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Any financial advisors post here?
Just bought a home and found out I have a baby on the way at the same time. I'm excited, but nervous about the financial aspect. Does anyone provide a service or can help me set up a budget so I can make sure I'm setting myself up for the future. Any help is appreciated
I'm going to give you the best advice which is don't take any advice you read on a gambling forum about personal finances.
For now spend $200 and go to a fee only financial planner because you have several things you need to take care of and he'll cover them all. Next step is to start learning on your own. GL.
Do your research on financial planners
almost anyone can call him or herself a financial planner and might come from many different types of backgrounds. Financial planners might be brokers or investment advisers, insurance agents, practicing accountants or individuals with no financial credentials. That is why the consumer must perform his or her due diligence before turning their money over to any sort of financial advisor.
Read more: Financial Advisor vs. Financial Planner http://www.investopedia.com/articles...#ixzz3kjySjz00
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im looking more on the lines of someone who has a system in place for their own home. I guess i wasnt very descriptive. Something like an excel spreadsheet so i can keep track of it myself.
Go to http://www.daveramsey.com/home/ and immerse yourself, everything you need to know is there.Originally Posted by McCarthyFam
Also I'll give you the best advice you'll ever receive; never let your quest for money infringe upon your family life. Accumulate memories not money. Memories will last you a lifetime and can never be taken away from you. Money doesn't last forever and can be easily be lost or taken away from you.
Best wishes, congratulations and the best of health to the arriving new member of your family.
Budgeting tips, mention excel, quicken, budgeting software
http://www.investopedia.com/universi...ng/basics2.asp
thank you! I will check it out when i get on my computer tomorrow
Couple simple things. Start with 2 columns. Expenses you absolutely NEED and expenses for STUFF you want ie meals out, cars, alcohol, etc. Also, Interest is evil. The only interest I carry is for my mortgage. Then go see a financial planner on how to invest the rest. Good luck and congrats.
Spend less, earn more. Pay down debts based on top interest rate. Save for emergencies (6mo worth of expenses), retirement (max employee match, then roth ira, then back to 401k, then brokerage), children's education, in that order. Diversify.
Save your $ on the advisor. You're welcome.
Go to budgetworksheets.org to set up your budget.
Is this for real or kinda like the time you asked for points to send flowers to your dying mother to scam a few free points?
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go splurge at the casino ds. The points are clearly more meaningful to you than me. That was like 8 or 9 years ago. I was 17 or 18 then. Move on
you have only been here since 2011
it was under a different name
Educate yourself first. Any information a financial advisor/planner can provide you can find on your own.
After you've done your research, and if you feel that putting together a plan on your own is too daunting of a task, seek out someone who's accredited, licensed, and has a lot of satisfied clients.
basically I was just checking to see if anyone here had a spreadsheet or something that i could basically just copy and paste, and plug my own numbers into. I wasnt looking for a service of any kind. thanks for all the feedback fellas. I know their are some number guys here, and their are a few that are intellectual. so figured I'd take a stab at asking you guys.
I'm a retired FA and I can tell you the best way to track everything is to get a receipt for everything you buy, yes everything! Do that for 1 month so you know where every single dollar goes then create a budget off of that. Don't focus on keeping up with the Jones', focus on living below your means and saving money. After you have that broken down you should start saving money every month via my 3 fundamental accounts whether you can save $100 a month or $1,000 a month break it down this way.
1 Emergency account 25% (For emergencies, like a savings account)
2 Short term account 25% (For short term purchases, buy you next car cash and get it used 1-3 years old)
3 Retirement account 50% (For retirement)
Live by this and you will be fine and slowly build wealth. Don't over spend or splurge and freeze your kredit kards in a cup of ice in the freezer so if you have to use them you will really think about the purchase before you buy it.
Best of luck
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Again, go to budgetworksheets.org. They have template budgets and customizable budgets. They are spreadsheets.
better not half-ass this, your kid's future on the line here and prospects are not looking great for USA
Last edited by brooks85; 09-04-15 at 04:55 PM.
This is all you need to know
worst advice you could ever get is give your money to any planner
All they do is get FEES
LEARN TO MANAGE YOUR OWN MONEY
Amen. If any finanical planner, adviser, or investors knew a damn thing at all, they would have seen the housing market crash coming. Instead, they let all their customers lose a ton of money. Great experts!
Asking others about your money is as stupid as paying for picks
1000%
Also most financial guys are like touts..they do not trade because they will lose
When you give your money to somebody most of profits if your lucky are FEES and go to scumbag brokers
Seems you are a young guy. You put 10% away and forget it. If you are saving at all in your 20s, you are ahead of the game. If you start early, you will have nothing to worry about.
You don't need any spreadsheets. You buy what you need and nothing else and try to pay as little as possible for everything.
Save where you can which is pretty easy but not something Americans like to do.
The most important thing you can do is stop gambling. At most put aside $1,000 and when it is gone, you are done with it. If you keep doing it, you will cost yourself 10s of thousands in future compounded earnings.
If you are any good at gambling, $1,000 is plenty because in your 20s, you will compound that to a million or so over your lifetime.
The less interest expense you have, the better.
- Pay off all *********** balances each month. That way you still get the rewards but pay no interest.
- If you have extra money, depending on the rate of your mortgage loan, use it to make principle only payments towards your home. Again it lessens the interest expense
Stay out of debt and don't accumulate interest. Live long and prosper.
Also, make sure you have a pre or post nuptial agreement. If you get divorced you might be screwed having to buy out your wife's equity.
second
Basic accounting...don't spend more than you make, that simple. Take those CC's and cut them up if you can't pay them off every month!
dude tons of financial advisers are also degenerates. Best place to get financial advice is a gambling forum
Always pay you first.
eat at home..biggest 3xpense
So true. I can easily drop a grand in a month eating out at restaurants
eating out ok sometimes but its over priced
financial advisers know nothing like anyone when it comes to investing
Its 50% when you pick a stock to go up or down regardless of your education or expertise
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McCarthyFam gave downsouth 100 SBR Point(s) for this post.
