(Closed) Is a financial advisor worth it?

posted 6 years ago in Money
  • poll: Is a financial advisor worth it?
    Yes : (10 votes)
    67 %
    No : (3 votes)
    20 %
    Maybe. I'll explain. : (2 votes)
    13 %
  • Post # 3
    335 posts
    Helper bee

    I don’t think it’s really necessary to hire someone to help you manage your money unless you have quite a bit and you want to do some serious investing. There’s a lot of personal finance advice available for free online or at the bookstore/library. I really like Suze Orman for basic advice about debt, savings goals, retirement and the like.

    Post # 4
    1725 posts
    Bumble bee
    • Wedding: October 2012

    You should look for a Financial Peace class in your area…Dave Ramsey has great advice

    Post # 6
    2281 posts
    Buzzing bee
    • Wedding: June 2012

    Fiance and I are considering www.mint.com. A friend of his uses it and thinks it’s great. I think we need something – but we’re still combining accounts and stuff right now, so I think we’re going to wait until that’s done before we start using it.

    Post # 7
    2063 posts
    Buzzing bee
    • Wedding: August 2012

    The military provides a free financial advisor, so I can’t help with that part of our questions, but:

    1. What exactly does s/he do for you? The financial advisor had us answer several questions about our financial goals and current situation. He pulled our credit reports and created a monthly budget. The savings portion of the budget was then designated into special accounts which he helped us to open. Finally, we check in with him every so often when a new suprise arrises and he helps us to adapt our budget to fit our needs.

    2. How does one locate a financial advisor? Just through your bank or…? N/A

    3. What fees are attached? None for military.

    4. Do you think you really benefit? How? Yes. The financial advisor was able to force us to look realistically at our financial situation and, honestly, assigned blame where necessary. Also, he provided information about certain types of savings and investments that I would have otherwise had no idea existed. Even the financial advisor did not provid the budgets and useful monthly information, the general information we recieved about the military, our benefits, and our accounts was very useful.

    Post # 9
    1798 posts
    Buzzing bee
    • Wedding: August 2011

    Meeting with a licensed fee only financial advisor can be very helpful in planing to achieve your long term investment goals like retirement and home ownership. A financial advisor can look at your current situation and help you come up with a plan tailored specifically for you. Make sure you find a financial planner that doesn’t get pay or commission from any third party.

    Post # 11
    2416 posts
    Buzzing bee
    • Wedding: September 2012

    I agree, a financial planner is good for helping you develop a starting point and allocation for savings and get on the right foot when beginning to prepare for retirement.

    Post # 12
    3375 posts
    Sugar bee
    • Wedding: October 2011

    I’m curious about this too… I’d like better investment strategies, but am scared to use financial planners. I just see them as all corrupt? Like even that guy that left Goldman Sachs last week talked about the corruption everywhere. I want someone to look after my best interests and not just sell me worthless junk bonds…

    Post # 13
    7311 posts
    Busy Beekeeper
    • Wedding: October 2011 - Bed & Breakfast

    We have a fee only advisor who has worked with numerous members of Mr. LK’s family for decades. He helps us analyze our investment options for our 401k accounts, and we will be looking to him for input on the new Roth option that will be available through our employer in just a few months. We know we want to diversify our retirement savings, but we aren;t sure what the best strategies are to achieve that goal. Maybe it’s Roth, but maybe it’s not. He’s also working with us on a savings and investment strategy for DS’s college, and we will be tapping him for similar input related to long-term savings for our upcoming home purchase. We tell him things like “We’ll need to put a new roof on the house in 20 years. How and how much should we invest now in order to have $25k available for that roof then?” The point is to invest less than that 25k now and let the money grow so that we have the $25k when we need it. In the most basic form, he is our financial strategy guy who helps us get the most out of our money.

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