 |
February 10, 2004
Getting with the Program
Financial planner's clients owe him a debt of gratitude for helping them build wealth
Schwartz, founder of the DEBT-$AVER program, also shares his financial expertise with reports on Denver radio station KEZW.
|
As personal bankruptcies in the U.S. reach an all-time high,
and average monthly credit card balances climb, Michael Schwartz, CFP®,
wants to assist people before they get financially in over their heads.
"Americans are slaves to debt," he says. That's
where his DEBT-$AVER program can help.
A software-based program developed by
Schwartz, DEBT-$AVER restructures mortgage
and other consumer debt via refinancing to lower
monthly payments. While many restructuring
plans expect clients to use the entire monthly savings
to pay down debt, Schwartz' program takes
a fresh approach. One-half of the savings goes
into an accumulation account, giving people the
ability to invest, spend or donate to charity.
Thus, clients can build for the future and still
become debt-free within 12 years. "It isn't magic,"
says Schwartz, president of Wealth Masters Inc. in
Greenwood Village, Colo. "It's just math -- and
smart repositioning to reach financial goals."
The program, which is offered by financial
professionals in 14 other states, encourages
homeowners and their planners to focus on debt
management, instead of only asset management.
"Many people aren't getting anywhere by
making their monthly payments," says Shirley
Bresson, an income tax preparer in California.
"DEBT-$AVER gets them past 'treading water'
with debt. It turns these people into savers."
A financial planner since 1976, Schwartz is
also financial news editor on local radio station
KEZW, providing daily market reports. His idea
for DEBT-$AVER came while he was on a radio
talk show, fielding repeated debt-related questions
from callers. He was inspired to create a way to let
people have their financial cake and eat it, too.
"Like in a diet, if too much is forbidden, you
won't stay on it very long," says Schwartz. "Our
program helps people eliminate debt while still
allowing them to build wealth."
|
|
Page disclaimer
This series profiles financial planners who take a fresh approach to help their clients or the community. To nominate a financial planner, click here.
Michael Schwartz offers securities through Multi-Financial Securities Corporation, member SIPC, a member of ING. Neither ING nor its companies are affiliated with FPA, Wealth Masters Inc., KEZW radio station or the CFP Board of Standards, Inc. In addition, ING does not endorse the financial planners featured in this article.This article is provided for informational purposes only and the views expressed may not be suitable in every situation. Consult your tax, legal and/or financial professional concerning your own situation. CFP® is a certification mark owned by the Certified Financial Planner Board of Standards, Inc.
|
|
|
|
HOW TO FIND A FINANCIAL PLANNER
|
CHOOSING THE RIGHT financial planner
need not be a confusing ordeal. Here
are five steps to help you find a planner
who will put your financial needs first:
Begin by asking family members,
friends or business associates who
have had success working with a
financial planner to recommend
names. Your attorney, accountant,
insurance agent and other financial
specialists can be good sources, too.
In addition to competency, a planner
should have integrity and a commitment
to ethical behavior. Ask for
a disclosure document that will
provide information about his or
her work experience, compensation
and methods of planning.
You can set up a personal interview.
Ask about educational background,
professional designations and affiliations,
and licenses to sell particular
financial products.
Keep your specific needs in mind.
Many planners specialize in working
with certain types of clients, such as
young families, small-business owners
or retirees. They may also have minimum
income and asset requirements.
Taking these variables into account,
FPA suggests that you interview at
least three different planners.
For more information on the value
of financial planning and how to find
a financial planning professional,
please visit www.fpanet.org.
|
|
|
Back to the
