Dreams deferred; perhaps free financial workshops can help

PHILADELPHIA – For the 2nd year in a row the City of Philadelphia partnered with volunteer financial planners and helped residents understand how to improve their economic status. “Individual financial health is a critical part of the economic recovery process. Leaning to manage your money and plan for the future is” said Mayor Michael Nutter, “what Financial Planning Day is all about—preparing Philadelphians so they are financially stable and able to participate in our economy.”

What went down

More than 150 people took advantage of free seminars. The topics were wide ranging from budget and credit management to education, retirement, and estate planning. Financial presentations were followed by one-on-one attention to personal goals.

“Of course, we are building momentum, but,” observed Sharon Bonnem, vice president pro bono of the Financial Planning Association chapter for the Philadelphia tri-state area, “you would think that in a large city like Philadelphia there would be more than a couple hundred people who need financial planning, especially when it is free.”

Based on good feedback, Bonnem and fellow organizers hope attendees will spread the word for next year’s event. “The people who attended and sat in the one-on-ones, they’re evaluations were really positive,” states Bonnem. “They really loved it.”

Bonnem added that a group of strong certified volunteers were assembled. At the end of the day, she says, the volunteers were really juiced up about the financial knowledge shared with no sales pitch or strings attached.

More seminars are available

Annual Financial Planning Days roll across the country this month. They are brought to the public by the Certified Financial Planner Board of Standards, Inc.; Financial Planning Association; Foundation for Financial Planning; and the U.S. Conference of Mayors.

For local residents who missed the annual event in Philadelphia, it might help to know Financial Planning Days are scheduled in Newark, NJ and Washington, DC on Saturday, Oct. 15 as well as Elizabeth, NJ and Virginia Beach, VA on Saturday, Oct. 22. Click here for further details or contact 877.861 7826 toll free or info@financialplanningdays.org.

If travel is a bad fit, FPA Philly teams with several nonprofits in the area, Consumer Credit Counseling Service of Delaware Valley, JEVS, Phoenix Society for Burn Survivors, the Pledging Tree Foundation, and the Urban Affairs Coalition to offer free seminars. Such seminars generally cover multiple topics, including financial basics and FPA specialty topics on taxes, retirement, and estate planning with no sales pitches allowed from the experts. The focus is assisting people with low to middle income to become more facile in financial management.

"When people hear the term estate planning they usually think it is something for rich people, not knowing,” explains Bonnem, “how important it is for most individuals." Bonnem says, establishing wills, guardians for children, financial trusts, and life insurance coverage is wise, particularly for single parents with young children.

A place to get started is the Fall Lunch 'N Learn Series of the popular Financially Hers program by the Consumer Credit Counseling Service on Tuesday, Nov. 1 from 12:15 p.m. – 1:00 p.m. at 1608 Walnut Street on the 10th floor. This series continues Nov. 8 and Nov. 15 at the same time and place. Or save the date for a repeat of the series at the Tacony Library, 6742 Torresdale Avenue in Philadelphia on Wednesday, Nov. 2 from 6:00 p.m. – 7:30 p.m. and continuing on Nov. 9 and Nov. 16.

Estate Planning will be the main topic on Dec. 12 at the 6:15 p.m. CCCS seminar in the Ridley Library located at 100 E Macdade Boulevard in Folsom, PA. For a listing of all CCCS workshops, click here or call 215.563.5665.

Wednesday, Nov. 9 is the date for the next financial literacy workshop organized by the Pledging Tree from 6:30 p.m. – 8:30 p.m. at the United Sports Training Center, 1426 Marshallton-Thorndale Road in Downingtown, PA. Learn more about this free Investing for Beginners workshop by clicking here or call 774.275.0787. FPA Philly also provides a small number of clients in the Pledging Tree’s matching dollar savings program advice for capitalizing on other financial options.

Look to next year for FPA Philly free tax seminars. All of FPA Philly collaborations have become popular events for its experts. The association’s pro bono program, according to Bonnem, seeks another nonprofit partner with popular appeal and low income clients in the Philadelphia tri-state region. Interested parties can visit http://fpaphilly.org or call 215.295.0729

Donations also are welcomed by any of the aforementioned charitable organizations. Simply click on their names and launch to respective websites for more information.

Members of Financial Planning Association – Philadelphia Tri-State Area Chapter consists of about 720 certified financial planning practitioners, insurance specialists, estate planning, attorneys, accountants, bankers, and other financial planning associates and firms. This chapter, among the largest in the country, received 4 FPA Gold Level Awards and 2 Silver Level Awards over the last decade. Thirty-five members enjoy participating in its pro bono program.

Paula Nangle, vice president of public awareness for FPA Philly, encourages area residents to take advantage of free services. “Financial planning can help you meet your life goals. It” She emphasizes, “is even more important in difficult financial times.”