The Florida bank has been acquired by various private equity firms such as:

LeFrak Organization
East Rock Endowment Fund
Blackstone Capital Partners
Centerbridge Capital Partners
The Wellcome Trust
Greenaap Investments
Carlyle Investment Management.

This is the 34th bank to officially close its doors in 2009. They were sitting on $8.6 billion of deposits and over more than 80 branches which brought their assets to over $12 billion.

Bank United will now be run by John Kansas. John Kansas built North Fork Bank in NYC, which is now a mega bank throughout the Unite States.

Whats to blame for the failure of BankUnited? According to sources its mortgage portfolio has been suffering since the begging of the recession. Just one of 33 other banks to fail this year.

Each of the 85 branches is expected to reopen on Friday.

1. Ernst & Young’s Personal Financial Planning

This book is a God in the financial world. Written by one of the largest accounting firms on the planet, this is a must read for both financial planning beginners and seasoned accountants. The topics covered in this book are diverse, and they do a good job of relaying the information. Some of the topics covered are determining your net-worth, how to create a solid budget, how and when to save your money with the purpose of accumulating assets.

The Ernst & Young’s Personal Financial Planning Guide also delves into the various financial risks and consequences associated with marriage and divorce. They do a great job in explaining how to protect your assets. The authors also wrote a good section on how to plan for college. Someone working for one of the largest financial firms in the world has got to understand the importance of education. I’ve covered the topic of how to get college financial aid in the past. I think I’ll work on some more articles related to saving money for college as well.

One other part of the book I liked was the section explaining the financial side of starting a business. As an entrepreneur I really appreciate the fact that they included this, as most books on financial planning would have left this subject out.

Overall this is a must read!

2. The Wall Street Journal. Guide to Starting Your Financial Life

Out of all of the books listed this is the most recent (published in April of 2009) and has a lot more information and strategies pertaining after the 08-09 world financial crisis. This book is probably the best financial planning book for beginners. If you are just starting out, get this book first. It’s especially good for college students and those who are entering the workforce for the first time.

It is jam packed with answers to a lot of financial related questions younger people may have. One of the main reasons I like this book is the fact that the authors covered many simple concepts (ones you wouldn’t normally expect to find in a financial book) as well as introductory (more intermediate/advanced) concepts too.

Some of the simple things they talk about are choosing a cell phone plan, pet ownership, how to open your first checking account, employment taxes, and beginner budgeting. Other (more advanced) things they go over are investing in the stock market, 401k plans and inheritance management.

If you are either a student who is about to enter college or the workforce this book is for you. If you are a parent looking for a book to teach your children about finances, this is the one for you!

I only recommend this to beginners. If you already have an intermediate understanding of these topics than you can just skip this one.

3. Personal Financial Planning (seventh edition)

This is a wonderful book explaining the subject of financial planning. It’s very easy to read, isn’t complicated, and is perfect for someone who is trying to learn the various financial planning strategies. I would recommend this book to both the beginner and the intermediate. When I first got this book I knew very little on the subject, but with its help I’ve been able to improve my “financial IQ” dramatically.

The author covers a lot of new topics in the financial world. It’s been updated to include a lot of newer strategies, strategies that work better in today’s economy. No doubt it was written before the current financial crisis, but none-the-less it’s still jammed packed with relevant information and strategies. Some of the topics covered are social security, personal risk management, common forms of taxes, profit sharing plans, 401k, asset allocation, and more. It has a lot of information that is especially useful for families.
Add this financial planning book to your wish list, it’s worth a read!

4. Value-Based Financial Planning: The Art of Creating and Inspiring Financial Strategy

This financial planning book is one of my favorites! It covers topics that interest me. A lot of what I write about on my various financial advice blogs is in here, packaged differently of course. He talks a lot about a concept called the “financial roadmap”. This is a topic I write about frequently. I cannot stress enough the importance of creating a roadmap to reach your goals. This simple principle applies to every aspect of your life, so of course you can apply it to your finances as well.

This book stresses the importance of focusing of not worrying about money but instead focusing on the kind of life you want to live. This book is great for all kinds of people, even those who aren’t even interested in planning their financial future! It’s pretty much personal development and financial planning wrapped into one. Excellent read!

5. The Wall Street Journal. Complete Personal Financial Guidebook

This book is very well known and sits on the bookshelves of many people around the world. This book will teach you what money can do for you and also help you to understand how to manage it. The Wall Street Journal is obviously one of the world’s most credible sources when it comes to financial matters. You won’t be disappointed with the quality of this book. This is a must read for any individual seeking financial planning help.

Some of the topics discussed are credit card management, investment management, developing an investment strategy, and “intelligent retirement planning”.

This would make an excellent gift.

Out of all the financial planning books these 5 the best.

Due to the recent recession in the world economy many people are starting to pay closer attention to their personal finances. It’s always a smart thing to plan in advanced, but unfortunately many people have had to learn this the hard way.

The best advice I can give a person who is trying to improve their “financial IQ” is to continue reading blogs & articles like this one. Buy as many books as you can on financial planning for beginners and immerse yourself in it. Get to know different financial strategies and financial terms. Whether you are seeking financial planning help from an experienced firm or whether you’re trying to do it yourself, you absolutely need to know some of the basic concepts.

Here are some basic financial planning principles and terms that you need to know. Think of this as a brief crash-course.

Assessing Your Spending Habits

This is the first and most obvious step a person needs to take. Without doing this you will lack the information necessary to create a financial plan that is adequate to your financial situation. It’s part of the map that is necessary to achieve your goals. It involves listing each and every single expense you have in a given month. Include everything and anything. You’ll have necessities (things you need to survive), luxuries (things that make life more comfortable), and certain expenses that seem to fall in-between.

When giving financial planning help I advise most of people to write an initial list and then to keep track of every single penny they spend for 30 days. This will give you an idea of unexpected spending and those times you “splurge” (like stopping in a convenience store for a drink or pack of gum). It’s a good idea to carry around a pocket sized notebook too so you can keep track of how much you spend each day. The people who write down an expense as soon as it happens tend to have a more accurate picture of their expenses at the end of the month, compared to someone who sits down and tries to write everything down at the end of the day.

By taking the time to assess your spending habits you are preparing yourself for the next step, which is budgeting.

Budgeting your expenses

This is the second and one of the most important steps. Everyone should have a solid budget to rely on. Creating a budget is a very simple process. In a nutshell, it’s monitoring and limiting your expenses so you spend less money than you earn. You do this by taking the list you made when assessing your spending habits and either completely eliminating an expense (like canceling a gym membership you don’t use) or cutting back and limiting an expense (like spending $50 less on food each month).

If you want a more in depth overview of how to create a personal budget than check out the first part of An Idiot’s Guide to Creating a Personal Financial Plan. This guide was written specifically for beginners.

Creating (and sticking to) a budget is the hardest part for most individuals. To give yourself motivation to stick to your budget you need to have personal financial goals. This is the next concept we will be over viewing.

Determining Your Financial Goals

Each person is going to have different goals they want to achieve, and some are more ambitious than others. If you’re not sure what you want to achieve then just ask yourself what kind of life you want to live. What kind of house are you living in? What kind of vacations do you take? Whatever it looks like draw inspiration from it and form them into financial goals.

Also, make sure the goals you set are realistic, you can always change them later. For example don’t aim to be a billionaire if you’re not even a millionaire. Aim to be a millionaire first and then aim to be a billionaire. Tip: Set easy goals you can achieve within a 3 to 6 months. Once you see results they will give you the motivation you need to set bigger financial goals.

I discussed this briefly in my guide for senior financial planning. For a more in depth over view you might want to read that post (whether you are a senior citizen or not, same principles).

6 Month Savings

Most experts recommend having at least 6 months of savings in case you lose your main source of income. To figure out the amount you should save multiply your monthly expenses by 6. For many people it takes awhile to save up to this amount, even if you get a temporary second job – it’s worth having.
This is basic financial security. If you lose your job you will have 6 months to find a new one, or a new source of income. I’ll be writing an article that goes more in depth on the subject of saving soon.

Hopefully this has provided you with enough basic financial planning help to get you started. I’ll be covering more topics soon.

There has never been a better time to be a senior. Financial planning is crucial for seniors and those who are planning to retire within the next decade. It’s never too late to start planning your financial future and many senior citizens, as well as those on their way to becoming seniors, are doing just this. There are many aspects of creating a financial plan, and in the first part of this series we’ll be discussing the importance of determining your retirement goals.

As someone who has been around awhile you should already have some idea of what it is you enjoy in life. If you’re still trying to figure it out, don’t worry! I’m sure no one ever gets it figured out perfectly. The one thing you simply must determine, before sitting down to plan your finances, is the vision you have for your life, and the life of your family. The role of senior financial planning is to create a road map that will guide you to the substance of that vision.

You’ve worked your entire life, whether your time was spent at home with the kids or at the office. You have come to appreciate work, but maybe you’d like to work a little less and live a little more. The point I’m trying to make is; you need to determine exactly what your goals are and what it is you wish to accomplish.
Before I take on a client this is the first thing I discuss with them. Sometimes it’s nice to help people figure out what they want the rest of their life to be like, but I can only guide a person so far. If you do not determine what your goals are, if you have no vision, chances are you will not succeed with your financial plans. As the Bible says “without a vision the people fall away.”

How to Determine Your Retirement Goals

I advise doing this in an environment where you can relax. Make sure you have some paper and a pen/pencil handy.

To start with, list the 5 major areas of your life. Usually they consist of:

• Family & Relationships
• Health & Fitness
• Money & Income
• Hobbies & Recreation
• Spiritual & Mental

Everyone has at least 5 major areas in their lives, if not more. Try to be general when coming up with important areas, don’t list anything specific yet.

After you have your list created spend some time thing of each area of your life. Reflect on the past and contemplate on the future. Write down how you want to spend the rest of your life in these areas. This is more than just writing a senior financial plan, this is deciding how you want to live and who you want to be.

There is a reason for doing this activity and it will make more sense in future articles, even though I’m sure most of you see the importance of this.

If you really think about it, what is the real reason a senior citizen would want to plan their finances?

The answer to that (in my opinion) is enjoyment. Sure you have the common necessities you need to pay for, but you’ve always had to plan on paying those things. The real question you need to ask yourself is; what do you want to do with the rest of your life? And then: How can I plan my finances in a way that will make this happen?

It’s true that the best things in life are free, but all of the other things are what add to it and make it much more worthwhile. For example, your family was free. It didn’t really cost you anything. Everything your parents spent on you (and everything you spent on your kids) was to add enjoyment, pleasure, and comfort into life. Your job is to decide exactly what that is from this point forward.

Here are some questions you can ask yourself to generate some ideas:

What did I enjoy as a child that I still enjoy today?

Do I enjoy work and should I continue working?

Is there anything I enjoy so much that I’d consider starting or buying a small business?

How do I want to spend the time I have left with my family (which activities do I want to do with them?) and what kind of money will I need?

What hobbies do I have and what financial situation would I have to be in to continue them?

These are just some examples to get your mind thinking. Once you have written down everything you can think of we will begin sorting and assessing the financial implications of each one. During this step it is also advised that you write a general vision statement for your life. After all, we need a “motive” to get “motivated.” If you are going to create a senior financial plan that you’ll stick to, you need specific retirement goals.

Part one of this series will include idiot-proof tips on budgeting.
Setting a personal financial plan:

List Current Expenses;

The first thing you need to do is list every single thing you spend money on in a given month and how much you spend. Make sure to include all of your personal necessities (rent, car payment, food, gas, utilities, etc). Also include luxuries such as cigarettes, entertainment, and cable. Don’t leave anything off of this list, if you know you go through 5 packs a gum each month (definitely not a necessity) than include it on your list.

Determine How Much To Save

Go through the list you’ve just created and add each of your expenses. Compare the total amount to your currently monthly take-home pay (after taxes). This step is where your own personal goals come into consideration. Whether you want to save up money for a home, a car, or something else you absolutely need to start saving money (we’ll cover this soon). If you have money left over after your expenses you should plan to put it aside into a savings account. It’s wise to set up an automatic account that will transfer a set amount of money from your checking account to your savings account each month. No doubt, many of you will not have much money left over at the end of the month to put into savings. To change this we’ll budget each and every expense and either cut out or limit the non essentials.

As a rule of thumb I advise people to save at least $200 per month (at the very least). Ideally a person should put away $500 a month or more, but I understand that most people cannot do this (especially if you fresh out of high school or college).
Grouping Expenses

This is the difficult part for some people. In this step you are going to go separate your expenses into three different categories; necessities, luxuries, and stuff that falls in-between. Necessities are things you absolutely cannot live without. Things like shelter, food, transportation, and utility bills. Luxuries, on the other hand, are things you don’t need, but want – things you can live without. Spending money on cigarettes, going to the movies, and eating out are all examples of luxuries. You may find that some things don’t fit in either category – but somewhere just in-between. These could be things like your cell phone, cable TV, and the internet.

Cutting & Limiting Your Expenses

In this step we you go through each expense and try to either eliminate it, or limit how much you spend on it. Make sure you have your expense list handy as you will mark down the expenses you change.

Go through each and every one of your necessities and see if there is a way for you to limit what you spend (i.e.: cut some costs). This won’t always be possible for everyone’s personal financial plan, but if it is – go for it. Things that can normally be lowered are car payments (through negotiation), utility bills (by paying more attention energy consumption), and food (by not eating out and by purchasing generic brands when possible).

The next list you need to go through is that middle list. In most cases the things on this list cannot be eliminated completely, but they can be cut down significantly. Apply the same principal here and determine which costs can be lowered. For example, if you’re spending $100 a month on your phone bill consider downgrading to a lower cell phone plan. You may have to make sacrifices, like limiting the amount of text messages you send and receive, or by talking on the phone a little less. Same thing for the cable and internet plan you have. Perhaps you might want to get rid of your home phone all-together, as many people are doing these days.

What is scariest for most people is what you are about to do next. Luxuries (Ahhh)! Just go through the list and make a few sacrifices. Maybe you don’t need to eat out every day, or maybe you really don’t need to renew your gym membership. The goal here is to limit some expenses, while cut other expenses out completely.

This is your personal financial plan (pay attention to the word personal). Ultimately you responsible for making the decision of what’s worth cutting back on and what’s not.

The End Result:

Add up each of your new (and improved) expenses and then subtract that from the original amount you were spending to determine how much money you’ll be saving.

Now it’s up to you to decide what to do with this money. Soon we will be discussing the best ways put away money in savings each month. The money you are saving through your new budget can either be put away or spent on whatever it is you needed it for in the first place. The amount of money that can be saved will vary from person to person based on their personal financial plan.

Contrary to what the popular advertisements from the credit agencies impose, you don’t have to pay for your credit report. You can get it for free!  There is a federal law that requires the credit reporting agencies to give citizens of the United States a free copy of their credit report once per year.  One of the first things you need know is the difference between your credit score and your credit report.

Your credit report is the financial information the credit agencies have on file for you.  Your reports will list all current debts, credit accounts, loans (including mortgage loans and car loans).  Your report will also list bad debts, late payments, collection accounts, property leans, tax leans, etc.  This is the credit report they must provide to you each year for free.

Your credit score on the other hand is a 3 digit number calculated based on past and current credit history.  The credit bureaus rely on third party companies to compute and come up with this score.  The credit score does not fall within regulations set forth by the federal government.  Chances are you will have to pay to access your credit score.  The score adjusts itself as your credit report evolves and reflects either your good habits or your bad.

So how to get your free credit report online if you’ve already gotten one within a given year?  aha.  There is also another federal regulation that allows consumers to have free access of their report.  If you have been denied credit within a certain time frame (30 to 60 days usually) the agencies must give you access to your report.

I don’t recommend applying for credit with the sole purpose of getting denied – just to access your report for free.  Inquiries to your credit report stay on file for 7 years and they can add up – so don’t do this!  Think back over the past couple of months.  If you have applied for credit within this time frame you will be able to access your credit report for free.

Both of these methods can be accessed online for the 3 major credit bureaus.  These are two of the ways you can get your credit report for free online.

This is how to get your free credit report online! Good luck on your quest for financial information.  ;o)

First I’d just like to point out one thing.  You should never let disadvantages keep you down, financial or otherwise.  You can accomplish anything you want to in life.  Read that last sentence again.

Money should not play a deciding factor in whether you go to college or not.  The U.S. understands this and has instituted many programs to help “would be” college students.  If this is your goal than reach out, squeeze it by the balls, and hold on!  Anything is possible.  People who achieve goals on a consistent basis are usually the ones who hold on to the vision while the majority give up, let go, and fail.  Anyway, back to how to get a student loan with back credit..

I’m assuming you either already have (or plan to) your G.E.D or High School Diploma.  I’m also assuming you know which college you want to attend.  The first thing you need to do is schedule an appointment with someone in either the financial aid department or the admissions office.  It is wise to call ahead of time to see if an appointment is required.  Some colleges will limit your visit to 10-15 minutes without an appointment, while others don’t take walk-ins at all.

During the meeting you will have a chance to ask questions.  The person you speak with should inform you of the kinds of financial aid that are available to students. Either he will refer you to the financial aid department or he will handle it himself.  You will be instructed to fill out several forms (FAFSA) being one of the most important ones.  During that meeting they will evaluate your specific financial needs and recommend a plan of action.  Make sure you bring either a notebook or a pen/paper with you – as there will be many important things you need to do/remember.

Most students usually receive financial aid in the form of grants.  Grants are money given to you by a specific entity (such as the federal government or non profit funds held by organizations) that you DO NOT have to pay back.  Grants usually only cover a small portion of your tuition, but for low costing community colleges they may cover everything. 

During your meeting your counselor will probably suggest applying for one of the federal loan programs (such as a Stafford loan).  Government aid is well…backed by the government.  It’s because of this that you can get a student loan with bad credit.  You can have the worst credit on the planet and you can still get a loan.  Credit does not play a factor, on the contrary financial need does play one.

So, go meet with someone in your college now, and don’t delay! ;o)

Now, can you get a student loan with bad credit? Now is the time to try and find the answer out for yourself, go apply for some government backed loans!

Related: How To Get Your Free Credit Report Online
You might like: Money for Emergency – Help With A Financial Crisis

Once you have a clear mind sit down and look at the big picture.  What caused this financial disaster in the first place?  What options do I have available to me?  Do I have family or friends that can loan me money for the emergency?  Evaluate the financial situation and go over your options.  Try to keep worry at a minimum.  By looking down at the big picture you will gain better insight that will enable you to make better choices.  The key here is to find the root of the problem and to attack.  You need to create a battle plan. You may want to look into finding a not for profit financial counselor.  I can’t recommend one here, but do your research and find one that is reputable.

Something you will want to do is go over your expenses and come up with a budget.  Prioritize your expenses and cut the expenses you can live with out.  There are certain things that take a higher priority.  The necessities you must place the highest priority on are food, housing (assuming you’re not facing foreclosure), transportation, utilities, etc.  Things like cable t.v., the internet, cell phones are all optional.  They may seem like a high priority, but if you are either facing bankruptcy or foreclosure its a small price to pay to save yourself.  The goal here is to cut every expense you can.

While you’re going over your expenses it would also be wise to go over your possessions and assets.  Is there anything you can either sell or downgrade to for emergency money?  If you drive a new car consider selling it and buying a nice little $1500-$2500 Honda.  If you own any additional property than sell it!  If you can save yourself and get through this financial crisis without selling property or downgrading than by all means do it.  BUT IF YOU CANT” – you need to consider it.

So sit down, stop worrying, go over expenses & assets.  Cut & sell everything you don’t need – its worth it if it gets you through this financial crisis. Alternatively you can try to find a loan at a decent rate, or go to a place that specializes in giving money for emergency – but these kinds of things are what got you in trouble in the first place possibly? Only you can answer that.

You might like: Can you get a student loan with bad credit?

There are two main types of financial aid awarded; merit based and need based.  Merit based aid is usually awarded solely based on a student’s academic or athletic performance and is awarded by the school’s admission board.  Need based aid, on the other hand, is awarded based on a student’s financial need.  Need based aid is determined by the college’s financial aid office as per the EFC (Expected Family Contribution) of the FAFSA (Free Application for Federal Student Aid.

As someone who is currently enrolled in college I can tell you how frustrating the whole process can sometimes be.  The majority of students in my college applied for need based financial aid.  While most of the students I’ve talked to received some form of aid, there were a handful of students that received a considerable amount more.  It’s not always fair that a student from family A receives more than a student from family B, while B is in greater need.  This happens all of the time.  I’m not saying this to discourage you, but to warn you that it does happen in some cases.  It’s frustrating how this works.  It’s crucial that you take the time to learn how both need based and merit based aid works. Hopefully this article will give you some insight into how to get college financial aid.

Getting admitted to your college is the first part (obviously).  Once you have been admitted you will have greater control over the financial aid you receive.  One of the most important things you need to do is fill out the required financial aid applications, as early as possible.  If you do not fill out every required form by the deadline something could go wrong, and you could be in jeopardy of losing your aid. Also, most of the students I’ve spoken with who had received a large portion of aid filled out the forms early

After you fill out and send it the forms wait to receive your financial aid letter.  If the amount is not what you expected than consider stopping by the financial aid department. They will be able to explain how to get college financial aid & how to fill out the fafsa forms. 

Explain your financial situation to them, and if you have any form of evidence (check stubs, tax returns, child support) bring it with you. This won’t work it every case but if you do it with persistence I’m sure you can get somewhere.  Of course every college is different.  If you cannot pay for college once admitted make sure you tell them this.  If you absolutely

Just in case you were not aware, you can also apply for private grants and scholarships.  I personally have not been able to find anything for myself, if you are either a minority or have a disability you are in a much better position to find a private grant/loan.

One other thing I want to say.  Just because were in a financial crisis right now, does not mean you won’t get aid.  From my understanding the Obama administration has good plans for the future of college loans an college aid. Please browse the other articles on how to get college financial aid – if you need more information

Related Article: Can you get a student loan with bad credit?

While some details were announced Wednesday, it is not yet known what the eligibility requirements will be for this new mortgage stimulus.

New alternatives will be given to help homeowners avoid foreclosure through short sales. The white house blog does state that under the Obama mortgage stimulus eligible loans cannot exceed 105% of the properties market value.