Basically, yes.
I’m certain that if you were willing to devote some time you could absolutely research and figure out the right answer to your questions. If you can’t get arsed up to do it, the answer is fee-only financial planner who you pay an hourly rate.
It’s not a scam if you feel you need someone more skilled than you to manage your money, or if you simply aren’t interested in personal money management.
Yeah, basically this. It sounds like the consensus answer is that if she can’t withstand that, then her assumption that she had “enough” was wrong. She really needed more.
Sorry, yeah, you’re right. I was thinking more in the “dude YOLOs GME or BB” and makes a handful or millions but is young. Late 30s, early 40s, and is retiring with kids still in the house.
This is me, I read some if these posts and my eyes just glaze over and think that some of you guys nerd out on this stuff way more than is necessary. That’s cool if you’re passionate about it but I am definitely not and would rather pay someone to handle it.
Student loan shit is complicated right now. There’s been zero percent interest and zero payments since March, and will be that way until Sept 30th of this year. On top of that there’s a chance of forgiveness. IBR vs refinancing will be complicated too.
Meh… not sure.
But the question is are you just paying a soothsayer who puts your money in the standard allocation Riverman is talking about? Or worse.
I’m convinced most people just want to be able to talk about “their guy” when they’re out at the bar.
All true. But it would be very difficult to find an expert on that exact topic. Especially someone whose firm has “wealth management” in the title. So what you would find is some sort of financial planner who would have to research and maybe come up with the right answer.
You can 100% do it yourself. It’s just a question of desire. There is nothing wrong with not having the desire.
Part of the reason I’ve soured on these types of professionals is that when I have asked them a highly specific question, the advice they give is incorrect. Now, in the cases I’ve checked it has taken me many hours of research to determine that. And when it was incorrect a lot of times it was still pretty close. But still, it was wrong.
However, that is not always the case. For example, you would be surprised how many professional tax-preparers cannot fill out your tax forms correctly for a back door Roth. And that’s not even that hard. I’d snap bet under 50% could do it without looking it up. And a large percent of those would just wing it instead of looking it up.
Money management (self-directed or professional) isn’t a one-and-done. It’s a process whereby one needs to be at least occasionally reviewing the appropriateness of one’s portfolio in the context of both personal and societal events.
man I’ve seen a lot of people try for PSLF but it seems damn near impossible to actually do.
My practice isn’t non-profit either.
This is exactly the kind of advisor you would want to get if you decide to pay for it. Just flat fee.
When most people hire a “financial advisor”, this is not what they are getting.
I want to preface this by reiterating that if you just don’t like this stuff, there is absolutely nothing wrong with paying for good advice.
However, I just don’t get it. If I had a decision with hundreds of thousands of dollars on the line (which I’m assuming are the kind of numbers we’re talking about with these student loans). I’d spend a ton of time becoming a goddamn expert on the loan programs. And I’m certain it would take me less time and effort than it would to learn to beat online low stakes NLHE.
I think it’s mostly the bolded. Helping you when you’re poor is kind of a loss leader, so they can AUM fee you when you’re rich. They don’t need to convert a lot of you to make it worthwhile.
I’ve prolly posted this before but the first group of people that were able to qualify for PSLF were able to do so under the Devos administration. They were making it damn near impossible to have your application approved. Things like having documents signed over multiple years with different color pens or like writing the date slightly illegibly or signing your name slightly over the underscored line were resulting in denials.
As mentioned above, the new FedLoan website is much more clear on the number of qualifying and eligible payments you have left. It’s my belief that with the new administration approvals will sky rocket. A bunch of new programs are going to be added but I highly doubt the current one is going to be changed so that folks on the current course can’t use it.
This is true of good wealth management. Alot of investment advisors do the absolute bare minimum to satisfy technical requirements of suitability obligations and usually thats just a farce.
This is basically where I’m at in life. I retired from my full-time career a couple years ago, and have been in semi-retired mode ever since. To achieve this I did two things:
-Spent the past five years developing a “side hustle” that has grown to where it has supplanted my full-time income while only requiring a few hours a week to run.
-Moving from a place with an extremely high cost of living (San Diego) to one with a very low cost of living (rural Japan).
The downsizing of my lifestyle enables me to live well within my means while continuing to contribute to my retirement accounts, which is exactly the one Riverman spoke of.
But yes, having all the free time in the world is a nice luxury, but you get bored quickly, and will always need something meaningful to do, whether or not doing it is required for you to make a living.
I think I’ll work for a really long time, way past the point I need the money. There’s just something about a routine and paycheck and being productive. I’ve seen so many people self destruct when not engaged in meaningful daily activity.
I’ve seen it completely destroy people.
