mailin 0 #1 March 25, 2004 Has anyone used a financial planner before? We just came home from our first meeting with a financial planner. We found that we werethrowing money out the window every month instead of doing something constructive with it, so we made an appt. We laid out our goals - and left with our year long homework assignment - to save between $10 - 15k over the next year. Woah I'm quitting my job in September to go back to school full time (to finish a degree which should be done in December) so this could be interesting. The things I could do with that much money... So for those of you who have one - positive or negative outcomes? Seems like a great thing, just don't know how 'do-able' it is. JenniferArianna Frances Quote Share this post Link to post Share on other sites
weegegirl 2 #2 March 25, 2004 I used to have a Financial Advisor from American Express. He was great at first... helped me figure out where a lot of my cash was slipping through the cracks and pointed out ways I could save. But, when I thought I had things under control and wanted him to release me from his sales-like-death-grip, it became difficult. He was pushie and wanted me to invest money places that I wasn't interested in, like disability funds, etc. I don't know... my final impression... once I got free from him... was that it really wasn't worth the hassle. Just my 2 cents. Good luck! Quote Share this post Link to post Share on other sites
mailin 0 #3 March 25, 2004 I was hoping to get to talk about that stuff actually (investing)... but we didn't get that far Hopefully after we get the money saved up (which is good to do anyway) we'll get to talk about investing etc. Thanks for the perspective! JenniferArianna Frances Quote Share this post Link to post Share on other sites
Beerlight 0 #4 March 25, 2004 QuoteHopefully after we get the money saved up (which is good to do anyway) we'll get to talk about investing etc. Not sure I understand you. But, you don't need to save the money up and wait to invest. You invest NOW, on a monthly basis! Amazing how even a little (put in the correct investment) grows to a lot. It's the law of compounding interest. Does your SO have a 401K or some other type of plan at work? If so, max that puppy out......if able... I was stupid and really didn't start investing until I was 30. I use 'Smith Barney' and I'm happy with them. I also have a 401K thru work and my returns are averaging 30% as of late! Don't worry about the daily ups/downs of the stock market. I love it when the market falls, I get to buy cheap stock! Get in it for the long haul. Buck Quote Share this post Link to post Share on other sites
mailin 0 #5 March 25, 2004 oh ya - thats a given. We already invest 6% of our salaries into 401k's at work - and it goes up 1% with each pay increase. Work will put in 50% up to 4% of our salary, so its a good deal. The finanacial planner is helping us reach a bunch of goals - not just investment ones. We trying for estate planning, retirment, college funds for future kids etc. He wants us to have 3 months of salary saved up (after debt is paid down) before we look at these other things. It's gonna be a long road, but we're only 25, so its a good time to start. JenniferArianna Frances Quote Share this post Link to post Share on other sites
Beerlight 0 #6 March 25, 2004 I wish I would have really started when I was 25! It's amazing how quickly your investments grow. Good job! Quote Share this post Link to post Share on other sites
rogue108 0 #7 March 25, 2004 I work in the financial services industry and there are all types of financial planners. Finding a good financial planner is like finding a good doctor. It can take time to find one that works well for you. Technically all planners should be to do everything under their designation. However, there is so much information and products for them to know it all can be diffcult or impossible. The bottom line is financial planners make money through comission, but that doesn't make them all sharks. They should not be trying to score a quick buck off of you and selling you every product they have. The planner should be in it for the long haul, meaning he is she is willing to make less up front and keep you around to continue making them money. Also if he/she treats you well, they are more likely to get referral business. A quick and dirty planner will not have these goals in mind. Also, find one who will present a variety of solutions to meet your goals and is willing to work with your ideas. It should not just be their way and that is the only way to be successful. They should take the time to explain why your ideas are feasible or not. I could elaborate more, but I would waste a lot of space. Those are just my basic ideas of what a good sucessful planner should be, if you want more info or have questions drop me a PM. Later Later Quote Share this post Link to post Share on other sites
PhillyKev 0 #8 March 25, 2004 I use MS Money. It's been a live saver for me. It takes a while to get all your info entered and start having it track things for you, but after a couple months, I spend 15 minutes a week to pay all my bills, balance my check book, put money in savings, invest some money, and see how much expendable cash I have. Using it got me completely out of debt in a couple years and some nice savings and investment accounts. Quote Share this post Link to post Share on other sites
mailin 0 #9 March 25, 2004 Ya, I use MS Money too - its really helped us get stuff under control and in 3 months we've managed to pay down $5000 in debt - so its been great for us. We have about $5000 left to pay by August (then I quit my job and go back to school), and then the savings begins. I like this guy so far, he's got me setting up a savings account with ING direct which yields a 2% interest rate (which is better than alot of savings accounts actually). We'll go back and see him in a year and start addressing the short, intermediate and long term goals. He came from a referral, so I knew what I was getting into. He doesn't want to touch any of our money until we get this, very basic, stuff out of the way; which is a good thing. Its good to know that we're on the right track JenniferArianna Frances Quote Share this post Link to post Share on other sites
meltdown 0 #10 March 25, 2004 You should find out how he's paid and make sure you're comfortable with that. There are fee only, commission only, and fee/commission type setups. The fee only guys don't get paid for selling you stuff, but for dispensing advice primarily. In theory you will get more objective advice from someone who is fee only. Commission only guys might be more tempted to put you in a particular fund(s) that makes them lots of money but is perhaps not the best for you. I'm not saying commission only guys are no good, but you should be aware of how they get paid and above all know what they are doing and why. Quote Share this post Link to post Share on other sites
mailin 0 #11 March 25, 2004 Good question! I checked his website, they're a fee only firm. Guess thats a good thing, cause we're not ready to make a commission only guy rich! Hell... I'd like to be rich before that happens JenniferArianna Frances Quote Share this post Link to post Share on other sites
