| I need financial advice...but don't know who to ask |
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stu_tv
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 30 Jun 2011
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| I need financial advice...but don't know who to ask |
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Hello all,
This is my first post.
I am currently finishing up some post-graduate training and will shortly begin my first "real" job which pays $98,500 annually.
I am currently carrying $115,000 in student loans, $3,000 in credit card debt, and have $86,000 left on more mortgage. In addition, I am married with 2 small children.
Tonight I began my search for a financial planner to (obviously) help develop the best plan for me to repay my debt and start investing in my family's future. During my search I found some very reputable financial planners operating on a fee-for-service basis. However, these individuals/firms seemed most interested in meeting 5-10 times per year.
I don't think I need this aggressive of a service. What I believe I need is someone to help formulate an initial financial plan who I can then meet with every 1-2 years or as needed.
My attempts to locate a unbiased person/service such as this in or around the state of Iowa have been unsuccessful.
Can anyone help?
Thanks,
stu_tv
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Thu Jun 30, 2011 3:39 am |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
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quote:
I am currently carrying $115,000 in student loans, $3,000 in credit card debt, and have $86,000 left on more mortgage. In addition, I am married with 2 small children.
help develop the best plan for me to repay my debt and start investing in my family's future.
Great starting salary!
A key concept is income stream allocation. Eg, if you direct $10k/yr into 11%/yr investments for 35 yrs, it will be $3,800,000. Or, if you direct that $10k/yr into prepayment of debt for 10 yrs and then start investing, you will have only $1,270,000 after 35 yrs.
So be careful of the "get debtfree" advice, it has the ring of purity - but it can be expensive. Keep your longterm, low rate loans (usually mortgages & SLs) for full term - and quickly dispatch your shortterm, high rate loans (usually revolving consumer credit).
(An old Iowa U grad)
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Thu Jun 30, 2011 2:33 pm |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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quote:
Originally posted by oldguy
quote:
I am currently carrying $115,000 in student loans, $3,000 in credit card debt, and have $86,000 left on more mortgage. In addition, I am married with 2 small children.
help develop the best plan for me to repay my debt and start investing in my family's future.
Great starting salary!
A key concept is income stream allocation. Eg, if you direct $10k/yr into 11%/yr investments for 35 yrs, it will be $3,800,000. Or, if you direct that $10k/yr into prepayment of debt for 10 yrs and then start investing, you will have only $1,270,000 after 35 yrs.
So be careful of the "get debtfree" advice, it has the ring of purity - but it can be expensive. Keep your longterm, low rate loans (usually mortgages & SLs) for full term - and quickly dispatch your shortterm, high rate loans (usually revolving consumer credit).
(An old Iowa U grad)
But remember that your not accounting for risk when you say to be careful of being debt free, plus you have to minus your investment if it were to transpire to 3.8 million from all the debts you have since you leverage everything or buy a bigger house and never pay off the mortgage, huge car loans and tons of cc debt, so that 3.8 million could only be around 2 million when you account for risk and liabilities.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Thu Jun 30, 2011 2:53 pm |
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felix.renegade
New Poster
Cash: $ 0.40
Posts: 2
Joined: 29 Jun 2011
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Keep it simple. Take a hard look at these debts and start with the loans with highest interest rate. Concentrate on paying those off first. This will save you a ton of money. Avoid taking on additional loans, if you can help it...Good luck.
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Thu Jun 30, 2011 5:53 pm |
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Gary Barzel
Full Member
Cash: $ 17.20
Posts: 83
Joined: 07 Aug 2011
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Although that is what some Financial advisers suggest, if you make it clear before you sign up that you are only interested in meeting once a year or so, they will try to work it out with you.
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Thu Aug 18, 2011 2:04 pm |
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