Money well spent

Last night the wife and I met with our financial advisor. My mind is blown. I have been blindly investing in our 403b, Roth IRA. My wife and I our in the federal 25% taxable income buy 11 grand. We restructure our Roth IRA’s to the minimum and upped our daycare contrabutions, health saving, 403b, and 529. This will bring our family in the 15% taxable income bracket. I feel like my family finally won and if you don’t have a financial adviser your leaving money on the table!

Way to go! Keep on top of things for when you get older you will need it. All smiles. Just think of all the young people out there that don’t have good money smarts.

It’s amazing what can happen when you talk to a Professional.

Did you find a private practice or an Edward Jones type? My wife and I need to do this also.

blackbay wrote:

Did you find a private practice or an Edward Jones type? My wife and I need to do this also.

Use a Certified Financial Planner who is a fiduciary. A fiduciary means they are legally obligated to act and make recommendations that are only in your best interest.

Nothing against the investment advisers linked to big funds, etc, but these places are generally only advising on investing. Their advice also can be influenced by the options their company offers and how they are compensated. Also, the management fees charged by some of these companies are absolutely outrageous. This is a huge issue right now, fees have gotten out of control and many people have no idea how much they are actually giving away in fees.

A CFP is going to be able to advise (or recommend separate advise) on investments including how efficient and low-fee investments, tax, and estate planning. Maximizing your tax efficiency can have a huge return. Making sure your estate is properly planned also can save a significant amount of money depending on your personal situation.

Sounds like some great advice! I have actually been tossing around the idea of becoming one.