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Participantwhat do you expect a financial planner to do for you? what specific questions would you ask a planner? that is, do you have a clear vision of what you are saving/investing for the future and need help putting the pieces of the puzzle together (what insurance, what types of investment), or are you looking for a “coach” to help you figure out where you are and what you are doing?
what do you mean by “not much to show for it”? are you saying that you have leaks in your budget but can’t figure out exactly where, or that you can’t stop yourself from spending in ways that are unsatisfying?
a financial planner can’t help you with either one. they will only give you a notepad to track all your expenses for a month for the former (there i helped you for free) or tell you to stop in the latter (there i helped you again).
they can only help you implement a vision — but you have to define that vision in the first place. i’d be very careful picking a financial planner — there’s no unified obvious credentialing or bonding that goes with the job (like “MD” for doc or $$$ held in trust/insurance for civil engineer if he professionally screws up).
if you want tax advice on specific moves, you’re better off hiring a CPA or enrolled agent (IRS experts).
that said, Marketplace Money’s Chris Farrell (NPR) has repeatedly said to go with a fee-only based planner vs. % types.
that also said, don’t you know our own Dr Piggington works for a financial advisory firm? 😉
Participantwhat do you expect a financial planner to do for you? what specific questions would you ask a planner? that is, do you have a clear vision of what you are saving/investing for the future and need help putting the pieces of the puzzle together (what insurance, what types of investment), or are you looking for a “coach” to help you figure out where you are and what you are doing?
what do you mean by “not much to show for it”? are you saying that you have leaks in your budget but can’t figure out exactly where, or that you can’t stop yourself from spending in ways that are unsatisfying?
a financial planner can’t help you with either one. they will only give you a notepad to track all your expenses for a month for the former (there i helped you for free) or tell you to stop in the latter (there i helped you again).
they can only help you implement a vision — but you have to define that vision in the first place. i’d be very careful picking a financial planner — there’s no unified obvious credentialing or bonding that goes with the job (like “MD” for doc or $$$ held in trust/insurance for civil engineer if he professionally screws up).
if you want tax advice on specific moves, you’re better off hiring a CPA or enrolled agent (IRS experts).
that said, Marketplace Money’s Chris Farrell (NPR) has repeatedly said to go with a fee-only based planner vs. % types.
that also said, don’t you know our own Dr Piggington works for a financial advisory firm? 😉
Participantwhat do you expect a financial planner to do for you? what specific questions would you ask a planner? that is, do you have a clear vision of what you are saving/investing for the future and need help putting the pieces of the puzzle together (what insurance, what types of investment), or are you looking for a “coach” to help you figure out where you are and what you are doing?
what do you mean by “not much to show for it”? are you saying that you have leaks in your budget but can’t figure out exactly where, or that you can’t stop yourself from spending in ways that are unsatisfying?
a financial planner can’t help you with either one. they will only give you a notepad to track all your expenses for a month for the former (there i helped you for free) or tell you to stop in the latter (there i helped you again).
they can only help you implement a vision — but you have to define that vision in the first place. i’d be very careful picking a financial planner — there’s no unified obvious credentialing or bonding that goes with the job (like “MD” for doc or $$$ held in trust/insurance for civil engineer if he professionally screws up).
if you want tax advice on specific moves, you’re better off hiring a CPA or enrolled agent (IRS experts).
that said, Marketplace Money’s Chris Farrell (NPR) has repeatedly said to go with a fee-only based planner vs. % types.
that also said, don’t you know our own Dr Piggington works for a financial advisory firm? 😉
Participantwhat do you expect a financial planner to do for you? what specific questions would you ask a planner? that is, do you have a clear vision of what you are saving/investing for the future and need help putting the pieces of the puzzle together (what insurance, what types of investment), or are you looking for a “coach” to help you figure out where you are and what you are doing?
what do you mean by “not much to show for it”? are you saying that you have leaks in your budget but can’t figure out exactly where, or that you can’t stop yourself from spending in ways that are unsatisfying?
a financial planner can’t help you with either one. they will only give you a notepad to track all your expenses for a month for the former (there i helped you for free) or tell you to stop in the latter (there i helped you again).
they can only help you implement a vision — but you have to define that vision in the first place. i’d be very careful picking a financial planner — there’s no unified obvious credentialing or bonding that goes with the job (like “MD” for doc or $$$ held in trust/insurance for civil engineer if he professionally screws up).
if you want tax advice on specific moves, you’re better off hiring a CPA or enrolled agent (IRS experts).
that said, Marketplace Money’s Chris Farrell (NPR) has repeatedly said to go with a fee-only based planner vs. % types.
that also said, don’t you know our own Dr Piggington works for a financial advisory firm? 😉
ParticipantAgree with scaredy. Well, until they change the marginal tax rates to something higher.
Realize that many props in SD will have HOA, mello-roos (these are hundreds $$/month), in addition to the “ITI” of PITI which renters don’t pay directly. Usually people buy a house bigger than they rent, and forget to scale up utilities and maintenance costs into their monthly nut.
my rule of thumb: At 6%/yr interest, which is 0.5%/month — it takes $500 for every $100,000 principal to just cover mortgage — and I roll in the various insurances (homeowners, PMI if applic) here to balance out the tax advantage (at today’s low rates). Property tax in SD is about 1.2%/yr, so 0.1%/month, or $100/mo per $1000,000 principal. So about $600/mo carrying cost per $100,000 house. Haven’t been too far off yet.
ParticipantAgree with scaredy. Well, until they change the marginal tax rates to something higher.
Realize that many props in SD will have HOA, mello-roos (these are hundreds $$/month), in addition to the “ITI” of PITI which renters don’t pay directly. Usually people buy a house bigger than they rent, and forget to scale up utilities and maintenance costs into their monthly nut.
my rule of thumb: At 6%/yr interest, which is 0.5%/month — it takes $500 for every $100,000 principal to just cover mortgage — and I roll in the various insurances (homeowners, PMI if applic) here to balance out the tax advantage (at today’s low rates). Property tax in SD is about 1.2%/yr, so 0.1%/month, or $100/mo per $1000,000 principal. So about $600/mo carrying cost per $100,000 house. Haven’t been too far off yet.
ParticipantAgree with scaredy. Well, until they change the marginal tax rates to something higher.
Realize that many props in SD will have HOA, mello-roos (these are hundreds $$/month), in addition to the “ITI” of PITI which renters don’t pay directly. Usually people buy a house bigger than they rent, and forget to scale up utilities and maintenance costs into their monthly nut.
my rule of thumb: At 6%/yr interest, which is 0.5%/month — it takes $500 for every $100,000 principal to just cover mortgage — and I roll in the various insurances (homeowners, PMI if applic) here to balance out the tax advantage (at today’s low rates). Property tax in SD is about 1.2%/yr, so 0.1%/month, or $100/mo per $1000,000 principal. So about $600/mo carrying cost per $100,000 house. Haven’t been too far off yet.
ParticipantAgree with scaredy. Well, until they change the marginal tax rates to something higher.
Realize that many props in SD will have HOA, mello-roos (these are hundreds $$/month), in addition to the “ITI” of PITI which renters don’t pay directly. Usually people buy a house bigger than they rent, and forget to scale up utilities and maintenance costs into their monthly nut.
my rule of thumb: At 6%/yr interest, which is 0.5%/month — it takes $500 for every $100,000 principal to just cover mortgage — and I roll in the various insurances (homeowners, PMI if applic) here to balance out the tax advantage (at today’s low rates). Property tax in SD is about 1.2%/yr, so 0.1%/month, or $100/mo per $1000,000 principal. So about $600/mo carrying cost per $100,000 house. Haven’t been too far off yet.
ParticipantAgree with scaredy. Well, until they change the marginal tax rates to something higher.
Realize that many props in SD will have HOA, mello-roos (these are hundreds $$/month), in addition to the “ITI” of PITI which renters don’t pay directly. Usually people buy a house bigger than they rent, and forget to scale up utilities and maintenance costs into their monthly nut.
my rule of thumb: At 6%/yr interest, which is 0.5%/month — it takes $500 for every $100,000 principal to just cover mortgage — and I roll in the various insurances (homeowners, PMI if applic) here to balance out the tax advantage (at today’s low rates). Property tax in SD is about 1.2%/yr, so 0.1%/month, or $100/mo per $1000,000 principal. So about $600/mo carrying cost per $100,000 house. Haven’t been too far off yet.
Participantbtw, a reminder that the MTS buses are cutting service again on Feb 28th. several UTC bus lines are affected. this may affect your potential renter market.
Participantbtw, a reminder that the MTS buses are cutting service again on Feb 28th. several UTC bus lines are affected. this may affect your potential renter market.
Participantbtw, a reminder that the MTS buses are cutting service again on Feb 28th. several UTC bus lines are affected. this may affect your potential renter market.
Participantbtw, a reminder that the MTS buses are cutting service again on Feb 28th. several UTC bus lines are affected. this may affect your potential renter market.
Participantbtw, a reminder that the MTS buses are cutting service again on Feb 28th. several UTC bus lines are affected. this may affect your potential renter market.
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