Financial Planning Week on October, 2019: diy financial planning?
Financial Planning Week 2019. Financial Planning Contact A Merrill Lynch Financial Advisor Who Knows Your Priorities.
Is there a question here? Are you asking if you should direct your own investments or use a the services of a financial planner?
This is just my opinion but based on years of experience. Financial planners are not worth what you pay them. They basically find out your demographics, a very simple process - your age, what your investment goals are, what the money will be used for, other basic financial background. Then they plug that information into a simplistic formula and spit out X% fixed income, X% stocks and X% cash.
Obviously there are nuances that need to be addressed: types of stock investments - domestic vs. international, developed nations vs. emerging growth nations, large cap vs. small cap, dividend stocks vs. growth stocks, how much if any in precious metals, etc. But about 30-40 hours of study on your own and then an hour a week checking on financial trends and your accounts will give you enough knowledge to do your own investing as well or better than a financial planner.
I need financial help?
I am a Financial Advisor.Highest level on financial Planning achieved.
Just so happens my first career was finance/General Manager of a Car dealership. 12 years in business, Used and New cars.
I am and have been a) poor b) Married
I think i have the expertise to help.
Listen to all of the answers from "Top Contributors"
Judy, Robert M, and Muncie Birder.
Need vs want
Affordable vs UnAffordable
A ring is a symbol of Love, not money.
Even Jewelers ( by the way make there living selling Rings)
say two months income. = $2600 for you.
I would never do that ....Ever !
A $1000 ring or a $10,000 ring will not change love and a Good Marriage.
Debt, financial struggles can ruin even the best marriage!
8000 car on a loan for 60 months = 5 years = very long time to owe on a used car !
That would be a payment of approximately $160.00 per month, double your raise that you have not even recieved yet.
BOth on loans would most likely cost a combined $295.00 per month.
$295 per month is approximately 25% on monthly net income.
Eventually you will need a place to live. Utilities, insurance etc..
Housing costing 25% of net income is not Un-reasonable.
Depreciating, Non-Need items for 25% of income, will put you or your marriage in a recession/depression, that you both may never recover from, ever.
If you have cash in checking or savings, like maybe $200 or $400.
That is what you can spend on a ring.
A car, $2500 car for 3 year loan maybe $80.00 a month.
How about you and fiance, buy a promise ring (less that $100) you promise that the two of you together will scrimp and save for
B) A Honeymoon ( that you saved for and pay in cash before leaving)
C) A place to live
D) $xxxx.xx in savings ( let's say Six months of your Net Income)
E) then and only then begin to save together @ $80.00 permonth until you have enough, together to get the ring that will make each of you Happy.
Living on base , and taking public transortation , might not be easy but it can be done. If you want it bad enough, you can wait until it is reasonable and affordable.
Good Luck, and many happy, financialy free , years together as a team in your Marrage.
where to go to get financial planning help?
I would be very cautious about any free sites offering financial planning. In order to do true financial planning it would be necessary to enter a ton of private financial information. That is just the kind of stuff that people trying to steal your ID would love. I might recommend using some very inexpensive personal finance software such as Microsoft Money or Quicken. If all you need is basic stuff you can go with their basic program which only costs about $20. You then spend a couple of weeks keeping very detailed records of your purchases, expenses, and income. Once this data is all in their you are able to run monthly reports that tracks every penny that you spend. I've been using Microsoft Money for years now and there is rarely a day that goes by when I can't tell you exactly how much money I have and where it is going. Good luck