Dr. Clemen Chiang

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Budgeting is only effective if you’re able to make it work for you long term. Getting on a budget can be one of the most effective ways to start taking control of your finances. Whether you take a detailed spreadsheet approach, let an app do the work for you or leverage simple pen and paper, there’s no one correct way to do a budget as long as your system works well for you. However, many people who try tackling their first budget may quickly give up or find it too difficult to keep up with long term — but this doesn’t mean budgeting in general doesn’t work for them.  According to the financial advisers and experts of Kiplinger Advisor Collective, you may just be going about it with the wrong plan or mindset. If you’re struggling to budget or find that you’re not hitting your goals as quickly as you thought you could, consider the following six signs that your budget or financial plan may not be working for you — and what you should do to fix it.

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It’s never too late to start planning and saving for life after work. There are many life circumstances that can prevent someone from saving for retirement. Whether it’s expensive emergencies that need to be prioritized, trouble maintaining a steady income or simply the lack of knowledge for exactly how to save for retirement in the first place, life can often send obstacles your way that can prevent you from utilizing your money the way you want to. However, having a savings goal — and a plan for how to achieve it — is essential if you hope to one day retire and feel secure about your financial situation in your non-working years. Experts often recommend starting to save as soon as you can — after all, more time can make all the difference. But that doesn’t mean you’re out of luck if you are a bit late to get started. Here, eight financial leaders from Kiplinger Advisor Collective weigh in with some of the best ways to plan for retirement as someone who is starting later in life, and how you can not only catch up but also have the security you need to feel good about your situation.

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Taking these steps now can help ensure your family isn’t overwhelmed with uncertainty later on. The passing of a loved one is an emotional time, and family members are often dealing with their grief in different ways. If left undecided, the many legal and financial choices families have to make after the death of a loved one can be an additional emotional drain on their already overwhelmed minds. Larger families can often suffer an even greater burden as they must make decisions that involve many parties — choices that can sometimes lead to arguments or even major fights. Making end-of-life plans ahead of time can help prevent much of the stress that comes with the financial and legal aftermath of a loved one’s death. Taking the following six steps now, as recommended by the financial experts of Kiplinger Advisor Collective, can help ensure your family is taken care of in the event of your passing and are allowed to grieve without any additional burdens.

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To achieve your financial goals this year, you’ll need to start with a clear vision and plan. Ask anyone what they want to achieve when setting goals at the beginning of a year, and at least one of those goals is likely to be related to money. Whether it’s as simple as saving more or spending less, or as complex as researching new investment opportunities or delving into real estate, setting financial goals at the start of the year is a smart way to start or improve your current financial journey. If you haven’t yet settled on what you’d like to achieve with your money in 2025, consider the following eight goals recommended by the financial experts of Kiplinger Advisor Collective. Below, they discuss the goals or resolutions they think more people should set for 2025, and how doing so might impact their future success.

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Building customer relationships is easier when you start from a place of trust and empathy. Whether someone is a financial adviser, planner or financial business owner, being new to the industry comes with its own set of challenges — especially when it comes to finding that first client. While you may have the right credentials and the passion for helping others with their money, you must also work to convince potential clients that you’re the right person for the job.  But unlike entrepreneurs who have a particular product to sell, you won’t be able to rely on your product's features and benefits to help persuade them. You’ll instead need to focus on what you can offer that no one else can. To help get you started, the financial leaders of Kiplinger Advisor Collective offer their best advice for securing your first client — and what worked best for them — no matter the niche you serve.

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Trust, like in any relationship, takes time to develop. There are few topics more personal than someone’s finances. Money determines the way someone is able to live their life, and the various experiences, issues and successes they have with it can impact not only what they do but also who they are. Accepting guidance and advice on how to best handle money can be a big ask, so building trust as an adviser and/or financial services expert is essential if you want to succeed in this career path. But building this type of deep trust doesn’t happen right away; it must be earned, and the best advisers know what it takes to do so. Here, nine members of Kiplinger Advisor Collective share their best advice for building a trusting relationship with a client and how doing so will enhance your credibility and success in the financial industry.