wouldn’t be able to transfer.

In addition, I had a relationship with a local credit union where I was their choice advisor who they would refer all their investment business to me. This was another relationship I had to give up if I was going to start my own firm.

While, it’s hard to tell the exact numbers; I’m estimating that I gave up approximately $36,000 every year of recurring income to go the RIA direction.

Total revenue lost: approximately $36,000 per year.

Insurance

Oh, the joys of having your own business.

With my profession, you need both business liability insurance and professional liability insurance (E&O).

The business liability runs us $1,470 per year (this also includes worker's comp for my new employee) and $3,654 per year for E&O.

The E&O is about $1,000 more per year than I was paying with LPL, but I decided to go with a carrier who specializes in investment advisers.

Total cost: $5,124 per year. Recurring: same.

Office Expenses

Since the office was already set up, we already had phone systems intact, and the way it worked before was we all just split the phone bill equal ways with my other partners.

Now that I had to have my own dedicated phone line, I had to add two full extensions and a fax line for my new office.

Luckily, we were able to program those new lines on the existing phone systems so there wasn’t the cost of having to buy new phones.

Furthermore, one of my partners in the office has a good friend who works for the local phone company, so I was able to get the installation costs waived, which was a big savings, but having to get my new phone systems still added on an additional $140 a month to have my own phone system.

Total cost: $140 per month. Recurring: same.

New Fax Line

One area where I was able to cut costs was the fax line.

I figured I was paying approximately $30 a month just to have an open fax line, and that was without sending any faxes.

I looked into some online providers, and the one I settled on was Nextiva.

For $60 for the entire year – $5 a month – I was able to have a fax line which works directly with my email system.

It was very reliable, and I would definitely recommend it to any small office who needs a fax line but doesn’t send hundreds of faxes per month.

Total cost: $60 per year. Recurring: same.

New Letterhead and Business Cards

Since I had a new business name, new phone number, and new email address, I had to get new stationary.

I didn’t change the logo very much, so our logo graphic designer was able to make changes fairly easily.

Overall, I think I had to pay about $200 to get new stationary and business cards, which wasn’t that bad.

Total cost: $200. Recurring: none.

New Website

Now that I had a new business, I knew I had to have a new website, especially one which looks slick, but I wasn’t crazy about having to pay $300-$500 to set this up.

I was lucky, in that a friend of mine offered to essentially set it up for free.

I already purchased the domain for $10, and I got a snazzy-looking website. Nothing like saving a little bit of money!

Total cost: $10. Recurring: $10 per year.

Banking Costs

The other most annoying fee is with our local bank.

We currently have free checking with complete online access, and my wife is a big fan of being able to pay stuff online; but now, instead of getting paid as an individual, I get paid into my business account, Alliance Wealth Management LLC.

It has its own separate tax ID number, and my bank does not allow to do online transfers when you have two tax ID numbers. (Side note – I also have another LLC set up for my online business.)

To be able to transfer money between the three different tax ID numbers, the bank charges us $35 a month to do so.

Right now, we are paying it, as it is a convenience, and we’ve been with this bank since I was sixteen years old. I will say that we are exploring other options.

Recurring cost: $35 per month.

The Current Rent

Before beginning the transition, my total overhead was $1,075 per month.

I am sure many people would look at that and laugh. Yes, I lived in the Midwest where things are cheap.

Since I’m still occupying the same office, I have the same printer, same desk, computer, the bookshelf that I had before, and so there weren’t any greater expenses on that end. We had a 3500-square-foot building that we pay just about a dollar a square foot a month for rent. We also had one assistant and all the typical expenses you would have in a professional office.

All those expenses are split seven ways, which makes my share ridiculously inexpensive. Those costs include the other phone system, postage, Direct TV – that’s for my 47-inch television in my office – heating and air condition, electricity, taxes, and insurance.

Recurring Cost: $1075 per month.

Other Costs of Running a Financial Planning Practice

What I’ve pretty much outlined up above are the essential costs that I must have to run the business.

These others are add-ons, meaning I could probably get by without them, but they definitely make running a practice much easier:

• Blue Leaf: Blue Leaf is an online account aggregation program that I’m testing. It gives my clients the ability to log in and sync all of their accounts together, whether they be with me, their existing 401(k), or any statements held elsewhere. Cost: $250 per month. Try Blueleaf for free. You can test drive their service and if you decide to sign up with them, mention me and you'll get 2 months for free.
• Marketing Library: This is an article-writing provider that runs me $20 per month. I use this for newsletters to existing clients as well as getting article ideas for the blog. Cost: $20 per month (Canceled as of 06/06/2013)
• Morningstar: With this Morningstar subscription, I am able to do detailed analyses of existing client portfolios as well as break down potential new client portfolio. Cost: $160 per month (Canceled as of 06/06/2013)
• Erado: Erado is my email archiving company that houses all my emails for compliance purposes. Cost: $375 per year
• Arkovi: Arkovi is a social media archiving company. They keep a log of all my social media efforts between by RSS feed, Facebook, YouTube, LinkedIn, and everything else. Cost: $40 per month
• The Birthday Company: This is a service that I use to send out birthday cards to existing clients. It’s an automated process that I enjoy, and I get positive feedback from all my clients. Cost: Approximately $15-$20 per month

Association Costs

As a CERTIFIED FINANCIAL PLANNER professional, I also have the dues I have to pay.

Total Cost: $325 every 2 years

I'm also a member of the Financial Planning Association. FPA is the largest membership organization for personal financial planning experts in the U.S. and includes professionals from all backgrounds and business models.

Total Cost is $395 per year

Lastly, I have kept my insurance license open and that costs me roughly $180 every 2 years.

Total Costs

As you can see, it's not cheap to start your own financial planning firm, but I can say that's it definitely worth it.

I'm exactly where I needed to be to grow my practice, and my blog, on my terms.

The one cost I haven't mentioned yet is hiring additional employees after starting my own RIA. That has brought on a whole new set up challenges, but once again has been worth it.

Now that I was all set up, success just came knocking on my door… right? Right?

Not so fast.

Let’s talk about what it takes to go from setup to success.

GF¢ 056: The 7 Rules on How to Become (and stay) a Successful Financial Advisor

Podcast: The 7 Rules on How to Become (and stay) a Successful Financial Advisor

First, how do you define success?

Success can come from many aspects: life, career, family.

Often I get asked how I became a financial advisor and what has led to my success.

When someone views me as successful, I'm always flattered. While I do consider myself successful, I'm also very humble.

By industry standards, I'm just a pea.

I'm not a rainmaker, not a million dollar producer, not one of Forbes Top 100 financial advisors.

I don't have hundreds of millions under management.

Most big-time producers would probably chuckle if they knew the size of my book of clients.

So, why do others and myself consider me to be successful?

Because I love what I do (and it shows) and I get paid very well to help people each and every day.

Being a financial advisor is not easy. That's something I really didn't know when I got started in the business because my naivety and inexperience– but quickly found out.

How hard is it to get started?

When I began my career with A.G. Edwards & Sons in 2002, I was in a training class of around 55 people.

My class ranged from 23 year-olds, like myself, starting their careers to 50+ year-olds attempting a third career. After completing training and being “in production” (better know as licensed to sell) for a year, our class of 55 had been slashed to less than half.

At my five-year anniversary mark, there were only 5 of us left.

If you're a numbers geek and you use my class as an example of your odds of surviving, then you have a 91% chance you are going to fail if you decide to become a financial advisor.

How do you like your odds?

As I reflect on my career, I'm truly thankful for many blessings which have been bestowed to me.

There have been many emotional roller coasters along the way, but I know the following basic fundamental principles have been the foundation to my success.

So, you didn't think I was blowing smoke, I recruited two other successful financial advisors, Russ Thornton and Brian Plain, to give their take what it takes to truly succeed in our business.

1. Abide by the Golden Rule

One of the keys to my success has much to do with how I was raised. My family has always taught me live by the golden rule:

Treat others the way that I would like to be treated.

It's such simple advice which rings true in every situation. I apply this basic principle in life and, most importantly, in my career.

If a client calls me while I'm on the phone, I'm sure to call them back as soon as I can.

Why?

Because I hate having to wait on someone to call me back and I don't want my client having to wait.

Same thing on emails and sending out paperwork.

Brian concurs,

Always do what's right for your client. This will often mean giving up short term financial gain. Do what's right for your client because it is the RIGHT thing to do. Do it early and often and you'll see it come back to you in spades.

2. Give 110% (and Then Some)

This business is not for everyone.

I've seen many people get started and think to themselves that they have what it takes, only to see them fizzle out in under a year.

What made me different?

Because I wanted it.

My first year, I spent all day and 2-3 nights, per week, cold calling.

Yes, I was the annoying guy who would interrupt your favorite TV show by asking you the following:

Hi, Mr. So and So. My name is Jeff Rose, and I'm calling from A.G. Edwards here in Carbondale. I”m just calling you today to see if you are an investor and if you are open to new investment ideas from time to time.

That was it. That was my magical spiel. Imagine saying that 100-200 times a day. If you weren't jealous of me yet then I'm sure you're jealous now.

After cold-calling, I started hosting lunch and dinner seminars.

I used to beg/invite potential clients to a free meal so they could hear me talk about some general investment message. I used to do one of these every 6 weeks or so trying to get my name out there.

In addition, I would sacrifice weekends setting up booths at trade shows.

I would and have driven over 2 hours to meet with somebody hoping they would do business with me. There were many highs and lows and I've enjoyed every moment.

3. Be Persistent, Not Pushy

When I first started in the business I had no clients given to me and it was up to me to find new ones. When I came across someone who was a potential prospect, I was very eager to convert them to a client.

I was so eager I would follow up more so than was properly necessary.

I learned along the way you have to wait until people are ready to act, BUT you still want to make sure they think of you when the time is right.

That's why it is important to follow up: phone call, e-mail, even draft hand written notes. Just make sure when you do follow up, it's not too often.

Russ adds a bit of his experience in working in a Wall Street firm,

A Wall St. brokerage firm is a sales firm. I’m not criticizing sales because it’s a critical function in any healthy business. In fact, though I’m an independent advisor today, I’m still selling my advice. I guess my point is that you should understand up-front and make a career choice on the basis of what you want, and are willing, to sell to people.

4. Shut Pp and Listen!

How you ever been to cocktail party and got stuck having to listen to a person who felt the need to tell you EVERYTHING about them even though you never asked? Don't worry I won't do this to you.

One thing about me is I'm a very curious person by nature.

I like to ask a lot of questions and most importantly: L-I-S-T-E-N.

Brian adds,

Be an educator and share your knowledge. A successful advisor talks WITH clients, not AT clients. Making things simple and understandable isn't easy, but it is essential.

5. Learn How To Be a Teacher

A child mis-educated is a child lost. – John F. Kennedy

One of the surprising aspects of job is how much I play the role as educator.

Most people I work with don't have the desire to know or understand what the beta or standard deviation is on their portfolio.

All they know is they have worked their butt off to save as much as they have and that money has to last them the rest of their life. And they are hiring me to help them through the process.

Some part of the process is easy – I need X amount dollars per month to survive – while other aspects can be confusing – I'm looking to set up an A-B Trust to protect my assets from estate tax.

Whatever the circumstance, it's imperative all parties have a good understanding of what we are trying to accomplish.

Without the general understanding, and the education of the financial goals at hand, any major bump along the way could jeopardize the desired result.

Russ points out,

When it’s all said and done, it’s the client’s money. You can give them the best advice and listen to anything and everything they’re willing to share with you, but they have the final say in any decisions that are made. I’ve found the best way to work with clients is to be a caring educator. No, I’m not trying to teach them everything I know, but I want my clients to have a thorough understanding of their choices and the possible consequences of each choice they might make.

6. Give a Darn

If you really want to be a successful financial advisor, you have to genuinely care about the people (your clients) you are helping. You can't look at them as “how much money they have” or “how much you make off of them.”

In 2008, when the market was falling, I could care less about how much I lost. I was more concerned about all my retired and soon-to-be-retiring clients and how this would affect them.

If you don't care—truly, genuinely care—people see right through you.

7. Have Some Faith

See, the LORD your God has given you the land. Go up and take possession of it as the LORD, the God of your fathers, told you. Do not be afraid; do not be discouraged. – Deuteronomy 1:21

I can remember in my first year of becoming a financial advisor I had one of the worst earning months of my short career. I made less in a month than I made when I was still working part-time at GNC making $6/hour while I was in college!

Luckily, I was still young and didn't have a family to support and I made it.

Well, I wouldn't necessarily say I made it, but I did survive.

What also helped me is having God on my side and giving me the strength and power to not doubt myself and continue forward in order to succeed.

Brian ends with,

Worry about the things you can control. Always take care of your clients and do right by them. Don't be afraid to let them know how they can help you grow your practice. If you're consistently exceeding your clients expectations, they'll likely become your best source of potential referrals.

Russ concludes,

There are very few certainties in life. And there are perhaps even fewer in the financial services world. But, I sleep comfortably at night knowing I’m doing work I love and working hard to take the best possible care of my clients. I consider my clients part of my extended family and do my best to treat them as such. Sure, there will be problems and obstacles which inevitably pop up along the way, and there’s only so much I can do to minimize these, but I am comforted by the knowledge there is no one else out there who could care about my clients as much as I do.

Thanks for Brian and Russ for contributing!

Resources for Aspiring Advisors

A great organization I'm a proud member of is the Financial Planning Association.

It's a tremendous resource for consumers and financial professionals. For someone who is hoping to get in the financial planning business, FPA offers a residency program (think of it as an internship) which is a client-centered training experience using comprehensive and detailed case studies.

By completing the 6-day internship program, candidates will be eligible for 30 hours of CFP Board continuing education credit or three months of financial planning work experience.

You can learn more by visiting the FPA's website.

Can You Become a Part-Time Financial Planner?

The question came from Derek:

Hey Jeff, First thing I want to say great blog! I'm currently in the workforce and entertaining a new profession as a financial planner. I really enjoy keeping up with the markets and many of my friends and co-workers come to me for advice on their investments. I've been doing some research in getting in the business and it seems daunting as many of the big brokerage firms want you to work crazy hours the first couple of years. I'm not ready to give up my day job and was considering giving it a go part-time. What do you think about the likelihood of being a part-time a financial planner?

Derek is NOT the 1st person to ask me about becoming a part-time financial advisor.

In fact, many people who have a love for investing, numbers, and helping people have emailed asking me something similar.

To all of those who are interested in the financial planning profession on part-time basis, this video is for you.

Making sure I hadn't missed anything regarding being a part-time financial advisor, I asked some of my colleagues to share their thoughts on the matter.

Here are some comments from fellow financial advisors about whether you can do it part-time:

Part-time Financial Planning

I think if a person wants to pursue a part-time or “on the side” financial planning business, they need to first decide how they want to do it.

Let’s assume for a minute it’s possible.

• Do they want to get into financial planning because they think it’s interesting?
• Because they want to help others?
• Because they have a personal interest in finances and investing?
• Or is it something else?

None is better or worse than the other, but I think getting clear on this up front will help clarify the rest of the thought process. Also, beyond an immediate friends and family circle, how will they market and attract new clients?

• If they want to help others, they can outsource much of the financial planning and investment management (if any) work. In this scenario, they would be relationship managers first, and foremost. And, if they have capable planning resources they’re partnering with, this helps address the potential concerns clients may have about working with a “part-time” planner.
• If they want to write plans and get into the technical side of planning, this might work, but I’m skeptical. Outside of a full-time job, how will a person have time to find clients, do the actual planning work, service/keep clients and still have a personal life? I’m not saying it can’t be done, but I think it would be difficult assuming you can even find clients beyond immediate friends and family that would be willing to work with you if you’re doing this on the side. If you’re only spending 20% of your time doing planning work, are you going to only charge 20% of full-time planners’ fees?
• Also, just because someone has an interest in personal finances, it doesn’t mean they’ll be a good planner. See Michael Gerber’s E-Myth about potential issues when a “technician” who likes to do the work is trying to grow and run a business. It can be a challenge for those not going into it with both eyes wide open.
• Though not strictly “financial planning,” many professional third party asset management platforms offer a solicitor arrangement where you can setup and manage client portfolios by contract on a per-client basis. This might be another variation on outsourcing some or all of the work I mentioned above

I know I’ve raised more questions than I’ve answered.

I’m frankly not sure if it can be done, but rather than assume it can’t, I think anyone interested needs a thorough understanding of what role they want to play in the financial advice/planning industry before moving ahead.

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