- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Financial Planner Business ideas
Posted on 1/6/22 at 10:43 am
Posted on 1/6/22 at 10:43 am
I've had the idea for years to start a side hustle as a Financial Planner building budgets and managing their income and expenses.
I've already had friends come to me for help for their family budget. I've had two friends who are business owners sit down with me and have me break down their income statements with me and see where they can be saving and how to make more profit in the business.
Im thinking on doing this for personal and commercial account and charging a retainer fee per month that I build into their budget so it works for them.
What are the MTB thoughts on a business like this? Easy and likely to get sued? Easy passive income once the ball is rolling for a client?
I've already had friends come to me for help for their family budget. I've had two friends who are business owners sit down with me and have me break down their income statements with me and see where they can be saving and how to make more profit in the business.
Im thinking on doing this for personal and commercial account and charging a retainer fee per month that I build into their budget so it works for them.
What are the MTB thoughts on a business like this? Easy and likely to get sued? Easy passive income once the ball is rolling for a client?
5
Posted on 1/6/22 at 10:57 am to BayouBengal23
Seems more like an active business than passive income.
Why would they pay you once you set up the initial budget or plan?
Why would they pay you once you set up the initial budget or plan?
Posted on 1/6/22 at 11:03 am to BayouBengal23
I would agree that a subscription model seems unlikely (just not enough input to qualify the expense once it is running). I think a better model would be x amount for initial visit + x amount for subsequent visits.
Posted on 1/6/22 at 11:16 am to BayouBengal23
As a CFP(R) professional, I can tell you that, in my experience, most people who need help with their budget don't have much money or willingness to spend money on someone to help them with their budget...if that makes sense.
If you can make a small profit out of it, that's great, but I highly doubt it would ever generate enough income to be anything more than beer money.
My experience is completely anecdotal, admittedly. So if you can find a niche market that will pay you consistently for this service, more power to you.
If you can make a small profit out of it, that's great, but I highly doubt it would ever generate enough income to be anything more than beer money.
My experience is completely anecdotal, admittedly. So if you can find a niche market that will pay you consistently for this service, more power to you.
Posted on 1/6/22 at 12:01 pm to iAmBatman
I guess to keep you on retainer and if you ever need help, youre there to help. I know someone who pays someone to do it now. I think its silly, but people pay it
Posted on 1/6/22 at 12:32 pm to BayouBengal23
How much would you charge?
There are a number of people out there who have facebook pages who have created a "system" so to speak and their pages talk about their system, while they sell tools to use the system.
It seems like the money is in the tools.
For example, look on facebook for The Budget Mom for an example of what I am talking about.
There are a number of people out there who have facebook pages who have created a "system" so to speak and their pages talk about their system, while they sell tools to use the system.
It seems like the money is in the tools.
For example, look on facebook for The Budget Mom for an example of what I am talking about.
Posted on 1/6/22 at 2:02 pm to Niner
quote:
most people who need help with their budget don't have much money or willingness to spend money on someone to help them with their budget
Subtle CFP brag. I especially like the registered trademark part =P But you're dead on. Most people that *need* to use this service are broke. I know more than one person who has tried to do something similar and eventually realized it's a losing proposition. You just can't get enough people drowning in financial misbehavior to pay you enough to make it work.
I even have a hard time charging people a fee that would be better off putting it towards a credit card at 30% or something. I wouldn't call it an ethical issue, but I don't feel right saying pay me $500 or whatever knowing that's going to cost them $150 in additional interest payments...
On the other hand, I've never seen anyone try to do it for businesses, though it seems you'd run into the same situation of strong businesses not seeing the need to pay someone and struggling businesses won't want to pay...
Posted on 1/6/22 at 2:19 pm to BayouBengal23
The people who need help budgeting don’t have the income to pay for stuff like this.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News