Eric Arnold Planswell

As a young adult, it's important to prioritize financial planning for a secure financial future. Eric Arnold Planswell is a prominent financial advisor. He has advocated for financial literacy and planning for young adults. Here are some reasons why financial planning is crucial for young adults. Helps Achieve Financial Goals Financial planning allows you to identify your short-term and long-term financial goals and develop a plan to achieve them. Eric emphasizes the importance of setting realistic financial goals. He also guides in developing a strategy to reach them. Develops Good Financial Habits Starting a financial plan early helps develop good financial habits that can benefit you in the long run. Young adults should create a budget, save regularly, and be mindful of their spending habits. By practicing good financial habits early on, young adults can avoid getting into financial trouble. Provides a Sense of Security Financial planning provides a sense of security and peace ...

Some of the essentials benefits of financial planning are as follows-  Investors will be able to earn more if they are able to save and invest more. In your journey toward financial well-being and independence in the long term, saving and investing instills a greater sense of purpose. Goal linkage with investment is the most crucial aspect of a good financial plan. Sticking to SIP irrespective of market conditions, re-balancing, adhering to your asset allocation, and many more are included in the discipline of investing. If you are investing according to a plan, you are likely to be more disciplined.  You can fund big-ticket spending like going on a vacation, upgrading your vehicle, purchasing a home, etc. from your savings and reduce your debt if you invest according to a financial plan. Critical components of a financial plan are asset allocation and risk diversification. You may invest in assets having higher bull market returns if you do not have a financial plan, and this...

  Here are some points that give you a clear thought about why you need financial planning -  Income - Having a financial plan helps you manage your income in a better way. You are aware of how much you earn, and this helps you understand where your money is going and whether it is enough to achieve the objective of your life.  Expenses - We can keep an eye on the money we spend on our wants and basic needs and splurge on luxuries. It also helps you to know how much you went overboard in a month and how much you need to cut back in the following months to stay within your planned budget. With various changes in your lifestyle, your spending also changes. It helps us in finding out the income requirements and what changes you can make to your earning capability accordingly.  Investment - A good financial plan will help you to choose the right investment plan according to your goals, income capacity, risk profile, etc. A plan has an investment portfolio that can help...

 Some people today are living on the edge of bankruptcy. They have a ton of pending EMI payments, a lot of luxury expenses, and way fewer income sources. Constantly living in debt has become a habit for some, a seed that does not yield anything good in the future. Spending your hard-earned money mindlessly might not feel hurtful in the short term but it can become quite a burden in the long term. Here are a few tips to uphold your finances from a young age that can help you lead a secure future: Figure out where your money goes: Mindless spending is one of the major reasons why people lose money. A person who tracks their expenses is more likely to have a healthier financial standing than someone who doesn’t. Formulate a budget: It is always ideal to keep some money aside for spending and saving the rest. You can create a budget to see how much money you need for your day to day expenses such as food, rent, electricity, etc. After deciding on your fixed expenses, you can decide how...

Every individual at some point will need a mortgage, but not every individual has the best credit score. Eric Arnold Planswell ’s CEO, states that there is difficulty in mortgages with bad credit, but it is not impossible, which is why through this blog, you can explore various options that allow you have mortgage opportunities even with a bad credit score.  What is a Bad Credit score?   There is a specified score that your credit card should reach for it to be considered good. Scores ranging from 300 to 600 are known for very poor to poor credit scores. This helps creditors determine if you are a promising candidate who can pay back their mortgages. Thus Credit scores play a vital role in one’s pursuit of getting a loan.  Why Is It Hard To Get A Mortgage With Bad Credit As stated earlier, credit scores are the assuring assets that allow the lender to evaluate if the money they will be investing in the mortgage has any risk of not being paid back. Eric Arnold Planswell ,...

  It is very natural for one to be tempted to weigh between investing or paying off the debts one may have.  And obviously, it is not an easy choice.  With the help of financial industry professional, Eric Arnold Planswell , let us explore some efficient ways to minimize debt costs while investing. If You are considering investing, it is often encouraged by the thought that you can pay your debt through your investment’s profit. However, this concept may come as a convenient financial step to pursue while you have a solid amount of debt. Investments, while you are in debt, come with many risks. So the question is if you should abide by the routine to pay off your home loan, student loan, car loan, credit card loan, or start saving up for your retirement funds and explore attractive funds to invest in the stock market.  The answer to this question will be to do both. With proper balancing, you can make good investments while paying off your debts. To do so, here are ...

Finance can be very tricky when you’re just a beginner in the journey. There are various topics and sub-topics within personal financial planning that need your understanding. And to make it a little easier for you, With the help of our professional, Eric Arnold Planswell , CEO of Planswell. You will learn about the basics that will help you understand financial planning better. As much as you are responsible for your financial well-being, you are also responsible for managing it. Below are some essential factors you need to keep in your mind while you’re all buckled up to enter the world of sound financial planning! Budgeting: the deeper you dig into your research to find the most efficient step to sound money management, it ultimately comes to budgeting. It is the backbone of your process and thus directly impacts your goals, depending on how you did your budgeting. It is about where your income is getting invested in and how much you save monthly. Budgeting doesn’t go smoothly on th...

The thought of not having a steady income like always can scare anyone. But we don’t blame you for not having a savings plan in place since it’s hard to figure out where you can save money and where you can spend freely. Eric Arnold Planeswell brings you some brilliant ideas on how to save money smartly for retirement planning.  Selling Second Car (If you Have One) We tend to keep our old things with ourselves and this is true for every first car. But if you have two cars, it’s better to sell one since you are spending extra on registration, maintenance, and insurance. By selling it, you are not only saving for retirement but also doing a little bit for the environment.  Pick Bundle Packs  Your phone, broadband, gas, & electricity packs can save a lot for you through bundle packs. First, compare provider rates for all these services and go for the most discounted rates.  Stay Entertained At Home The more bored we feel at home, the more we want to go out and part...

  Contrary to popular belief that retirement planning should be done a few years before retiring, you should know what is the right time to start planning retirement. Irrespective of where you live, not planning timely can leave you helpless or out of funds at your old age. Living a dignified life requires you to start planning for retirement in your 20s, says Eric Arnold, Planswell CEO. According to him, no one wants to retire and be dependent on a family member but everyone fancies being a wealthy senior citizen. Let’s shine some light on how to save for a wealthy retirement. In your 20s: The soon you start saving, the better you can expect till the time you retire. If you are getting a head start on retirement planning in your 20s, invest more in equities since they ensure long-term returns.  In your 30s: If you are in your 30s while starting retirement planning, you still have 25 to 30 years in your bag before you retire. So you can still take some risks considering how...

  If you are struggling with debt or have poor spending habits, Eric Arnold Planswell will help you sort them for free. Also, they have shared some best ways to manage money. Keeping the finances on track is one of the most arduous tasks.This is something that is keeping Americans stressed and worried most of the time. Eric Arnold understands the concerns individuals face due to poor money management and have come up with some tips which will keep them sorted: Set a Goal: Setting a realistic goal is the first step towards proper financial management. Ask yourself a question: what matters to you the most? A holiday to a favorite destination or leading a debt-free life. Divide your goals into small steps and accomplish them one at a time. Prepare a Budget and Stick to it: Have a look at what you are buying and how you are spending your money. Before making the budget ask yourself, are you ready to make sacrifices? An excel file or spreadsheet must be maintained, and enter the budget...

  Batman's only power is being rich; he spends his fortune on supercars, technological advancements, weaponry, and batman suits for the protection of an unbalanced society. He also loves to help his friends from Justice League as he bought the bank to help Clark Kent get his home back.  Bruce Wayne's parents had good financial planning for their son's future. Their timely investments in real estate helped them to establish Wayne Enterprises. The same enterprise's fund Bruce Wayne's Batman suit, super-gadgets, super-vehicles, and expenses of his missions.  The untimely death of Bruce Wayne's parents did not affect our dark knight's financial security. With good financial planning, they ensured capital preservation and smooth transition of their fortune to their son.  Not just this, Ra's al Ghul was a guru and trainer to Bruce Wayne. Our capped crusader learned ninja methods and purged his fears under his guru's guidance. As a guru, he trained Bruce to...

  Every individual has different goals on their bucket list when it comes to finances. By keeping control over your spending and having a well-planned budget, you can achieve your financial goals. According to a recent survey, about 47% of Canadians are living with a weak spending plan. Having a practical spending plan and sticking to it is more critical in the current scenario.  A spending plan, a.k.a a budget, is all about having a program that helps you keep a record of your expenses. It allows you to spend your money wisely and save it from unnecessary expenses. With a well-planned budget, you can pay your bills on time, even if your income and expenses change each month.  According to Eric Arnold Planswell , a spending plan includes: Goals - Buying a new car, a family trip, retirement funds, education, money saved for emergencies, medical bills, or other planned expenses.  Income - Salary, business income, paychecks, child support, and other financial benefits....

The most frequently used financial term is budgeting. Many people have heard of this, especially those who want to control and plan for their future finances. This tool plays a vital role in helping you become financially stable both now and in the future. But, it is essential to remember that budgeting is not easy. With Eric Arnold Planswell , we can help you understand the various strategies and tactics to budget for completing your financial goals.   Strategies & Tactics Having a budget is one of the most effective ways to spend your money because it helps save successfully. A budget enables you to spend in a way you see fit but by staying within your means. Your budgeting style determines how financially stable you are. A budget shouldn’t be treated as a hassle or a headache. It helps you focus on how much you need to spend.  A Budget Will Help You: Stop excessive expenditure People without a budget often end up spending more than the required amount. It leads to ...