finding financial advisor help?
I am just starting out in the world of....um...money, and having enough of it to do things like saving and investing and all that good stuff.
I made it all the way through school without learning a single thing about money management, and since my family is not wealthy, I don't have anyone close to me to advise me on smart financial decisions. I want to speak to a financial advisor, but I'm nervous because I don't know where to start, what I need, where to go...don't want to get taken advantage of on account of my ignorance...
Any suggestions? Denver, CO if that helps.
Thanks!
Re: finding financial advisor help?
There are a lot of sharks out there. Maybe start with some ordinary bank products (like IRA and certificate of deposite if there's a decent percentage rate of return). Then, as a responsible adult bank customer you can pick the brains of one of the managers there as far as what to do next and who to do business with.
Re: finding financial advisor help?
You should start by reading the old threads here in the Dollar Den.
Re: finding financial advisor help?
Quote:
Originally Posted by
Buggs
You should start by reading the old threads here in the Dollar Den.
I did a search, Buggs, but didn't find much. Thanks.
Good idea jimsixeven. I'm in good standing with my credit union and I'm sure someone would be willing to suggest something to me. Thanks!
Re: finding financial advisor help?
You should start by learning about the products first. There are tons of threads about IRAs, stocks, mutal funds, taxes, etc. Also getting books and information online.
The only way someone can rip you off is when you dont have all the information to make an informed decision.
Re: finding financial advisor help?
In order of recommended priorities ...
#1 - learn about the taxes that will apply to your income. If you're self-employed, these won't be taken care of automatically by an employer (since you are your own employer). After you've made provisions to cover your taxes ...
#2 - build up a cash reserve / 'emergency' fund via savings accounts and/or money market accounts and/or Certificates of Deposits in a local bank or credit union. If you're self-employed, odds are that you won't have disability or unemployment or medical insurance coverage to help you out if you can't work. Also you never know when you might develop an expensive problem with your car, when you might need to retain an attorney etc. General rule of thumb is to figure out the minimum amount of money that you NEED to spend each month to pay basic bills, and then save up 4 to 6 times that amount in a local bank or credit union so that your money will be easily and quickly available if you should need it. The number one reason that many young people have bad credit ratings is that they don't have an 'emergency fund' to fall back on should something unexpected happen, meaning that one large unexpected expense coming along instantly puts them 'behind' on rent, utility bills, car payments etc.
#3 - once your taxes are covered, and once your 'emergency fund' is in place, THEN it's time to give some serious thought to investing. However, not all 'good investments' involve stocks / bonds / funds. Sometimes the best return on investment comes from investing in yourself (i.e. more college, in the case of dancers perhaps plastic surgery) to increase your own income potential. Sometimes a good return on investment comes from buying something that will reduce your ongoing expenses (i.e. a dependable car with great gas mileage, in the case of dancers perhaps your own workout equipment).
Re: finding financial advisor help?
Re: finding financial advisor help?
Get "The Truth about Money" I forget who its by, but I read it and its really easy to understand.
Re: finding financial advisor help?
Great thread zxcire, I've been wanting to start a similar one.
Mel.... On step #1, learning about taxes, is there a website or book you'd recommend? Something that lays things out in language a newb would understand? --Especially something that would give pointers relevant to girls in this business?
Re: finding financial advisor help?
there really isn't a 'one stop' source for tax info that is tailored to dancers, other than right here ! Try reading through this old thread at
Also, Zabrina, count yourself lucky that Texas has no state or local income tax, so you only have to worry about filing federal tax forms with the IRS and making estimated tax payments to the IRS every 3 months.
Re: finding financial advisor help?
I'll take a look at that thread, thanks!
Re: finding financial advisor help?
Bearing in mind the nature of your income - an emergency fund is or should be your main priority. If you slip and fall and twist an ankle, how will you earn for a few weeks? Sounds basic and is, but Melonie's advice is literally 'on the money'.
Good luck.
Re: finding financial advisor help?
Yeah, don't actually go speak to a professional who might, ya know, actually want to help you out. Didn't you hear, all financial advisors are greedy money sucking vampires in it to make a quick buck? Even though all of them will meet with you initially at no cost to see if they can help you. Greedy bastards, actually wanting to get PAID for their time and advice!
::)
Re: finding financial advisor help?
Quote:
Originally Posted by
Katrine
Yeah, don't actually go speak to a professional who might, ya know, actually want to help you out. Didn't you hear, all financial advisors are greedy money sucking vampires in it to make a quick buck? Even though all of them will meet with you initially at no cost to see if they can help you. Greedy bastards, actually wanting to get PAID for their time and advice!
::)
I hope you're not directing this to me, Katrine. I started this thread in order to find a good financial advisor, and unsure how to go about it.
Re: finding financial advisor help?
Quote:
Originally Posted by
zxcire
I hope you're not directing this to me, Katrine. I started this thread in order to find a good financial advisor, and unsure how to go about it.
Oh no, not AT ALL honey. I wish you the best of luck.
http://en.wikipedia.org/wiki/Financial_advisor