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Finding a financial planner for Dummies - I need help
Posted on 8/1/23 at 9:47 am
Posted on 8/1/23 at 9:47 am
This is my first time posting on the money board. I have been putting this off for a long time out of ignorance, but I need a financial planner. Live in the Houston metro area, 40 years old with a wife and 2 kids (1 in high school and 1 in middle school). We both make good livings and do a good job of saving money. Both have 401K's etc, but we do not play the stock market. It's long past time for us to have a planner, but my problem is I don't know where to start with finding one that is good, trustworthy, the different types of fees, etc. Surely someone on this board can help me out with some advise. Many thanks in advance.
8
Posted on 8/1/23 at 10:32 am to Marlo Stanfield
Do you have any local friends who could suggest one they have used?
Posted on 8/1/23 at 10:40 am to Marlo Stanfield
what are you wanting to use the planner for?
Posted on 8/1/23 at 10:47 am to Marlo Stanfield
Ask lee van cleave
He knows Errything
He knows Errything
Posted on 8/1/23 at 11:10 am to Marlo Stanfield
You seem like a good candidate to read Dave Ramsey's total money makeover. It's basically financial planning for dummies.
Live below your means and on a budget.
Pay off any debt you may have
Maximize your contributions to any tax advantaged retirement accounts (401ks and IRAs) and invest in low cost index funds (VTI or something similar)
Contribute to a 529 plan for each kid to start saving for college
Once you get through those steps, you're in pretty good shape. Sounds like you're in good shape, but hard to say for sure without more detail. I'd definitely start with a Dave Ramsey book or two, build your base of knowledge/comfort, and then go from there. Good luck
Live below your means and on a budget.
Pay off any debt you may have
Maximize your contributions to any tax advantaged retirement accounts (401ks and IRAs) and invest in low cost index funds (VTI or something similar)
Contribute to a 529 plan for each kid to start saving for college
Once you get through those steps, you're in pretty good shape. Sounds like you're in good shape, but hard to say for sure without more detail. I'd definitely start with a Dave Ramsey book or two, build your base of knowledge/comfort, and then go from there. Good luck
Posted on 8/1/23 at 11:39 am to Costanza
Read The Simple Path to Wealth, then see if you still want a Financial Planner. This is from a person that has a financial planner, but now am more informed of where some of the hidden charges are and ways to maximize my investment dollar. Good luck in your journey!
Posted on 8/1/23 at 11:59 am to Marlo Stanfield
quote:
, but we do not play the stock market. It's long past time for us to have a planner,
I would start with a good idea of what you are looking for.
If you want someone to teach you how to play the stock market, that's not something a financial advisor does. If you want someone to invest on your behalf in the stock market / maange your investments, that's possible to find an investment manager.
If you want someoen to help you put together an overall financial plan, look for a fee-only planner.
Posted on 8/1/23 at 12:52 pm to LSUFanHouston
Have talked to a ton of friends and not one has been “oh my guy is great, you have to use him”. Basically, i want to do something other than stick our money in savings. We both max out 401k. I have an old money market IRA I haven’t contributed to in years and it’s just sitting there. Too late for 529 as I didn’t want my money locked up if one kid decided college wasn’t for them. One is in high school and the other in 7th grade so too late for that.
Posted on 8/1/23 at 12:56 pm to Marlo Stanfield
Sounds like you are looking for someone to help you with an after tax brokerage account and maybe advice on how to invest your IRA.
You might look into the low cost or free robo advisors that can do tax-loss harvesting. It will be an easy way to dip into this type of savings/money management and you wont have to spend hardly anything to try it. You can set your risk tolerances and get a portfolio built to suit you and your time lines.
You might look into the low cost or free robo advisors that can do tax-loss harvesting. It will be an easy way to dip into this type of savings/money management and you wont have to spend hardly anything to try it. You can set your risk tolerances and get a portfolio built to suit you and your time lines.
Posted on 8/1/23 at 1:33 pm to Marlo Stanfield
I'll second read Simple Path to Wealth. Not too late to use 529s (but if not on course for your retirement planning take care of self first.) Buy and hold low cost index funds and don't try to beat the market most amateurs and experts underperform market.
Posted on 8/1/23 at 4:05 pm to Marlo Stanfield
Find a fee based RIA. Not a broker.
Posted on 8/1/23 at 4:05 pm to TorchtheFlyingTiger
Thank you for the advice everyone.
Posted on 8/1/23 at 4:17 pm to Marlo Stanfield
You should read this and then invest your own money. There are fairly simple ways to invest money effectively at low cost.
quote:
The Four Pillars of Investing, Second Edition: Lessons for Building a Winning Portfolio by Bill Bernstein
Posted on 8/2/23 at 7:53 am to Tygermanjohn
Between these two posts:
AND
This nailed my situation precisely. The first post is the basic stuff before you invest in a brokerage account. The second is once you maximize all work and tax deferred investments.
I have an investment manager. Recently had a portfolio overview. He compared my portfolio growth over the last year to the S&P 1500. My portfolio and the S&P 1500 are tracking almost identical. If you just want someone to manage it because you feel good about it, then go for it. If you want comparable returns, without paying the fees, start a brokerage account and invest it in the S&P 1500 (Ticker: SP1500). That was my takeaway from my portfolio overview.
My investment manager also gave me a tool called appright. You can tie in your mortgage, home value, bank accounts, 401k's from your current company and all other investments into one central location. The app also can read through your bank transactions and classify the purchases into categories like groceries, gas, eating out, etc. . . so you can see where you're spending That's somewhat a "value-add" for going to a manager.
quote:
Live below your means and on a budget.
Pay off any debt you may have
Maximize your contributions to any tax advantaged retirement accounts (401ks and IRAs) and invest in low cost index funds (VTI or something similar)
Contribute to a 529 plan for each kid to start saving for college
AND
quote:
This is from a person that has a financial planner, but now am more informed of where some of the hidden charges are and ways to maximize my investment dollar. Good luck in your journey!
This nailed my situation precisely. The first post is the basic stuff before you invest in a brokerage account. The second is once you maximize all work and tax deferred investments.
I have an investment manager. Recently had a portfolio overview. He compared my portfolio growth over the last year to the S&P 1500. My portfolio and the S&P 1500 are tracking almost identical. If you just want someone to manage it because you feel good about it, then go for it. If you want comparable returns, without paying the fees, start a brokerage account and invest it in the S&P 1500 (Ticker: SP1500). That was my takeaway from my portfolio overview.
My investment manager also gave me a tool called appright. You can tie in your mortgage, home value, bank accounts, 401k's from your current company and all other investments into one central location. The app also can read through your bank transactions and classify the purchases into categories like groceries, gas, eating out, etc. . . so you can see where you're spending That's somewhat a "value-add" for going to a manager.
Posted on 8/2/23 at 11:45 am to Marlo Stanfield
quote:
I need help
Unless you have a high net worth, I really don’t think you do.
Professionals can be helpful if you need estate planning or if you are in need of help with really complicated tax strategies. Assuming you and your wife are just high W2 earners, then I would suggest you read some articles or books on investing and wealth building. There really aren’t that many types of proven strategies and you can execute them yourself without paying a professional.
Just my two cents.
This post was edited on 8/2/23 at 11:57 am
Posted on 8/2/23 at 11:47 am to WhiskeyThrottle
quote:
My investment manager also gave me a tool called appright. You can tie in your mortgage, home value, bank accounts, 401k's from your current company and all other investments into one central location. The app also can read through your bank transactions and classify the purchases into categories like groceries, gas, eating out, etc. . . so you can see where you're spending That's somewhat a "value-add" for going to a manager.
I use Mint from Intuit. It’s free.
Posted on 8/2/23 at 11:59 am to mule74
Thank you for the advice. I haven't read anything to-date on investing, but we are responsible. No debt other than a mortgage, max out 401k's, do not live beyond our means, etc. Just want to make sure I am not not doing something that I can do to better prepare for withstanding college expenses and eventual retirement. I am not interested in having some elaborate portfolio that managing is like having a second job or more risky than just letting the money sit there. Just want my money to make some money without taking great risks. I am going to buy one or 2 of the above books and read them.
This post was edited on 8/3/23 at 6:55 am
Posted on 8/2/23 at 12:12 pm to Marlo Stanfield
How to build wealth:
1) earn more money at your job
2) invest in pre tax investments
3) Reduce your taxes as much as possible
4) Open a post tax brokerage account
5) Use left over money to save for your kids or stuff you want
6) if you still have money left look at other options that interest you such as real estate, etc.
1) earn more money at your job
2) invest in pre tax investments
3) Reduce your taxes as much as possible
4) Open a post tax brokerage account
5) Use left over money to save for your kids or stuff you want
6) if you still have money left look at other options that interest you such as real estate, etc.
This post was edited on 8/2/23 at 2:29 pm
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