| 31 years old - good income and savings --now what |
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bflathers
New Member
Cash: $ 1.20
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Joined: 02 Dec 2004
Location: San Francisco
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| 31 years old - good income and savings --now what |
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About my situation: I have a rental property with 250K in equity as well as 50K in CDs and stocks. Also, a healthy 401k of about 110K. Monthly income provides 6-7k per month which I can save. My wife and I rent an apartment in san francisco, it's too expensive and risky to buy here in my opinion and our rent is very very low for this city. I have been wanting to talk to a financial advisor about a wealth building strategy but don't want to end up talking to someone who has an incentive to try and sell me mutual funds/stocks. How do you find an overall savings/tax wealth building advisor that I could talk to? I would want to pay someone by the hour to give me advice, rather than be direc  ted into buying mutual funds which their company sells 
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Fri Sep 29, 2006 12:48 am |
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Personal Finance Daily
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Cash: $ 2.00
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Joined: 25 Sep 2006
Location: Boston, MA
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| Re: 31 years old - good income and savings --now what |
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quote:
Originally posted by bflathers
About my situation: I have a rental property with 250K in equity as well as 50K in CDs and stocks. Also, a healthy 401k of about 110K. Monthly income provides 6-7k per month which I can save. My wife and I rent an apartment in san francisco, it's too expensive and risky to buy here in my opinion and our rent is very very low for this city. I have been wanting to talk to a financial advisor about a wealth building strategy but don't want to end up talking to someone who has an incentive to try and sell me mutual funds/stocks. How do you find an overall savings/tax wealth building advisor that I could talk to? I would want to pay someone by the hour to give me advice, rather than be direc ted into buying mutual funds which their company sells
My first question would be to ask what your goals, needs, and priorities are.
A goal would be to retire with 500k in 20yrs. A need (if applicable) might be: paying child support, supporting relatives, something you're required to do but is not a "want". Priorities might be: saving for retirement first, saving for a baby, college costs, new car, ect. Also list your time horizon for each- either immediate, short term <1yr, or long term >1yr. Then we can offer help as to what would be the next step to reach the "goal" while taking your personal "priorities" into consideration and also be able to set aside funds for "needs."
There are some other bits of info that would help like:
You and your wife's combined annual salary (after taxes)
How much does your employer match?
Does your wife have a 401k, IRA, ect?
What are your monthly expenditures (including loans if any)
Do you both life life/health insurance, if so, how much?
Any dependants?
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Fri Sep 29, 2006 3:07 pm |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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| Re: 31 years old - good income and savings --now what |
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quote:
Originally posted by bflathers
How do you find an overall savings/tax wealth building advisor that I could talk to? I would want to pay someone by the hour to give me advice, rather than be directed into buying mutual funds which their company sells
What you're looking for is a fee-only financial planner. You can find these folks at www.napfa.org , or www.garrettplanningnetwork.com . Each website has a "find-a-planner" option to help you with your search.
Hope this helps -
Jim Blankenship, CFP�, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
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Mon Oct 02, 2006 1:57 pm |
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JCook
Full Member
Cash: $ 11.20
Posts: 56
Joined: 24 Jan 2006
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It sounds like you already have a great start and have the ability to invest on your own. I would suggest that you go to www.vanguard.com and read a lot of information. I think you can learn enough to invest in no-load mutual funds by yourself. The fees for these funds is very minimal.
I like indexed funds and the discipline to leave them alone and just let them grow while you continue to invest. Resist the temptation to mess with them.
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Wed Oct 04, 2006 2:30 am |
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