Money Making Ideas

The Chartered Financial Consultant’s license is a financial designation awarded by The American College. It is a very difficult and very well respected designation. It is comparable to the Certified Financial Planner (CFP) designation, but there are some differences. The CFP requires one to pass six core courses and then pass a comprehensive financial exam which takes ten hours to complete. The ChFC requires one to pass all six of those core courses (seven starting October 2009) and also pass two elective courses. There is no comprehensive exam for the ChFC. The CFP requires that one have a bachelor’s degree, but the ChFC does not. Therefore, the ChFC is open to more people than the CFP is, and it is arguably just as good.  It is a great one of several money making ideas.

What does a ChFC do for you?

ChFC can get your foot in the door to a lot of different financial jobs, all of which will certainly pay you more than you would get elsewhere. The salaries earned by newly awarded ChFC designees are comparable to that of starting college graduates, but tend to move up much quicker. With a ChFC, you can start your own financial planning firm. It is recommended, of course, that one gains experience to gain credibility before attempting to start his or her own firm, but the option is available.

The ChFC core curriculum

The ChFC curriculum is composed of six core courses and two electives. The six core courses are in-depth studies of seven different topics, namely: a financial planning overview, income tax, employee benefits, retirement planning, investments, insurance, and estate planning.

Financial planning overview – includes topics such as developing rapport with clients and basic financial calculations.

Income tax – how income tax is applied to various types of income: earned income, which is taxable at approximately fifty percent; portfolio income, which is taxable at approximately fifteen percent; passive income, which is taxable at approximately zero percent.

Employee benefits – deals with things such as medical and dental insurance, stock options, retirement plans, and bonuses

Retirement planning – an overview of employer sponsored and self directed retirement accounts, how to create them, and how to use them.

Investments – an overview of the various types of financial investment vehicles such as stock, options, bonds, futures, etc.

Insurance – an overview of risk and risk management, government insurance, life insurance, medical insurance, property insurance, and liability insurance

Estate planning – discusses ways in how a person can set up his or her estate to pass it on to whatever person or organization he or she wants to receive the estate and how to protect the estate from heavy government taxation.

The ChFC core curriculum is something that everybody should know; it is a mystery why it is not taught in schools. All of the subjects are very applicable to everyday life. But, only the people who study this stuff on their own know this information, and they get paid heavily for it. Do yourself a favor and earn your ChFC from The American College. They have a fast track plan that allows you to get your designation in a maximum of three years, but less time is very likely, depending on how fast you work.

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