Need Financial Advice!!!

[jrmintt1]

Hello everyone hope you all are doing well. I need to organize myself financially before I start my business project. I need to have a solid financial blue print to follow that I minimally have to check on so I can focus mainly on my project.My question is should I go to a financial planner or what should I do to achieve this solid foundation? If so, what company should I go to? Or is this a waste of time and money? Thanks for the help.

[ideas2earn]

Financial Planners are in business to make money. There are two models, one where you pay a fee and the other where they make commission off of selling you products. Personally I would reccomend reading a couple of books like Rich Dad Poor Dad (Robert Kiyosaki) , and Automatic Millionaire (David Bach) and then making your own plan you are less likely to get ripped off.

Basic advice, when you make money invest in things that will make you money, don't buy cars, golf clubs etc as they depreciate. Aim to get to a point where you have passive income from investments like stock an property which you can afford to live from.

[marxist]

hello,

hiring a planner is okay if you really do not have financial management background, but i would not recommend it.

you see i hired a personal banker/financial planner in a well-known firm two years ago, and they guaranteed 9% per annum interest on my money, which they did deliver. not bad during that time because i wasn't investment savvy yet. it was better than letting my money sit in the bank.

however, when one of my college friends joined the same firm as a financial planner, she told me a secret: the firm only guarantees 9% but they are actually able to grow your money 18% (or more) -- which means that they keep the rest.

my money is still with that firm, unfortunately, because i signed an agreement that locks it in for five years (stupid me).

meanwhile i am educating myself on investing so that i could begin managing my money when i get it back form them (three years to go...)

my point: if you can do it yourself, you should.

[commit]

Get some professional advice and guidance.

[ProLogic]

Financial planners aren't the best way to go. Go on the net and do some research by simpling Googleing around. Also, Check out your local library on what you need they are always good places to start.

[akula]

Financial planners aren't the best way to go. Go on the net and do some research by simpling Googleing around. Also, Check out your local library on what you need they are always good places to start.

that's just silly

[akula]

good advice, but it has a downside

you see, with clients, the whole point of a financial planner is coaching

standard financial products are available over the counter, and financial planners are not in the business of providing people with superior returns oin investments. that's what private banks do....if you can afford the service

so, in that sense, most financial planners get paid to motivate people and get them thinking about their financial objectives

sure, if you're some sort of self motivated superstar you can do your own financial planning...but most busy people tend to need an external pressure to get them to take action

hello,

hiring a planner is okay if you really do not have financial management background, but i would not recommend it.

you see i hired a personal banker/financial planner in a well-known firm two years ago, and they guaranteed 9% per annum interest on my money, which they did deliver. not bad during that time because i wasn't investment savvy yet. it was better than letting my money sit in the bank.

however, when one of my college friends joined the same firm as a financial planner, she told me a secret: the firm only guarantees 9% but they are actually able to grow your money 18% (or more) -- which means that they keep the rest.

my money is still with that firm, unfortunately, because i signed an agreement that locks it in for five years (stupid me).

meanwhile i am educating myself on investing so that i could begin managing my money when i get it back form them (three years to go...)

my point: if you can do it yourself, you should.

[akula]

Hello everyone hope you all are doing well. I need to organize myself financially before I start my business project. I need to have a solid financial blue print to follow that I minimally have to check on so I can focus mainly on my project.My question is should I go to a financial planner or what should I do to achieve this solid foundation? If so, what company should I go to? Or is this a waste of time and money? Thanks for the help.

financial planners are primarily in the business of helping people do four things (because they generate the highest fees):

1. retirement planning
2. salary packaging/ tax planning
3. insurance
4. buying a house

If you do not need these three things, then you don't need a financial planner

It looks like what you're looking for is help in financing a startup

In this case what you need to do is talk to business owners and other kinds of angel investors who can help you structure a financing package for your venture

[allysa]

Here's another way to build a solid foundation in your financial area.

[jrmintt1]

Thanks for all the help and advice!!! I'm 23 years old so that's why I'm looking to secure my future some how and I am attending community college to learn Biz start ups, mgm, etc slowly but surely. Any one know good companies to have a sit down or sites I can go and read more depth. Thanks again.

[ProLogic]

that's just silly

If you didn't know Financial planners cost money. You don't really need someone to tell you what stocks to invest in if you could do the same thing yourself on etrade.

[chanson]

Stay away form stocks and mutual funds right now. the market is too volatile for a young guy with limited funds.

You need to do a few things
1)Buy an rrsp they are very cheap and if you start it now it will grow to a very very good size when your ready to retire, also keep in mind you can invest that rrsp money you save into other portfolios at your bank
2)buy life insurance.. its cheap and it will again grow alot so when you finish your long happy life you leave your family with a whole wack of cash!!
3)Look for more guaranteed investments, i said earleir avoid stocks and mutual funds, im not against them but right now they are just too volatile. Do things like GIC's which are much lower return but GUARANTEED and when your young like you and myself on a lower income we cant afford to take a big hit on a portfolio. IN a few years when your portfolio has grown and a bit and you hopefully have some succesfull businesses on the go you can look into more volatile higher return items!!

Just my opinion i hope it helps!!

[chanson]

in addition, do read rich dad poor dad by kiyosaki.

i would also recommend looking up sonme articles by kiyosaki he has written alot of good ones i know he has done quite a few on yahoo finance, but google should suffice!

[jrmintt1]

Sounds good thanks for the help I will get into looking these things up!!!

[jpaynecr]

I would stay away from stocks as a whole, but I think mutual funds are great. I have yet to put any money in them but will start soon. Over a ten year period mutual funds have never lost money, even during the great depression.