Answers
How much should I pay him, if he is studying the numbers for a investment opportunity offered to me, and also putting together a business plan that will help me convince private capitalist to invest in this opportunity where they will be my partners, by sharing with me the profits?
Offer him a percentage of the profits you may gain. This way he will do the best job for you because he has a reason to care. Pay him nothing until his plan proves effective. Poor financial planning is worthless unless it works.
Editor-At-Large Jill Schlesinger offers advice to a young investor on managing his financial advisor and fee structures as his assets grow.
I live in CT and would being paying a financial advisor once for the year. I am a relatively easy client being young and only having my own business.
I work for four financial advisor's and consulting with one should be free - as far as I know you should not be charged to meet with one (ie: you do not pay by the hour like you would for legal consultation).
Once you find an advisor they make recommendations based on what SHOULD be in your best interest after collecting data on your personal financial situation. Up-front costs generally come if you decide to have a Financial Plan drafted for you (that can range $2,000 - $3,000 where I work). Otherwise, FP's get paid when you follow their recommendations. For example, should you decide to purchase a life insurance policy through them OR open an advisory investment/brokerage account. Therefore, most FP's make their money through commissions on what products/accounts you decide to invest in upon their advice.
Can anyone please recommend their financial advisor. It doesnt matter to me if they are out of state (as long as they do phone conferences).
I have 25k in an online savings acct earning 3.5%
9k in a Roth IRA retirement fund through Vanguard
I want to retire rich and I'd like to have an investment now so that in me 40's I have some muoney working for me. I dont know if I should get a mutual fund in addition to what I have, if I should invest with sharebuilder (even though i dont know how to pick stocks). I would like to meet with someone that can offer me the best advice on reaching my goal. The thing is I did speak to a financial advisor before and he only sold american funds and that is the company he wanted me to buy from and it was a loaded fund, and from everything I've read it said don't buy loaded funds. So id ont know what is the best way to pay a financial advisor. SHould i look for an advisor that charges a fee rather than charges for each transaction.
Also i'd prefer if you all could refer me to a specific financial advisor and not just a website directory.
I am single and I just feel overwhelmed with
what hsould i invest in
am i saving enough for retirement
should i get life insurance now (since it will probably be cheap and maybe a fixed rate)
CD's wont be good for me since they are offering pretty much what I get what with my savings account plus my money is liquid...
OH on another note:
My dad is giving me 100 for a bond. Which bond should he get that will give me the highest return? is it worth getting a tax free bond although the rate is lower and where (what site) can I get that from?
You can do some reading and certainly be able to take care of your own situation...or you can get some help at a place like Fidelity...log on there and print up anything from " basics" to long-term investment strategies.
Basically, you seem to be in good shape...just keep maxxing that IRA...and certainly open a second " investment" account...get some of that 3.5% money into a few funds that could at least double that return...but still be available at the click of a mouse to be withdrawn.
If you take things a step at a time, you won't be " overwhelmed"... nothing has to be " set in concrete" right now...not every penny has to be placed in some " strategic" place. Get into one or two funds...see haw they perform for you after six or nine months... add to them...or move them around ..as the results will tell you what to do. It is Soooo simple now in this computer age.
If you still think you need more attention, that Fidelity site also has a phone number ..you can talk to a rep...have them send any info you think you might need...or ask them to suggest some...there is no " hard sell" with them...they know they have a good thing and just present it to you.
As far as the bond...I'd say ALWAYS go tax-free...just one less headache...and returns are still decent.
I am in high school and i am starting a job as an apprentice to a financial adviser. i am supposed to be working about 20 hours a week. how much should i expect to get paid an hour?
by the way minumum wage in florida (obviously where i live) is $7.21 an hour
If nothing has been specifically agreed upon in writing, I suspect you'll get the minimum wage rate.
I'm trying to be a smart cookie and start saving/planning for my life (i'm almost 24) I really don't have money, but I have money in Edward Jones in mutual funds. Does this mean I am paying the financial advisor/ Edward Jones a part of my interest or something? Should I be investing on my own? Being that I don't have much money, I can't afford to ask a professional financial advisor. Even if someone could recommend an easy to understand book about how to invest/save, etc. Believe me, I'm really good about not spending frivolously, and I"m not in debt, except for college loans. Please help :-/
You have a lot of questions. You have money in mutual funds - sometimes you pay an up front sales charge - usually referred to as class A shares or there is a Class B share that will hit you with a charge if you cash out. That usually declines 1% a year until the 5 or 6th year when you can cash out with no charge.
Your Edward Jones or your financial advisor gets to keep some of those charges.
Each fund also charges to manage the fund. Those charges are taken before they calculate their price so you don't see that on your statement. What you see is the net change in the fund price after they have taken out their fees.
Investing on your own, especially in mutual funds can be done but you need to do some reading -
But before that you may want to check on the interest you are paying on your student loans. If it is higher than 5or 6% you may be better off paying them off.
Next up is to have some money for emergencies. If you have a hospital bill or car trouble you don't want to cash in your investments to pay. I suggest Vanguard Money Market Prime ($3,000mim investment) pays 5% now, rate can go up and down but your investment shouldn't but it isn't government guaranteed. You should have about 4 months worth of living expenses in this account. (you can write checks for $250 or more on this account.)
While you are doing this start reading Yahoo Finance, Money magazine, go to the Vanguard, Fidelity Investments, and T.Rowe Price web sites etc and learn a little about different kinds of funds , asset allocation etc. If you get interested you can read william bernstein?? four pillars of investing. If you don't get hooked you should try one of the funds that allocates the investments for you -Good luck
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