financial planningAre you worried you may be stuck working well past retirement age? You’re not alone. And with good financial planning, you can be on your way to financial security, so you can spend your retirement years sipping Mai Tais on the beach rather than chained to a desk. And who wouldn’t want that? However, for many different reasons and circumstances, finances aren’t always given the time and attention they need.

According to the National Association of Personal Financial Advisors, here are a few eye-opening statistics: 56 percent of U.S. adults lack a budget, 40 percent save less now than in 2011, 39 percent have no non-retirement savings and 23 percent of Americans are not confident they will have a comfortable retirement.1 Despite these numbers, though, there is a bright side. These statistics can change and, with the help of knowledgeable financial planners, there are ways people can gain confidence in their finances and their future.

Better yet, do you think you would make a good financial planner? Do you want to help people plan not only their finances, but also a future they’re confident in? Then you should consider enrolling in Grantham’s Bachelor of Business Administration in Financial Planning program. Here are five career-building finance concepts from our program that can prepare you for a successful finance career:

1. Tax Planning

Tax planning is important for all people, regardless of their tax bracket. Life events, whether that’s selling a house, getting a new job or getting married, can bring changes to people’s taxes. Most people don’t plan these events based on how it will affect their taxes, but they can benefit from knowing how life changes can impact their finances.

As a financial planner, it’s important to be able to provide guidance to those who may experience tax changes and want to better understand what that means for their finances.

2. Asset Allocation

Ever heard of the famous saying “Don’t put all your eggs in one basket?” Well, this applies to the asset allocation aspect of financial planning. Someone’s assets are their investments and, if they have more than one investment, it’s important they know how to distribute their money to ensure the greatest return. Many investments are made with the intention of providing a comfortable retirement.

As a financial planner, it’s important to understand asset allocation strategy to help people make the best investment decisions for their future retirement. At Grantham, we understand the important role investment plays in finance, and we focus on asset allocation as a core concept of our program.

3. Retirement Planning

In 2011, 68 percent of the working-age population (25-64) in the U.S. did not participate in an employer-sponsored retirement plan because they weren’t sponsored, didn’t participate or weren’t working.2 This retirement crisis is problematic because Social Security cannot fully replace income in retirement. With so few Americans taking action early to plan for their retirement, taking the steps to plan seems more important now than ever before.

As a financial planner, you can help people take advantage of their employer-provided retirement plans and ensure their financial security down the road.

4. Risk Management

Risk is an inevitable part of life. But one thing people can do is account for any potential risks or uncertainties in their investments. For example, the Environmental Protection Agency requires companies that deal with hazardous materials develop a risk management plan to address the steps they are taking to avoid risk and determine what they will do if there is an accident.3

With a financial planning degree from Grantham, you will have the knowledge necessary to help people estimate the impact of potential risks and be able to plan accordingly. Risk management is also crucial to successful project management and an essential part of any business.

5. Estate Planning

It’s important for financial planners to understand all that goes into estate planning. And no, estate planning is not only for the wealthiest of people. It’s meant to protect families if something happens to a family member. However, 55 percent of Americans don’t have a will.4 Instead of someone leaving their family vulnerable to legal issues, estate planning can allow them to determine how their assets are distributed and ensure their family is taken care of.

Earn Your Financial Planning Degree at Grantham University

Thinking about pursuing a career in financial advising to help others better manage their finances? The online Bachelor of Business Administration in Financial Planning from Grantham University can allow you to gain the fundamental knowledge for these five finance concepts. In a curriculum of real-world financial situations, you’ll learn the strategies needed to help clients plan for their future and meet their long-term financial goals. Get started today!

Apply at Grantham

For more information about our graduation rates, the median debt of students who completed the program, and other important information, please visit https://www.grantham.edu/student-support/gainful-employment-disclosures/

1http://www.napfa.org/consumer/WhyFinancialPlanningisImportant.asp
2http://www.economicpolicyresearch.org/images/docs/research/retirement_security/Are_US_Workers_Ready_for_Retirement.pdf
3http://www.investopedia.com/terms/r/riskmanagement.asp
4http://www.forbes.com/sites/learnvest/2013/05/24/estate-planning-your-need-to-know/

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