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Financial Help
Posted on 3/26/18 at 1:09 pm
Posted on 3/26/18 at 1:09 pm
I'm 24 and started working fulltime after graduating from LSU. I'm contributing 12% to 401k group profit share. I've been contacted by a friend who's a financial adviser. I know it could be useful, but I'm not sure if I need one at this point. Single, no student debt, only loan is for a truck. Any tips?
10
Posted on 3/26/18 at 1:14 pm to JGood
How much do you have to invest? If it is under 100k, you are going to be sold funds and that is something you can do on your own. If it’s over, and the advisor is doing financial planning; then it may be worth a meeting.
Posted on 3/26/18 at 1:15 pm to BARNEYSTINSON
Not up to that level yet. I just moved out of state, so I'm going to be getting a house soon, so that will siphon off a hunk of money as well.
Posted on 3/26/18 at 1:59 pm to JGood
The sticky thread should have answers that give you the direction you need. 
Posted on 3/26/18 at 2:50 pm to JGood
quote:
JGood
open you up a vanguard roth IRA baw
Posted on 3/26/18 at 3:08 pm to JGood
How comfortable are you in saying NO, thanks, firmly to your friend? If you can do this easily and know that you won't buy something unnecessary simply because you don't like saying no, then take the meeting. He might be able to teach you something, or if he's a neophyte, he can practice his sales pitch on you. Just know that you don't really need anything from him at this point, and be crystal clear & up front with him that you're well-covered by your employer's plan and aren't going to be purchasing what he's peddling.
On the other hand, if you're the sort of person who makes pity purchases (like facial scrubs sold at the mall by agressive semi-attractive people), who has a hard time keeping the personal separate from the financial, and financial decisionmaking uncontaminated by emotional appeals....DO NOT MEET WITH HIM. If these things describe you in any way, he's going to try to sell you things that aren't necessarily in your best interest, and you will be too "nice" to tell him no.
On the other hand, if you're the sort of person who makes pity purchases (like facial scrubs sold at the mall by agressive semi-attractive people), who has a hard time keeping the personal separate from the financial, and financial decisionmaking uncontaminated by emotional appeals....DO NOT MEET WITH HIM. If these things describe you in any way, he's going to try to sell you things that aren't necessarily in your best interest, and you will be too "nice" to tell him no.
Posted on 3/26/18 at 3:09 pm to JGood
quote:
I've been contacted by a friend who's a financial adviser. I know it could be useful, but I'm not sure if I need one at this point.
You do not need a FA right now.
1. 401K up to company match
2. 6 month emergency fund
3. Max HSA
4. Max Roth IRA
Most of all, enjoy life. You are a young guy and it only happens once. I'm a little older than you and, while I have saved over the years, I also recognize that I was probably too aggressive in saving right out of undergrad.
Practically speaking, don't pass on a trip to Europe to add another percentage point to your 401k contribution.
I'd also suggest renting for the next few years until you decide where you want to plant roots. The flexibility of renting is beneficial, especially if you are not geographically tied.
FWIW, keep your finances simple for as long as possible. Eventually they get more complicated so delay that as long as possible.
Posted on 3/26/18 at 3:11 pm to JGood
quote:
I just moved out of state, so I'm going to be getting a house soon, so that will siphon off a hunk of money as well.
Bad idea. Do not buy a house until you are confident that you want to be in that location for awhile.
Posted on 3/26/18 at 3:26 pm to lynxcat
I will
quote:and I will be splitting mortgage with another guy working up here.
be in that location for awhile.
Posted on 3/26/18 at 3:28 pm to JGood
You just moved somewhere and are confident you will want to be in not only that city but also that neighborhood for awhile? 
This is a benefit...could also just be roommates at an apartment.
quote:
and I will be splitting mortgage with another guy working up here.
This is a benefit...could also just be roommates at an apartment.
Posted on 3/26/18 at 3:28 pm to hungryone
I have no problem saying no. I just wasn't sure the right course of action
Posted on 3/26/18 at 3:30 pm to lynxcat
quote:
3. Max HSA
This is the most important IMO
Posted on 3/26/18 at 3:30 pm to lynxcat
I'm not making a decision on a house until July. I know I want to be in the city though.
Posted on 3/26/18 at 3:32 pm to lynxcat
quote:
could also just be roommates at an apartment.
This would be the wiser choice.
Alot less legal BS to deal with in the event you or the other guy decides to move away
Posted on 3/26/18 at 3:35 pm to cwarr14
He wouldn't have any stake in the house. Just paying half the mortgage. Everything would be in my name. I haven't made a decision yet, but the market is doing good here and I'm tired of pissing rent down the drain like its Coors light 
Posted on 3/26/18 at 6:09 pm to lynxcat
quote:
ou do not need a FA right now.
1. 401K up to company match
2. 6 month emergency fund
3. Max HSA
4. Max Roth IRA
Most of all, enjoy life. You are a young guy and it only happens once. I'm a little older than you and, while I have saved over the years, I also recognize that I was probably too aggressive in saving right out of undergrad.
Practically speaking, don't pass on a trip to Europe to add another percentage point to your 401k contribution.
I'd also suggest renting for the next few years until you decide where you want to plant roots. The flexibility of renting is beneficial, especially if you are not geographically tied.
FWIW, keep your finances simple for as long as possible. Eventually they get more complicated so delay that as long as possible.
QFT
Start saving early, and don't stop.
You've got a big checkmark for A.); now make sure you take care of B.)
Posted on 3/26/18 at 6:32 pm to JGood
Your friend is trying to build a book of business and it’s extremely difficult so don’t feel bad saying no because he/she should be hearing it 100 times a day. The success rate for new FAs is probably 1%
Just open up an etrade account and don’t worry about an FA until you are in your 40s
Just open up an etrade account and don’t worry about an FA until you are in your 40s
This post was edited on 3/26/18 at 6:33 pm
Posted on 3/26/18 at 6:50 pm to tokenBoiler
I can’t translate your post.
Posted on 3/26/18 at 7:34 pm to JGood
quote:
I've been contacted by a friend who's a financial adviser. I know it could be useful
Well this is where you are wrong
There are a lot of situations where it could be prudent to enlist the help of a financial planner. Those situations almost never exist in the life of a 24 year old
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