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Welcome to the New Financial Realities: New Rules for a New Economy

Oct 22, 2009

WASHINGTON, DC, October 21, 2009—If there is one thing that the financial crisis has taught us, it's that we can no longer afford to think about our personal finances as we did in the bubbly pre-recession days. In today's economy there are new financial realities that every consumer must understand.

Over the next few weeks Eleanor Blayney, CFP®, Consumer Advocate for Certified Financial Planner Board of Standards, Inc. (CFP Board), will help steer consumers through the shifting economic landscape, by outlining the new rules for the new economy, in a series of nine videos, which can be found at www.CFP.net/learn/advocate.asp.

"In this uncertain economic climate, we must all -- as consumers, investors, and citizens -- become better informed, so that we can take control of our financial futures," said Kevin R. Keller, CEO of CFP Board. "As a seasoned CFP® practitioner, Eleanor understands that consumers need strategies for addressing the new and rapidly-changing financial realities."

Blayney said, "Our recent economic downturn has shown us that we must re-examine some basic assumptions about the ways we manage our finances. What made sense pre-recession no longer works today. In these videos, I offer consumers nine personal finance strategies to help them plan for what's ahead."

  1. Put your own financial interests first, and work with an advisor you can trust
  2. Use a multi-prong approach; investing by itself will not get you where you want to be. Spending, saving, and budgeting all play equal parts in building wealth
  3. Think of yourself as an asset; investing in yourself can yield returns far greater than other investments
  4. Learn the difference between good debt and bad debt
  5. Get smart about the pros and cons of home ownership
  6. Know it's no longer about retirement; it's about reinventing yourself for the last third of your life
  7. Get your kids involved in family financial planning. Now is the time to talk to your kids about finances
  8. Do not sacrifice your financial well-being for your children
  9. Become financially literate. Commit to learning all that you can.

 

"As you consider your personal finances and prepare and respond to the new economic situation, remember you're not alone. CFP Board and the nearly 60,000 financial professionals who hold the CFP® marks stand ready to help you on your journey to a healthy financial future," said Blayney. "I wish you the best on your journey to a secure future."

Follow Eleanor on Twitter: twitter.com/EleanorBlayney

About CFP Board: The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning. The Board of Directors, in furthering CFP Board’s mission, acts on behalf of the public, CFP® certificants and other stakeholders. CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP Board currently authorizes more than 60,000 individuals to use these marks in the United States. For more about CFP Board, visit www.CFP.net.

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CFP® - The Recognized Standard of Excellence in Personal Financial Planning

CONTACT:
Chris Wloszczyna, Director of Public Relations
CFP Board
P: 202-379-2252
E: cwloszczyna@CFPBoard.org

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Did You Know?

Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
Anyone can call himself a “financial planner.” Only professionals who meet CFP Board’s rigorous standards can call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
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