Related Posts
AMZN buy more or hold?
Anonymous User
Conversation Starter
what you buying?
Coach
More Posts
Any insights on PwC Deals Analytics roles?
What is your companies medical insurance like?
I think my company has not so good insurance but that’s just compared to friends I know that work down at the docks/port.
Current medical plan - single person.
plan is level 2 out of 3 tiers.
$97 a month blue anthem ppo
$1700 deductible
$4000 out of pocket max
100% preventive covered
80% diagnostic covered AFTER deductible hit
80% prescription covered AFTER $200 deductible hit…
Thinking about having surgery for my knee and this seems costly
Northrop Grumman
Additional Posts in Data & Analytics Consultants
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
I started using a financial advisor at only about $20k of investable money at a young age. I've learned so much from the guy (and made a ton), he's been worth every single penny of fees.
Now, make sure you get a CFP at a reputable financial institution.
I started with maybe 20k? I think everyone should work with one if they have any money they are ready to invest. It’s never too early. I happened to marry one so that takes care of that now ha. But I would say either when you have money to invest or if you’re in your early 20s or older, which ever happens first. Even if you don’t yet have much to work with, I think it helps. So with 500k in assets I would say absolutely.
Never too early. I haven’t thought about specific amounts but I’m a big fan of having an accountant, financial planner, and lawyer who all work together for my benefit.
Right now I just use my companies Met-Life legal plan and probably won’t put a lawyer on retainer until I get past $10m in assets.
For now I’m at $3m in assets and my accountant and CFP talk once a year to coordinate.
One example nugget is that it was more tax efficient to have bonds in my home state vs. where I used to live. Another was how to title property and name beneficiaries according to Estate planning to minimize tax implications. Another was how to allocate bonus money (which investment vehicle) according to long term goals.
That said you need to figure out your financial goals because if you don’t know how you want to use money you’ll be chasing your tail with expert advice.
OP I agree with everyone above that you can never start too early. I honestly have been thinking about getting one myself because I want to invest but have no idea what I am doing and want to be really careful about it. I just feel like the older I get the more I really need to be investing.
I agree with the others. Never too early. It has served me well in working with an advisor. Learned a lot and he stopped me from making stupid moves.
Not sure where you are located but I’m happy to refer you to mine.
How do you pick the right financial advisor?
I would ask around for referrals. I found mine through a friend who had a good experience.
With that said, I would make sure the advisor works on a fiduciary model, is a CFP, and is not with a wire house (UBS, Morgan Stanley) or insurance affiliated entity (northwestern, Edward jones)
500k is nothing. You don't need an FA unless you have millions under management, and even then, a simple sp500 fund will handle 90% of your problems. FAs want 1% fees to generate commissions and fees and taxable events shifting the portfolio actively and unnecessarily. What makes you think you're special that you need an FA and you can't just work a brokerage account, a 401k, and an IRA? I manage all these (and more... HSA, 529, backdoor Roth 401k, crypto) for maybe an hour a month with no financial training. You might say "Well I don't know what I'm doing," but that lack of initiative can cost you years on your retirement goals. Honestly, a good tax guy would be more value-added than an FA for you.