Paying for financial advice.

**maat55** · 03-26-2008, 03:00 PM

I reccomend you read Dave Ramsey's book The Total Money Makeover. Also, Suzis Ormans book The Young Fabulous and Broke is a good read.

These books will give you all you need to know about finances.

**jIM_Ohio** · 03-26-2008, 03:05 PM

NO- you don't need to pay for advice. If you have the time to post here and at similar forums, you can learn enough to get started.

I think the withdraw startegies and taxes year to year are more important places to get advice with finances.

**ea1776** · 03-26-2008, 03:13 PM

Originally posted by jIM_Ohio View Post

withdraw startegies and taxes year to year are more important places to get advice with finances.

Thanks for posting. What is meant by withdraw strategies?

Yes, tax advice is definitely one of the things I need. I know simple stuff, like contribute as much as possible to Roth IRA, get tax deductions on as much as you can, and contribute to my 401k as much as I can. But maybe the financial adviser knows more...?

**kork13** · 03-26-2008, 03:48 PM

I believe withdraw strategies are for well down the road, when you're trying to figure out how to withdraw all of your retirement savings to live off of.

I mentioned this elsewhere, but many banks and investment firms are starting to hire financial advisers to offer services to their customers either for free or at a low cost. You might see if your bank offers that. My bank offers it for free, and I've used their services many times. Not that their advice is always perfect, but I'll admit that they've told me some stuff that I'm glad I listened to, and if nothing else, it's always good to get opinions from many sources.

In any case, if you choose to talk with a financial adviser, avoid ones who are paid by commission--while there are many like this who legitimately want to help you out, the risk is high that they may just lead you toward strategies which will yield higher commissions for themselves. Rather, look for one who is salaried by an advisory company to which you pay a flat fee, or someone who you pay by the hour.

Otherwise, I'll echo Jim by saying that forums like this are collectively very knowledgeable on alot of things you might have questions about. From what I've read/picked up on, many people here actually are in the financial business anyway, so you can get alot of good ideas from the people here--for free. Just ask, everyone is happy to help.

**disneysteve** · 03-26-2008, 05:25 PM

Originally posted by maat55 View Post

I reccomend you read Dave Ramsey's book The Total Money Makeover. Also, Suzis Ormans book The Young Fabulous and Broke is a good read.

These books will give you all you need to know about finances.

While I won't argue that those are both good books, I'd have to disagree that those two books alone would teach you everything you need to know. I don't think there is any one book (or any two) that cover everything. Plus, I have yet to read a personal finance book that I agree with 100%.

**Scanner** · 03-26-2008, 06:15 PM

I think there's a time to pay for advice and a time not to.

Long range investment plans can generally be hashed out for the average investor by themselves.

A time you may need professional advice is when you fall into a big windfall, like you have 30K sitting around at the end of the year. At that juncture, it can be money wellspent to have an accountant advise you. A CPA with the extra CFP designation can be the best IMO.

**maat55** · 03-26-2008, 06:16 PM

Originally posted by disneysteve View Post

While I won't argue that those are both good books, I'd have to disagree that those two books alone would teach you everything you need to know. I don't think there is any one book (or any two) that cover everything. Plus, I have yet to read a personal finance book that I agree with 100%.

Though they may not get into the rocket science of finance, they do give a broad understanding of day to day finances and investing. I don't think that many people will be looking for advisers after reading these books.

I noticed you didn't offer any advice, hum.

**yellow heel** · 03-26-2008, 10:19 PM

Go to your local library. Read some books in the finance section (just pick a title that interests you and read a couple books. After a couple books you will learn to form your own opinion.

this is what i did. All those books general have the same idea. You'll get the hang of it with the help of books and these kind of forums.

**maat55** · 03-27-2008, 03:42 AM

Another great book is Personal Finance (Desk Reference). This book gives you the meat and potatoes of just about everything. Planning, budgeting, EF's, financial software, interest rates, inflation, banking, insurance, debt management, credit ratings, investing, realestate, taxes, retirement, estate planning and life changes.

I would read Dave's book for advice on how to get out of debt and for his debt free philosophy. The other is good for understanding all the aspects listed.

**disneysteve** · 03-27-2008, 04:41 AM

Originally posted by maat55 View Post

I don't think that many people will be looking for advisers after reading these books.

I noticed you didn't offer any advice, hum.

I agree. As I said, they are both good books. I also think The Wealthy Barber and The Millionaire Next Door are good in getting folks in the right mindset about dealing with money.

My advice? Well, other than my accountant who does our taxes, I don't pay for any financial advice (unless you count my internet costs for hanging out here

). I've also had a financial plan run a few times over the years by our insurance agent, though I didn't pay anything for that service beyond whatever the agent already earns from our policies. So I haven't seen the need to pay for financial advice so far. And I certainly wouldn't have considered it when I was in my 20's. I could see seeking some professional guidance when I'm closer to retirement age, but I've got quite a while to go before then.

**M-squared** · 03-27-2008, 05:03 AM

Does your place of employment offer any seminars? We have periodic seminars once or twice a year on various topics that are generally helpful. Additionally, a couple of times a year HR has financial advisers from TIAA-Cref (I work for a college, so that is our plan) come out for individual appointments.

**disneysteve** · 03-27-2008, 05:09 AM

In addition to the Suze Orman book maat55 mentioned, don't forget that she also has a weekly TV show on MSNBC. I think it is Saturday at 9pm.

**Slug** · 03-27-2008, 12:09 PM

I'm with the crowd on this one. If you're here and you're reading, you're probably fine. If you come into a large sum of money, maybe you'd need some help. I know I would. For me, I've been in your situation wondering if I need the help and considered paying for it. I looked into it and never really found anyone that I though new a WHOLE lot more than I did that would justify the expense. Maybe I'm just egotistical and cheap :-)

**disneysteve** · 03-27-2008, 01:41 PM

Originally posted by Slug View Post

I looked into it and never really found anyone that I though new a WHOLE lot more than I did

That's a great point. My feelings exactly. I read Money, Kiplinger's and Smart Money every month. I read the business section of the paper. I read a few online financial sites. I've read numerous personal finance books by a variety of authors. I watch some financial shows on TV. What exactly is a planner going to tell me that I don't already know?

If you feel you don't know all you should, it is not tough to find places to educate yourself, like all the things I just listed.

Paying for financial advice.