Do You Need a Financial Advisor? financial advisor

by Trần Hào



A MoneyTrack viewer asks, “I don’t want to turn my decisions about investing over to a broker but I don’t have time to learn everything I need to know to do it all myself. What’s the best way to go?” See what Pam and Jack have to say. .

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Do You Need a Financial Advisor?

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Do You Need a Financial Advisor?
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3 comments

Harry Lime 14/10/2021 - 6:08 PM

I’m not a professional financial advisor. But here’s my advice that I gave my kids.
Pay your credit card off every month.
When you buy a house, pay as much on the down payment as is required by the mortgage company. And the balance of your savings that you were going to apply to the house purchase initially, you do a chattel agreement with the owner, and give the owner as much cash as possible to show your house is selling for less so you will pay less taxes on it which are based on the selling price.
Example
You’re buying a house for $250,000. You have $50,000 to put down. The bank only requires $25,000 down.
You do a chattel agreement with the seller. Have the seller agree that the house was sold for $225,000. The owner makes out because he pays less in capital gains, and less of a commission to the realtor. You give the seller $25,000 in a chattel agreement, and you give the $25,000 minimum deposit to satisfy the mortgage company. Your taxes will be lower because of the lower showing sale price. It’s legal
If your work as a 401(k) match, at least do the match, plus one or 2% more.
Also put a few percent into a Roth IRA through work. Also put a few percent into a Roth IRA through work.
If your work has a credit union, at least save a few hundred dollars a pay so that you have cash for those slightly larger necessities like a new furnace, a new roof, a new refrigerator.
Put your 401(k) investments into multiple mutual funds, not all in one basket with those eggs.
Also, if you can put money through your Foral one into oil stocks such as Royal Dutch Chão, they pay 7% dividend four times a year like clockwork
When you need to make purchases such as a washer and dryer, new refrigerator, new dining room furniture, deal with a store that offers 0% interest for a year or two or three. But only if you can get the furniture or appliances at a discount.
Don’t buy extended warrantees on anything
Stay out of the casino, don’t buy lottery tickets. You are not going to win. They don’t build those casinos with their own money.
Have your money deposited in the credit union, your 401(k), through your payroll plan with your company if possible. You won’t miss the money if you never had it.
Every time you get a raise or a bonus, put that money right into the credit union savings and up your contribution to your Roth or 401(k) savings. Every time you get that raise, you never had that money, you’re not going to miss it if you put it into savings.
When you know that you’re gonna be making a large purchase of furniture, or appliances, and they’re going to give you 0% for X amount of years. See if that company/store except gift cards. When you know that you’re going to be making a large purchase of furniture, or appliances, and they’re going to give you 0% for X amount of years. See if that company/store excepts gift cards.
Buy the gift cards with your credit card that gives you a discount on gasoline or money back. Pay that balance off every month even if you have to use your credit union savings. The interest-rate they charge you for that credit card is far more than you’re getting on your savings in the credit union.
Wait to collect your Social Security if your health is good. The longer you wait, the more your monthly check will be.
If you have credit card debt, pay the biggest one off ASAP. Pay the one with the highest interest rate off ASAP. If you have student loans. I hope the degree you have is not in birdwatching, sociology, or fingerpainting. If you got a good job in the medical field, the financial Field, then you’re making enough money hopefully to pay that loan off quickly. I have no experience paying student loans off myself. I paid for my daughters 4 years in cash From my life savings. She took student loans out for her two years of grad school. But I paid those loans off and she is paying me now for the two years of grad school. Why give the interest to strangers.
My oldest son, I could not convince to go to college out of high school. He went to half day technical schools in high school and learn to be HVAC. After 10 years in that field, he decided to go to college. His wife had a good job in the financial Field, and he was able to go full-time to engineering school where he graduated on the Dean’s list. He did his own student loans, and he landed a very good job and is paying it off within five years.. his wife agreed to carry the financial burden while he went to school full-time, if she could be a stay at home mom when he graduates. And that’s just what they did and I’m glad. My other son, also when into HVAC half day tech training in school, he makes more money than both of my other children. And his wife is a stay at home mom also. Just like my wife. I worked three jobs for a short while, but two jobs for about 12 years. So my wife could be a stay at home mom. We never had our kids in daycare, we never had babysitters.. I went out on a limb buying a house with lots of grass around it, in a community with schools that had the highest number of children going on to college after graduation in the state. It paid off. None of my kids have tattoos or piercings either. None of them smoke or do drugs.That’s from having a stay at home mom ,and living in a civilized community
Don’t count on others. Be self-reliant. The only one you can count on in this world is yourself.
Never, never, never discuss politics or religion with business associates or coworkers
And this advice is for young man. If you ever made a single or divorced mom. Don’t be nice to her, don’t smile at her, don’t take her to dinner, don’t except invitations to parties from her, run the other way, Avoid her. I don’t care if she looks like Marilyn Monroe, or Elizabeth Taylor. There’s a reason she is a single mom. Somebody somewhere is sick of putting up with her shit..
Her kids are going to come first every time, you will lose your self respect, because she will never have it for you. You will lose your money, she’s just marrying you to put a roof and clothing and food on the table for her kids.
I won’t go into it very far, but my best friend met a single mom with an 11 and an eight-year-old. I was his best man. When we were waiting at the altar for the father to bring the bride down the aisle, he was sweating like a pig, he said to me, I don’t know if I’m doing the right thing. In his mind he knew he was making the biggest mistake of his life, but there are two things you never give people advice on. Who to marry, and investments.
30 some years later, my friends life is in a shambles. Two bankruptcies, he’s driving a 14-year-old car, he’s retired and on Social Security, because his wife defaulted on previous student loans for nursing, she’s not getting her Social Security till they’re paid back for those student loans. She thought she would get around $2200 a month in Social Security, that’s why she left him 15 years ago, after her kids were off of his benefits through work, and he was in debt over $200,000 because of her and her kids, but when she applied for her Social Security, she’s only getting $500 a month instead of $2200 a month, so she kissed his ass to move back in with him. She gained about 150 pounds since the marriage, and all she does is sit on the couch and eat potato chips
Enough said, don’t get involved with a single mother please
For what it’s worth, that’s my advice on financial issues.. you didn’t even need that financial advisor to take one or 2% of your annual income from your savings to get the same advice.
Are use Vanguard to handle my 401. Their fees are less than 1/2 of 1%. Intothousand 18, there were Days that Vanguard was having savings and 401(k) is transferred from other funds to Vanguard in excess of $1 billion a day. Those fees from a lot of those financial planning companies, are killers.
So read the fine print. The big print gives it to you, and a little print takes it away

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3rd Street Pictures 14/10/2021 - 6:08 PM

Fee only may or may not be better than commission for the broker and/or the customer.

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Amy Rice 14/10/2021 - 6:08 PM

I think financial advisers are a great idea! If you want to be a successful investor, you can use all the help you can get!

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