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wilova

Financial Planner Questions - 5 views

started by wilova on 19 Mar 23
  • wilova
     
    Hello.
    My family is in a pretty good spot these days. Both of our retirement accounts are on track, we have 20k in savings, no debt outside of our mortgage. The problem I'm running into is that soon I think it's time to take it to the next level and I have no confidence in starting that on my own. I know that our retirement accounts could perform better (not sure about his, but mine is consistently somewhat low on the rate of return and may have a shitty fee structure). I know we should start investing spare cash in a few months once I finish eliminating our PMI and beef up the emergency fund a bit more.

    I read the ELI40 thread and it discusses the "next level" financial goals I'd like to work towards, however, I don't feel comfortable with my knowledge level to start diving in without guidance. I have a full time job, a toddler, and a newborn due in November, so as much as I'd like to gain that knowledge as soon as possible, I think it will take awhile and in the meanwhile... time is money.

    So, here are my questions:

    At what income/spare cash amount does it make sense to hire a financial planning gold coast?

    I know this sub advocates for a fee only planner, but I guess I wonder if this is always true or only if it's a one time meeting? Are there planners tied to the rate of return on your investments?

    How does one go about selecting a planner? What should I look out for?

    This is one of my favorite subs and has really helped me to stay on my A game when it comes to personal finance and set my family up for a comfortable life. Thank you for past and future advice.
  • wilova
     
    Congratulations on being in a good financial position and for being proactive in seeking guidance to take your finances to the next level. It's great that you're considering hiring a financial planner to help you achieve your financial goals.

    To answer your first question, there's no specific income or spare cash amount that determines when it's appropriate to hire a financial planner. The decision to hire one largely depends on your personal financial situation, goals, and comfort level with managing your finances. If you feel like you need help with setting financial goals, creating a comprehensive financial plan, or managing investments, then hiring a financial planner may be a good idea regardless of your income or savings.

    It's important to note that financial planners can provide valuable services beyond just investment management. They can help with retirement planning, tax planning, estate planning, and more. So, even if you're not ready to invest yet, a financial planner can still be beneficial in helping you create a solid financial foundation and plan for the future.

    As for selecting a financial planner, it's important to do your research and find one that is a good fit for you. Look for a planner who has experience working with clients in similar situations as yours and who has a fiduciary duty to act in your best interests here is the link check it out http://gamingini.com. A fee-only planner may be a good choice because they do not earn commissions from the financial products they recommend, which can eliminate any conflicts of interest.

    When you meet with potential planners, ask about their credentials, experience, services, and fees. Make sure you feel comfortable with their communication style and that they take the time to understand your unique financial situation and goals.

    Ultimately, hiring a financial planner can be a valuable investment in your financial future, and it's important to find one that you trust and feel comfortable working with. Best of luck on your financial journey!

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