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Using Your Gelt Wisely: Find a Certified Financial Planner

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fter a Bar or Bat Mitzvah many of us are perplexed by what to do with the gelt that our child receives from friends and relatives. It is important that you discuss different options with your child before the celebration. You should set aside a certain amount for spending in advance. Charitable donations should certainly be considered to show your child the importance of tzedakah. However, often times there is a considerable sum of money involved. Keeping this in mind, it’s a good idea to start early and be consistent in your search for a financial planner to help you with your investment options. In your search for a financial planner, take the time to review their credentials and experience. Often times, financial advisors are only qualified in certain investments. Your best option is to speak with at least 2 or 3 CFP’s (Certified Financial Planners). CFP’s are required to obtain extensive education in the most important issues faced by clients including investment planning, estate planning, insurance planning, etc. If you are not yet comfortable with those 2 or 3, seek out more.

Allan Richmond, CFP, suggests that a Certified Financial Planner is most qualified to determine what investment options are suitable for your situation and goals.The following tips should get you started with the questions you should ask your prospective CFP. Depending on where you live, there are several very good state sponsored college savings plans, if you decide that is a priority. Be wary however, of interest-gaining accounts such as savings accounts or CD’s.The most important issue with these types of investments is that they typically cannot keep up with inflation, so that your purchasing power will decline over time. Talk with your CFP to determine what the best investments would be. A great resource to help in finding Certified Financial Planners is www.cfp-board.org. And remember, don’t be afraid to ask questions.

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Bnai Mitzvah & Jewish Weddings- Washington DC Spring 2010  

Bar Mitzvah, Bat Mitzvah & Jewish Wedding planning and resource guide

Bnai Mitzvah & Jewish Weddings- Washington DC Spring 2010  

Bar Mitzvah, Bat Mitzvah & Jewish Wedding planning and resource guide