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My parents always used a financial planner. They wanted to be totally prepared for retirement. After dad's death, mom received quite a bit from life insurance and other things. She continues to use her financial planner, who is doing a great job investing some of her money. A couple of months ago, her mutual funds made $11,000. Last month, they made her $5000. I'm glad she has people who are watching over her money and who are working with her to make WISE decisions with this money.
Right now, dh and I have no extra money. But I look to using one in the future, after we're done with our credit counselor.
Does anybody use a financial planner? How did you find one? What kinds of services do they do for you?
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I use one for retirement issues. He has set up my 403B and a Roth IRA for me and has helped me figure out my risk tolerance to decide where to put the funds. I've also discussed with him what to do with DS college fund but I have $$ invested elsewhere for other reason.s When I have my car paid off this Summer I'm planning on doing some other investing with him.
I knew him before he got into investing and believe he is a good person who won't try to screw me over. To me, that was the most important part of finding someone since I don't know a whole lot about investments. I know he's in it to earn a living too but I do think he's looking out for my interests as well. I would encourage you to ask around your area for who people have liked. I always recommend my guy when asked - want his number?!?
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We don't but only because both my husband and I have a ton of experience in that area. We both majored in Finance and he worked in the field briefly. He still follows all investment avenues pretty closely. I highly recommend a financial planner for most people! Word of mouth is the best way to find one.
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We are currently working with a FP to help us with our debt situation. And he has been fantastic. We gave him all of our financial information (as pitiful as it was). He looked at everything and told us what we had to do. Where to find the money too pay off some of our debt and reworking all of our other debt. That is where we are now. As soon as that is finished he will be guiding us on how to budget and save. He looked at our IRAs and said that they were not working for us and we will need to work on that. He also has a book out that we purchased that has worksheets, tips and many other things in it that we have found useful. I think sometimes even when you don't have money you need someone to guide you on how to get out of your financial situation and what to do not to get in that situation again. Trust me - our situation was terrible but he helped us find a way out so that we now will have a positive monthly cash flow and be able to save for the future. I am not trying to sell anything but I will ge glad to provide anyone that is interested with his website information. Trust me - I have no financial investment with him. I would just love to help anyone get out of their bad financial situation - I know how terrible it is to be in financial crisis.
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I would love to work with a financial planner again. We did at one time. We took a financial class when we were in our early 20's and learned so much, I think it helped us to prepare for retirement...etc... I would love to take the class again to see what new stuff I could gain after having kids and looking at the world through new eyes.
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Dave Ramsey has a list of FPs that he recommends that are "teachers" not "sellers". That is where we got our current one.
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We work with a FP. He is a great guy. Recently the company DH works for was bought out by investors, we had a lot of stock and by the time everything was said and done we ended up with quite a bit of money. Our FP helped us through each step of the process and gave us a few ideas on what to do with the money.
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Originally Posted by Jared&Maggie'smom
Dave Ramsey has a list of FPs that he recommends that are "teachers" not "sellers". That is where we got our current one.
Yes, and I don't like to spend money but it's the best money I ever spent. I made more money in what I saved / invested / learned then I ever spent ... but I agree HIGHLY with the above... I've don't know Dave Ramsey but the FP must be a teacher rather than a seller.
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We used to have a CPA that acted like our financial planner. If it wasn't for her we never would have bought our first house. She helped us through all sorts of financial AND life decisions. I consider her one of my mentors and am forever grateful for her advice. She's also the person who convinced us that we'd be okay if we did our own taxes. That she saved us money in that area is wonderful, too.
I think a great time to have a financial planner is even before you have money to invest. We would only meet with our planner annually so it wasn't that expensive.
With the adoption pending, our financial goals have changed considerably over the last couple of years. We should take up with a financial planner again. Heck, even financial planners have financial planners. I think they are a good idea.
BTW, my girlfriend has been going to a financial planner for years. My GF just had her 50th b-day and has now reached 'critical mass'. She never has to work again, unless she wants to.
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Can a Financial Planner help you with Living Trusts or would that need a lawyer?