Do I make enough to hire a financial advisor?

Question

Do I make enough to hire a financial advisor? I make $850 a month doing part time work and I'm able to save at least 66% of what I earn in a savings account. How do I know that I'm getting a professional who is fully accredited/qualified with an excellent reputation?

Answer 1

A financial adviser is a professional who renders investment advice and financial planning services to individuals and businesses. Ideally, the financial adviser helps the client maximize their net worth by proper asset allocation. Financial advisers use stocks, bonds, mutual funds and insurance products to meet the needs of their clients. Many financial advisers receive a commision payment for the various financial products that they broker, although "fee-based" planning is becoming increasingly popular in the industry.

Just keep no more than $ 9999.00 in a checking account , and the same in a savings , and any extra put in to a Roth IRA , you should be just fine , dump more in to the IRA for a few years ,and when you hit retirement you can have millions , ten grand or more in a single account will flag you for an audit by the IRS. and you can have mulitiple bank accounts , I have several accounts with multiple banks , plus accounts in my parents, and kids name ,Plus IRA accounts. I will not pay someone to tell me what to do with my money , stock prices are at an all time high , and very little return for you it is too risky for you if you do not have knowledge of how the market works , Most investment companies will make sure they get paid ,and you might get something , they are in a business to make them money , not you , as most investments were in the housing market , why take a chance on losing you money at the hands of another person. He still gets his money when you lose yours , I personally am not willing to risk it , talk to your bank they have several things you can make small investments with. and stash the rest , never use credit cards , the power of cash on hand will save you more money than financing ever will .

Now an Investment broker or adviser will paint you a pretty picture , but I never buy anything looking at a picture , I have to see it for myself , You know who you can trust , I was taught to never trust any stranger , and that includes trusting strangers with my money ....

To the guy who asked you for your info , do not give him sh*t , He claims to be in the biz , he may be but asking you for your info on the net , especially on Yahoo Answers is not professional at all , he could have done that by giving you a business number ,to call for info , Never give your info to anyone with out meeting them face to face at the place of business , after your research of the company is completed .There are lots of snakes in the grass who will try to take you for everything even if it is a dollar.

Answer 2

Have you seen the news about the stock market and housing bubble recently? It's a mess, and we may be headed for recession. A lot of principled money managers have taken their clients out of the market and are in cash right now. I personally wouldn't be in the market right now. What I'm focusing on now is saving money to buy a house in 18 months or so - after the subprime mess shakes out. I think we're far from the bottom.

It's wonderful that you are saving so much money. Do you have several months' living expenses in the bank? If not, that should be your first priority. Do some research at bankrate.com for the best Money Market Account rates. Is $850 your entire income? Your long-term financial goals depend on your age, which you don't disclose.

I am rather conservative financially. I personally would focus on having enough cash to get through the next few years, which may be quite rocky financially. Someone else will have to advise you on getting a good financial advisor, if you need one. Good luck.

Answer 3

I would try to do so and you're one of the few people I'd advise to find an advisor who takes a percentage. It won't cost you much if you don't have much to start. But you want to learn as much as you can, as early as you can, about what the smart ideas are in personal finance.

A better idea, to be honest, is to go down to Barnes and Noble and just picking out a retirement planning guide for novices. If you're planning well for your retirement from the very beginning, then you'll be in a wonderful financial situation the whole way there.

Good luck to you!

Doug

Answer 4

Based on your question, you will save about $6,000 per year. It will probably take a few few to have enough to be worth PAYING a financial adviser. In the mean time, you can learn a lot at the library for free.

Answer 5

No but I would hire President Obama's Chairman of the Council of Economic Advisers, Alan B. Krueger, jobs are comming back to America slowly but surely!!!

Answer 6

Well I suppose you could. They usually charge a percentage. However, with such a small amount of monthly pay, I'd advise that you save your money and hire someone when you make more!

Answer 7

why not?
it is a good idea to have a financial advisor because they are professional and they can make more moey for you.if not we can refund our money anytime.
in fact,a lot of people have done it.
like you ,i make money only about 3000yuan(china),and i always ask someone how to invest it.

Answer 8

forget it -- not worth the cost -- you are saving about 569 a month -- first put 6 months of expenses in a liquid account in case you lose you job. than start buying cd one every month -- when you have about 13k in cds than come back and answer the question. good luck.!!!

Answer 9

I'm sorry I can't help you... but if you do figure it out please let me know. I was asking about a financial planner and someone gave me this website: https://www.paladinregistry.com/index.php