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Chief
I don’t think you need a financial advisor. Get rid of that credit card debt asap, set up a rainy day fund, and then dump all your money into low cost index funds. Once your income is sufficiently high, start investing into some diversified income streams (real estate)
Agree. No reason to pay a financial advisor.
Max out savings - 401(k), reserves, and additional savings.
Invest in some indexes like QQQ - set it and forget it. 10 years from now, it’ll be higher with good returns.
Can also take $10k and put into I-bonds ~ 10% annual returns compounded every 6 months. Some limits on taking the money out, but nothing substantial.
Pro
Join a credit union if you can. A lot of them have free or very low cost financial wellness consulting plans; I was where you were a few years back and couldn’t eat the cost of paying a more prestigious advisor
Appreciate it! I will start looking
Chief
Go to the personal finance subreddit to ask for advice. You’re not in an income bracket where a financial advisor really makes sense, and honestly one that accepted you at this income would be shady enough for me not to trust
I’d highly suggest reading Jack Bogles stuff (the founder of Vanguard) including the bogleheads blog/forum. At your salary and debt there’s probably not a ton a financial advisory will do for you that you couldn’t do yourself. If you do go with a financial advisor I’d recommend you find a fee only fiduciary. That means you’re paying them for there time and they are legally obligated to act in your best interest.
If you choose to go it your own for now I’d recommend you look into YNAB for budgeting and use that to create a budget were you can most aggressively pay down debt.
I will start looking at Bogles works. Thank you!
Chief
I think doing a one-off financial plan would be a better avenue than seeking a financial advisor, as FAs are typically expensive and more useful for people with high net worth/a lot of assets to manage.
A financial planner can help with how much you should save/invest, your target asset allocation, debt repayment strategy, etc. and the reality is that putting money into low or no fee index funds and ETFs will probably do about as well as letting an FA make decisions on your behalf.
A plan should be in the neighborhood of $1-3K.
Make sure they are fee based not commission and are a fiduciary.
Rising Star
You need to bump that income up. Most financial advisors will just put you in index funds that’ll give them a great kickback. They aren’t worth it until you cross 5M net worth.
Agreed with most of this but you can get a very good financial advisor once you have $50k to invest with promise of more
Chief
Honestly this is a good 101 for what to focus on early in your career
https://www.reddit.com/r/personalfinance/wiki/early_career?utm_source=share&utm_medium=ios_app&utm_name=iossmf
Thank you! Lots of great advice I’ll check more of this page out
Yeah hopefully you can bump that salary up to 60-80k would be a good start
Why do you feel you need a financial advisor?
A good mentor could help with this too!
Is your side job OF?
🤣🤣well shit looks like we’re both in the wrong line of work, sorry for the lecture