Just a few years ago, a “financial planner” has one of the best jobs in the United States. They get a very satisfying work with high compensation. Unfortunately, this isn’t the case today. Post-Madoff and Post-bailouts, a lot of financial advisors are under scrutiny. And they are having the most miserable time of their lives. In order to prove their integrity and justify their rates, they are working harder than ever before. The industry said that changes are being made. The financial planner in the future will operate differently to adjust to the needs of their clients.

Now, the main question for investors these days is: Should you fire your financial advisor? Are they still worth paying for?
The truth is the question is more complex than that. It is not a good idea to dump a good advisor simply because your accounts are valued less compared to two years ago. The steep decline in interest yields in pretty uniform across the board. Instead, there are other methods to determine if your financial advisor is still worth paying for:

Calculate the Numbers – the bottom line is the bottom line. Determine the returns you earned for your money and compare it to what you could have earned if you invested it yourself. The point is, a financial adviser is paid based on what he can do. That means, he should earn more money than what he is being paid for you. In downturns where losses are almost inevitably, he should lose less. It would be a good idea to calculate your earnings in the last three years.

Analyze the Adviser’s Attitude – when the worst of the meltdown was at hand and you were losing tons of money, how accessible was your adviser? Did he admit to the extent of the damage immediately? Were you being assured and given advice for the future? Were the events in the market explained clearly to you? They are paid to do this. If they fail on these tasks, then it is a bad sign they can’t handle pressures.

Know your Priority Status – your priority level varies depending on the type of adviser you select, whether it is simply a broker or an independent fee-only planner. Some brokers might recommend certain investment for their own benefit because of conflict of interest. If you encounter this type of broker, consider switching.

Many investors have established good relationships with their planners through the years. Ultimately, it is up to you to determine if you can afford it and if you want to continue using their services.

Since the financial meltdown on Wall Street started in 2007, economic experts started to predict the dire consequences these would entail on the economy. True enough, the world’s largest economy bowed under pressure. Banking giants such as Citigroup Inc, Bank of America, and JPMorgan Chase all had to be bailed out. The real cost to the taxpayer is not being felt now, but it will in the future.

This week’s roundup has something to do with opening an offshore bank account. Fortunately or unfortunately, American perspective seems to be getting wider due to the economic crisis. Previously, everyone thought that their banks and their currency were safe.  Seems that they are not so sure now. As a result, bloggers are talking about how opening an offshore account will help individuals both as business and as personal investors.

Amy @ Ofiz uploaded a blog post titled “The Benefits of Having an Offshore Bank Account for Business Purposes“. It essentially talked about how businessmen, especially those who travel a lot, can access their funds easier if they have an account in another country. Further, Amy also discussed about how an offshore account can be opened.

The blog Wealth Building Empire recently had an interesting article named “Hide Money Offshore with an Offshore Bank Account and Offshore Debit Card“. At first glance, the blog post seems suspect. Is it teaching its readers to engage in money laundering? But upon closer inspection, it actually does nothing of the sort. Its author is merely recognizing the fact that bank accounts can be frozen in many parts of the world. And there is nothing a depositor can do about it unless he looks offshore.

There’s also a little-known WordPress blog called the My Panama Lawyer that provides a lot of detailed guidelines about offshore banking. In a post titled “How to Open an Offshore Bank Account“, the author details the process in 6 easy-to-follow steps. Everything from choosing a country to the permitted amount you can deposit is outlined in this blog post.

As the economy remains uncertain, a lot of people are also becoming hesitant in keeping all their money at home. And indeed, they are wondering if they should keep their money in dollars.

As everyone probably knows, credit scores play a very important role in an individual’s personal finances. It can determine how much interest one will need to pay and even whether they will be granted a loan or not in the first place. The credit score, though most might not be fully aware of it, affects a person’s lifestyle and standard of living simply because of the number of financing options available to you depends on it.

This week’s round-up will focus on the blogs that talked about credit history, credit rating, and the tips that will help your record. Essentially, the important aspect that can affect your credit score is outlined here:

Jim Wang @ Bargaineering wrote a useful post titled, “How to Build Your Credit History with Tradelines“. He starts the blog post by simply stating that getting a good credit history depends on how you act when given credit. This particular article goes into the core of what goes on in establishing credit history. Tips on how you can use tradelines to build a good record are also outlined here.

David @ My Two Dollars tries to help a reader prevent their credit record from being damaged in his post, “What Damages Your Credit Score the Most?” His answer to this is straightforward: late and missing payments. The credit score always comes back to a person’s ability and willingness to pay their financial obligations. This ability will show in one’s payment history.

JC @ Get Rich Slowly posted an interesting article, “Should Repaying Debt Be an Obsession?” As mopst are probably aware, the economic crisis today occurred not only because of banks’ careless behavior, it actually became worse because the average American simply has too much debt. So is going to the other extreme the solution to today’s problem? JC doesn’t seem to think so; he states that balance is important.

Carrie Reader @ Hints Club shares her thoughts about getting a good FICO Score with her article, “Good FICO Credit Score? Tips to Getting the Most Out of Your Home Mortgage Loan with Good Credit“. Well, the title actually says it all. The blog post basically talks about how homeowners can take advantage of their good credit history with the four tips outlined in the article.

With today’s economic crisis, it is important for everyone to cut cost where they can, whether in business or in their personal life. Saving money for yourself and for your family is actually simpler than you think. For this week’s roundup, we compiled a list of blogs that might help you save money on everyday expenses.

Jaimie Paynter @ Bargaineering introduced the idea of using allowance as a budgeting tool in the post “Do You Need An Adult Allowance?” Essentially, it takes the idea of “budgeting” one step further because everyone is familiar with the idea of allowance since childhood. Someone in authority controlled our spending. As an adult though, using allowance don’t need to be controlling. Rather, it can actually free from your financial burden when used property.

David @ My Two Dollars wrote a post titled “If You Don’t Need It, It’s Not a Bargain At All“. From this headline alone, readers will have a pretty good idea about what this post is about. It talks about how customers are usually encouraged to spend simply because “deals” are being offered in the market especially during hyped-up occasions.

J.D. @ Get Rich Slowly recently uploaded a blog post “How I Cut My Television Bill in Half“. Here, he provides some alternatives to cable television. Deluxe cable packages can cost a significant amount. But if customers know about other options that deliver the same kind of service, they can reduce their bills dramatically. J.D. gives viewers some choices such as buying shows from iTunes store and watching shows for free in Hulu.

Trent @ The Simple Dollar wrote an interesting post “Buying Fresh, Buying Cheap“. The blog post outlines the different ways a consumer can save money from buying fresh fruits and fresh meat. Usually, most people instantly assume that fresh is more expensive compared to canned goods. Trent reveals tht this isn’t necessarily the case when you know how to look for bargains.

The My Dollar Plan Blog consulted with newly-retired IRS officials about tax deductions from gas mileage in the post “Tax Savings: How to Deduct Tax Mileage on Your Personal Car“. With the kind of economy today, it is important to cut costs where you can, tax mileage included. This blog post shows how a car-owner can save money from using his car for business purposes.