Finding Freedom

How quickly can a fool find his money again?

I currently have a whole bunch of debt. Hmm...I wonder how much I could get for my kidneys?
You can email me at steven.jericho@gmail.com
Tuesday, July 25, 2006
Financial Planning
My girlfriend and I met today with a financial planner that had been recommended to us. The financial planner had some good ideas about things that we needed to get started on.

One thing that she kept saying is that because we are so young, we have the option of waiting on some things, or, conversely, getting a head start on other things that will place us in a good place come the end of our lives.

It was a really informative time for me because she talked about some issues that I didn't have very much information about, such as life insurance, how a Roth IRA functions versus a 401k, and how I should be allocating my money in the plan that the company chose for me when I got hired.

She does her work for us entirely free until we start making money off of things that she has chosen for us. I suspect that most financial planners would work this way as well, as there would be a huge eventual margin for getting paid off. So, for those of you just getting started off like I am, I would recommend trying to find someone like a financial planner to give you advice and to help you make the most money that you can with the money that you are making.
posted by shamedsteven @ 1:07 PM  
7 Comments:
  • At 2:20 PM, Anonymous LAMoneyGuy said…

    When she does start to charge a fee, what is the structure? I'm sure the advice that she has offered is valuable and worth a reasonable fee, but "performance based fees" are not legal for most clients. I would be curious what investments she has recommended. Mind sharing?

    The reason for questions: it sounds suspiciously like she is recommending commission based products with hidden fees and telling you that she doesn't charge initially. I hope I'm wrong.

     
  • At 7:33 PM, Blogger Medicated Money said…

    When we first were starting out, we meet with a financial planner. Must admit, he was a very nice gentleman with great ideas. The catch - the first informative session was free, and then pretty much everything after that was based on a 1% commission fee on the total investment plus many hidden fees from buying products he could get us into!

    Remember, much of this advice is readily available to you with a little reading and research; the question is do you what to do it for yourself or pay someone else to do it for you.

    I agree with LAMoneyGuy on being suspicious unless you have discussed an upfront fee-for-service charge. Just my $0.02!

    -Medicated

     
  • At 9:46 AM, Blogger shamedsteven said…

    My girlfriend had discussed with her a little bit about how the financial planner got paid, but when I asked her about it, she didn't seem to readily know.

    I'll make it a point to ask her the next time we meet.

    Thanks for the advice, both of you!

     
  • At 1:16 PM, Anonymous freedumb said…

    Life insurance? Seems a little early for that...

    I'm always cautious about financial advisors (no offense LAMoneyGuy), just because of how they get paid. I would probably ask for full disclosure before going ahead.

    BTW, would you mind updating my link on your site? I'm at financialfreedumb.com now...

     
  • At 1:40 PM, Blogger shamedsteven said…

    The link has been updated. Thanks for the heads up. I haven't been able to keep on top of stuff as much the last couple of days.

     
  • At 9:25 PM, Anonymous LAMoneyGuy said…

    Hey Freedumb, attacking me on other blogs? :) Just kidding. No offense taken, as I am probably more cautious of financial advisors than most people. Remember I have spent most of my adult life around them. Seen plenty to make me cautious/suspicious.

    Again, full disclosure is the key. Make sure you understand everything before signing anything.

     
  • At 11:26 AM, Blogger Brooke Claudio said…

    Getting a financial planner is a good start. At a very young age, we must already be responsible with our finances. With the help of a financial planner, you can get a better idea of where to put your money to multiply it. Life is very unpredictable; you will not know if you’ll get broke today or not if you don’t plan ahead. #Brooke Claudio

     
Post a Comment
<< Home
 
About Me
Name: Steven shamedsteven
Home: San Diego
About Me: Well, boys and girls, I, like a whole bunch of other people, made a series of "conscious, deliberate mistakes" and have ended up with a buttload of debt. What is chronicled here are some musings about the journey out.
See my complete profile
Previous Posts
Archives
Personal Finance Sites
Under 30 Honor Roll
Other Sites I Like
Other Sites

Free Blogger Templates
Directory of Education/Research Blogs
View My Stats
BLOGGER

© Finding Freedom proudly powered by Blogger. Template Design by isnaini dot com