Make sure that, at a minimum, your financial planner has one of these three leading designations:

Certified Financial Planner (CFP)

A person who has met the Certified Financial Planner Board of Standards education, examination, and experience requirements. These individuals also have agreed to adhere to high standards of ethical conduct and to complete the CFP Board’s biennial certification requirements.

Personal Financial Specialist (PFS)

A designation that can only be acquired by CPAs who are members of the American Institute of Certified Public Accountants. CPAs who specialize in personal financial planning can earn the credential if they have a minimum of 1,400 hours of financial planning business experience, have met certain continuing education requirements, and passed any one of six qualifying exams.

Chartered Financial Analyst (CFA)

A title for securities analysts, money managers, and investment advisers who have completed the CFA program, a graduate-level, self-study curriculum and examination program that covers a broad range of investment topics. CFA charter holders are required to affirm their commitment to high ethical standards and voluntarily submit to the authority of the CFA Institute.

Working with a Stock Broker
The line between a financial adviser and a stock broker can be blurry. Technically a stock broker provides advice on individual stocks, bonds, or commodities, and executes trades on behalf of an investor. This is only a gray area because brokerages are increasingly offering their clients a full range of financial advisory services. Oftentimes, the labels —financial adviser, investment adviser , etc.—are used interchangeably, so if you are seeking guidance, be sure to ask questions. The key difference is that registered investment advisers are fiduciaries and legally required to act in the best financial interests of their clients. Brokers do not have that same fiduciary duty: they are only obligated to offer investments suitable to a client’s needs.

Brokerages are generally categorized as full-service, discount, or online. When choosing to do business with a particular broker or brokerage firm, you should check the person or firm’s background using the FINRA BrokerCheck tool on www.finra.org. Investors can also access this service by calling (800) 289-9999.

2. Will the lender guarantee a good faith estimate?
After applying for a mortgage, lenders have three days to give you a good faith estimate (GFE) of all the costs to be paid at closing, but they aren’t required by law to guarantee it.

3. What are all the costs?
They should be spelled out in the GFE and include the appraisal, credit report, title search, escrow, recording fees, and taxes.

4. What is your turnaround time?
It takes time to negotiate a purchase contract, which will have a closing date. Are there potential roadblocks?

5. How long after final approval will funds be available?
You will want to coordinate closing with your lender so that you’ll have the money in advance.

Traveling the road to financial independence requires fuel, i.e., your salary and other income you save to invest in order to build wealth. So, as your journey progresses, it’s important to recognize your worth and to take charge of your earning potential. You can control your skill set and what you have to offer—your desirability on the market.

Companies still rely heavily on the intellectual capital of key employees to manage resources and lead departments. Furthering your educational credentials can increase your chances of getting a higher salary, a promotion, or a better job. Do you have talents you can use to develop another source or income? It’s critical that you ask these questions periodically so you’re not overlooking any potential earnings that could grow substantially over time.

Education = Earnings

Upgrade your degree
Go back to school to get an advanced degree. The higher your educational level the higher your salary potential. Earning a graduate degree is the traditional path to increasing your compensation. You will have to do a cost analysis of the debt you’ll likely incur against your potential salary increase to determine what makes the most sense.

Add a certification
Adding a certificate in a specialty area to your educational credentials is another way to maximize your earning potential. There are several careers with optional certification tracks that could well mean a salary boost. CPA certification for accountants or software specific IT certifications for computer scientists are classic examples.

Pursue continuing education
If you don’t want to return to school full time, consider taking continuing education courses relevant to your line of work. The Internet has a wide range of online offerings. Such courses will help you develop and enhance core competencies as well as improve your standing within the company. Participating in an executive education program can help you learn how to put effective collaborative methods of leadership into play at your organization. Check out what’s available at top colleges and universities across the country, a number of which offer career advancement, executive management, and business education programs.

What’s Your Education Worth?
The average worker, age 18 and older, holding a bachelor’s degree earns $58,613 a year, while those who have only a high school diploma make $31,283. The average income for workers with an advanced degree is $83,144, while those without a high school diploma average $21,023 a year.

Source: U.S. Census Bureau, 2008

Median Salary for M.B.A.’s

Under 1 year of experience > $49,346
1-4 years > $55,479
5-9 years > $73,126
10-19 years > $96,752
20 years or more > $109,201

Source: PayScale Inc. @ www.payscale.com, 2010

Informal Paths to Learning
Participating in employee networking or affinity group events is a less formal way of educating yourself about what’s going on at your company and in your industry. This also allows you to get to know key people in other parts of the company. Be sure to make the most of your training and skills by branching out. Serve as an officer or committee chair for a high-profile trade association or civic group. Being active in these groups offers you exposure and access to an array of industry contacts. It also is a good way to gain insight about trends and challenges within your profession. You can become better informed and that makes you more of an asset in your company.

Explore Your Options
Go on exploratory interviews to stay abreast of the current market. In doing so, you will have a better understanding of what people are really looking for beyond what is placed in an ad and how well you come across based on your experience and education level.

Traveling the road to financial independence requires fuel, i.e., your salary and other income you can save or invest to build wealth. So, as your journey progresses, it’s important to recognize what you’re worth. Is it time to ask for a raise? Do you have talents you can use to develop another source of income? It’s critical that you ask these questions periodically so you’re not overlooking any potential earnings that could grow substantially over time.

But whatever you’re income, it’s important to pay yourself first and live within your means. The best way to save, with limited discomfort, is to use direct deposits to have money automatically deducted from each paycheck. Along the way, be sure to avoid the roadblock of credit card debt, which can quickly undermine any positive steps you’re taking to maximize your earnings. Also recognize that your budget should factor in an ability to sock away at least 10% of your income for savings and investments.

Follow a Budget

Whether you earn a modest salary or hundreds of thousands of dollars a year, a budget is the first and most important step you can take toward having your money work for you, instead of being controlled by it. A budget also will help keep you from sabotaging your efforts to save and invest.

Put it in Writing
Use budget planning worksheets, which can be found in any personal finance software, such as Microsoft’s Money or Intuit’s Quicken. You can also search online and print out sample budgeting forms. To get a true handle on where your hard-earned dollars are going, Start the process by using the BE Cash Flow Monitor.

Track Expenses
Review your bills for fixed and flexible expenses. Write down the monthly amount for each expense. For items paid periodically or annually, such as insurance, divide by 12 to get the monthly amount. For flexible expenses, review your last six months of receipts, checks, and credit card statements to come up with an average figure.

Record Monthly Income
Determine how much money you bring home each month. This includes income from your salary, commissions, bonuses, alimony, and rental property. Subtract your monthly expenses from your monthly income to determine your discretionary income.

Cut Out Unnecessary Spending
If you find you have little or no discretionary income, you need to review your spending to cut costs. Some expenses will fall into the “Do I really need this?” category, such as a daily 12 oz. café mocha that costs $4. Allocate money for the things you need, not for everything you desire.

Once you know where your money is going you can make educated purchase decisions. Setting a budget doesn’t mean cutting all the fun out of your life. It’s about learning to live in moderation, not excess.

We’ve outlined the process to help guide you on the path of financial empowerment and wealth building.
It’s a continuum that requires focus, energy, and patience. So remain committed and don’t let any step
along the way frustrate you. Just hang in there and you’ll achieve your ultimate goal.

Commitment: Pledge to pursue a program of wealth building. Take the Declaration of Financial Empowerment as a hard and fast vow, and follow our 10 key principles of wealth building.

Knowledge: Learn the fundamentals of sound money management and investing. Take time to regularly read the business section of your local newspaper or favorite news website. Developing this understanding will allow you to take decisive action on your own behalf and ask more informed questions.

Investment: Take action and put into practice all that you have learned. Use a portion of your disposable income to make regular deposits into both your savings and investment accounts. Establish a portfolio of stocks, bonds, and mutual funds.

Portfolio Management: As you continue to gain financial knowledge and experience, make sure that you regularly allocate your assets and develop a diversified portfolio based on your goals, age, and risk tolerance.

Wealth: Successful portfolio management enables you to build wealth. But it will take careful estate, insurance, and tax planning to secure all that you’ve been able to accumulate.

Complete the Circle Through Reinvestment

By gaining true wealth, you can reinvest to support the next generation of children, businesses, and your community.
It’s through these means that we can make sure our dollars are used most effectively to support the black community.

Declaration of Financial Empowerment

Today is the day I make a change and take control of my financial destiny. In order to attain a measure of success, power, and wealth, I shall uphold the following principles of sound money management and investing. I have committed to this unwavering personal covenant as a means of laying a strong, unbreakable foundation for building and preserving wealth, not only for me and my family but for my community as well.