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Looking for a personal financial adviser type person?

Discussion in 'Bad Dog Cafe' started by highwaycat, Mar 14, 2018.

  1. highwaycat

    highwaycat Tele-Meister

    Jun 15, 2017
    I was wondering where and how I would go about finding someone who could give me advice on saving me money. Like someone I can show a pie chart of my bank statements and give me advise on how to be better with money, and also how to be more proficient with my guitar hobbies like my guitar repair/guitar flipping/guitar programs.

    Like, maybe someone who would do it in trade for guitar lessons or something. Like a volunteer or friend type thing. I'm just young and don't have anyone to guide me, in that way. I'm not a business owner or anything like that.

    Goals that I'm working on at the moment are learning more about market value, watching used car prices very closely, holding on to emergency money for a cheap used car, and learning how to use a cnc machine at a temp job, and getting better at refretting guitars and getting better at fixing acoustic guitars, and better at inlay work. And I quite smoking cigs. Ans a few other things.
    I just need more life advice. Maybe I can post a craigslist ad for a barter? I can do guitar lessons n fix guitars, tell my story,( I've disclosed on another forum I'm 'slow' was born that way), just figured it would be a good investment/move to find a helper, so I can be very successful in the future.
    Any ideas? Maybe put an ad out somewhere?

  2. TheGoodTexan

    TheGoodTexan Doctor of Teleocity

    Apr 28, 2003
    Nashville, TN
    Read a few books and learn this for yourself, so that you can develop your own philosophy. A good book to start with is Financial Peace by Dave Ramsey. I read it right before I got married in 2002. There are other good ones too.

    It's not a difficult subject to wrap your brain around.

  3. dogbert

    dogbert TDPRI Member

    Mar 4, 2018

  4. uriah1

    uriah1 Doctor of Teleocity Silver Supporter

    Feb 12, 2011
    lol Dogbert

    Really word of mouth. (for me) Someone you know and trust for a long time who
    has been with an advisor for quite awhile.

  5. imwjl

    imwjl Poster Extraordinaire

    Mar 21, 2007
    My mom's basement.
    Yes to reading and word of mouth. That said, with some assets in a few institutions I've been pleased with Schwab for a long time. It started with a retirement account but I've always liked that you can do DIY or get professional help in a straight forward way, have liked the resources they have, and good customer service when you need it.

    Ironically I have bits of my retirement and other investments in some of their competitors and haven't found them to be as helpful and full of DIY resources.

    I'll conclude with some emphasis on your starting with some reading and self-education. Asking about guitar flipping seems like a tangent from retirement planning and a lot of finance knowledge that's important.

    The other important one is your 1/2 my age means be putting money aside to invest now so you can have the advantages of compounding and growth. Start a Roth IRA ASAP and do safe purchases where your dividends will be reinvested.

    Good luck.

  6. boris bubbanov

    boris bubbanov Telefied Ad Free Member

    In California?

    You must be kidding.

    I like the idea of self education, through books. If there's a community college or other not-for-profit learning institution nearby, you could enroll in some classes. Your #1 priority is filtering out all the scams and mystical, flakey stuff that (mostly individuals) will be touting.

    My suggestion is, Lisa Marie Presley probably had some seriously credentialed people. But she heard what she wanted to hear, never got her head in it, and didn't have a solid understanding of the underlying principles of money. Until you build up this base, this fancy "advice" won't work. It'll be like a $ 3,000 sports jacket on a homeless person.
    Matt G likes this.

  7. stephent2

    stephent2 Poster Extraordinaire

    Jun 22, 2003
    I think we interviewed 3-4 financial advisors who came recommended and picked NONE of them, I can just imagine how successful a Craigs List ad would be in finding a quality advisor.

    TheGoodTexan had a great suggestion.
    SacDAve and nojazzhere like this.

  8. thesamhill

    thesamhill Tele-Meister

    Dec 20, 2010
    Harrisburg, PA area
    @highwaycat I don't have any new advice from what's above but congrats on quitting smoking!
    nojazzhere likes this.

  9. raito

    raito Friend of Leo's Silver Supporter

    Nov 22, 2010
    Madison, WI
    You're going to ahve a hard time finding someone to barter for financial services.

    Ask at your bank. They'll frequently have a CFP on staff. And they have an interest in making you money.

  10. screamin eagle

    screamin eagle Poster Extraordinaire

    Oct 9, 2008
    S. CA
    The problem is they all are selling a product so you're not likely to get unbiased, objective advise.

    My company CPA (for 30 years) once told me he'd call his neighbor/friend for a 'favor' if we wanted unbiased advice, but it would take a 'favor' to do so. All others are selling something.

  11. screamin eagle

    screamin eagle Poster Extraordinaire

    Oct 9, 2008
    S. CA
    It doesn't have to be daunting. Start with doing a monthly spending reconciliation. After you account for all that you're spending per month, make a budget. Maybe you decide you can spend more, or you need to spend less. Look at where you're spending and see where you can make adjustments. Once you figure that out stick with it. You should be able to plan your monthly savings.

    You should be able to do the same thing with your repair services. Quantify your time, and figure out how to make the margin you think is appropriate.

    Don't over think this. Our culture has a funny way of making money a complex thing. It doesn't have to be. You just have to have an understanding of how much is coming in and how much is going out.

    And please understand that SMALL SAVINGS AMOUNTS DO ADD UP. And usually faster than you expect.
    Matt G and stratofortress like this.

  12. william tele

    william tele Doctor of Teleocity Ad Free Member

    Nov 7, 2009
    Kansas City, MO
    At 30 years of age you have some basic things to do which will help to insure a comfortable life when you are no longer able to physically work to earn money. A steady commitment to saving (even a small commitment) will do more for that goal than trying to build wealth toward the end of your working years.

    You have the internet and it's full of solid advice. Do keep looking, but this is just not the kind of thing people usually barter for...
    nojazzhere likes this.

  13. warrent

    warrent Tele-Afflicted Silver Supporter

    Sep 15, 2009
    Don't advertise for anyone you might as well put out a sign that says take my money.

    You seem to want two things help with saving money and help with running a business.

    So lets separate them one the most important thing to look for in finding anyone to help you invest money is fiduciary responsibility. That big word simply means at the end of the day who the advisor is looking out for, you or their company. In Canada we have two types of financial planners advisors and advisers. Only Financial Advisers have a fiduciary responsibility to the investor. Which means they have to invest with your interests and not theirs.
    Advisers get paid a few ways either by the hour or via commission. The commissions can kill any real profit on your investments. The ideal investment for the regular person is a no load broad based mutual fund with very low fees.

    But don't take my advice.

    Go to the library find the librarian and tell them you want some good books on investment and take out what they recommend. Read and educate yourself. If your library is anything like mine they should also have visits from financial planners who give talks on investments go attend one and ask questions.

    For your business I would suggest two things go back to the library explain to the librarian what you are trying to achieve and ask for books and see if they have any programs to help. Second find out if there is a small business incubator in your area that will set you up with a mentor who can guide you through the process of running a business. They are out there and a lot of retired small business owners are happy to help. Also check with your town or county office to see if there are similar programs around.

    The best thing to do is take a step back educate yourself and take your time before you jump into anything.

  14. schmee

    schmee Friend of Leo's

    Jun 2, 2003
    I like Fidelity. They will meet with you but also online. Probably a local office to you.
    I've had personal advisors etc in the past. They mostly take your money..... whether they make you money or not. Fidelity is not like that.
    NEVER had a broker call and tell me to "get out". But they call to sell you things their firm has investments in!
    I got out of investments just before the big recession on my own. Everyone else lost 35-40%

  15. Nubs

    Nubs Tele-Afflicted

    Aug 16, 2014
    Houston, TX
    I'm gonna plug a little service I use which is helping me to save money also. It's called Acorns and it works like a piggy bank. Whenever you purchase something with your debit/credit card, it will round up the purchase to the nearest dollar and drop the remainder into an Acorns account. You can also make recurring deposits or multiply your remainder (2x the amount, 4x, etc.). Very cool and transparent!

    I've had it for about 7 months and so far I have over $600 in my account. Sure it's not much, but it can help to pay for a vacation, new guitar, bills, what have you.

    If you get a chance, check it out. If you decide to move forward, lemme know & I can send you a referral. That way we both make money from it. Thanks!
    william tele likes this.

  16. chris m.

    chris m. Poster Extraordinaire

    I'll add a few pieces of advice:

    1) Learn some basics on your own as already suggested. Go to the library and check out some good books.

    2) Watch out for various financial advisors because they are often working on commission to sell you things that have excessive fees.

    3) Watch out for fees, including hidden fees. Companies like Vanguard and Fidelity are popular because they have lots of index funds
    with very low fees. In general something like an index fund that tracks the S&P 500 with minimal fees will outperform any other
    actively managed fund over the long large part due to avoiding the profit-sucking effect of fees.

    Part of avoiding fees is to be a long-term investor. Trying to be an active trader almost always results in lower or even negative net returns--
    again, to a large extent because you're getting killed on fees and taxes. In addition, trying to time the market usually results in buying high
    and selling low, which is the exact opposite of what you actually want to achieve. There is a great trick called "dollar cost averaging" that
    can allow you to invest without worrying very much at all about shorter term peaks and valleys.

    4) Understand the magic of compound interest (and compound debt). The sooner you save and the longer you save, the better off you'll be.
    But only if you are putting your investments into instruments that actually earn real money. Right now that is pretty much stocks only. Everything else
    doesn't even keep up with inflation.

    5) Prioritize paying off debt. Why put money in savings at maybe 1.5%, which doesn't even keep up with inflation, if you have credit card debt charging
    you anywhere from 6% to 20%? Credit card debt is the worst of off your highest interest rate debt as fast as you possibly can.

    6) Don't spend big money on things just because everybody else does. I see school teachers driving brand new, expensive cars. I see people working
    in fast food joints with very fancy iPhones and accompanying data plans. Check out for great, free advice on looking at life
    and money very differently. By being frugal you can much more quickly achieve financial independence, early retirement, etc. It's a great website because
    you will make lots of friends who are trying to do the same thing you are. Kind of like having a work out buddy.

    7) If you have a 401(k) option at your job, maximize it. If the money comes out of your paycheck before you ever touch it, there's much less temptation.
    Plus there's usually a match, and it reduces your taxable income.

    8) Invest in your mental and physical health. If you lose either one of those the money won't matter and the health care costs will quickly bankrupt you,
    anyway. Invest in your spiritual health, too. If your life has no meaning then money doesn't matter much either way.

  17. dkmw

    dkmw Friend of Leo's Silver Supporter

    Mar 30, 2016
    Florida USA
    Just the fact that you're thinking about this is a good sign!

    As suggested, doing a budget is the first step. There are plenty of online resources to help with that.

    Until you have a bit of money put away, you really don't need an advisor. There are plenty of low (or no) cost instruments available these days.

    Your tolerance for risk and/or need for liquidity will determine which instrument is best for you. The advice to start a Roth IRA is solid, but you want your IRA money to be untouched. In other words have another savings account to tap for unexpected expenses, or planned big purchases like a house.

    For your small business, there are a wealth of resources if you poke around. A mentor is a great idea, SBA, or Dept of Commerce, etc.
    nojazzhere and william tele like this.

  18. dkmw

    dkmw Friend of Leo's Silver Supporter

    Mar 30, 2016
    Florida USA
    Jeez, I could have saved myself a few minutes of tedious iPhone typing if I'd just told the op to read your post.

  19. Harry Styron

    Harry Styron Tele-Afflicted

    Aug 2, 2011
    Branson, Mo
    If you knew how much money that I have at my age, you wouldn't take my advice. Still, I have learned a lot, and I make a good living giving advice, much of it to people running small businesses.

    1. Read The Millionaire Next Door. Get it at a library or a used book store. It's main idea is that people who become millionaires do so by beginning to save when they are young adults, like you are, and sticking with it. They also live below their means. There is a bias in this book: the people used as examples in the book were children during the 1920s and 1930s and began their working life after World War II, when the rising tide lifted all boats. The economy expanded, real estate and stock prices generally rose (there were recessions), and a house purchased for $10,000 in the 1950s was worth $100,000 in the 1970s and $200,000 by 1990. A lot of people who weren't good savers also became well off. By contrast, today a lot of our economic landscape is stagnant, with average folks losing ground and most of the gains going to a few.

    2. Focus less on saving pennies and more on increasing your earning power. It's very difficult to save anything, for a single person, unless you make $25 per hour or more. If you have a family, it takes even more. If you pay for your own health insurance and dental care, it's really tough, so it makes sense to be employed by a government agency or corporate employer that has decent benefits, including retirement plans.

    3. To increase your earning power, since you like to work with your hands, figure out some way to go to a technical school and become certified in a technical field. Go to a government school, not a proprietary school that requires you to borrow a bunch of money. Go to night school.

    4. If you have or can develop sales ability, make the most of it.

    5. You are very smart to quit smoking. Maintaining good health will save you lots of money. Similarly, maintain good hygiene in your relationships; disputes with others--family, friends, co-workers, and business associates--are very draining.
    Last edited: Mar 14, 2018
    william tele and moosie like this.

  20. 4 Cat Slim

    4 Cat Slim Friend of Leo's

    Oct 17, 2012
    Nelson City TX
    As others have mentioned, start by educating yourself by reading some of Dave Ramsey's books.
    Avoid using credit cards as much as possible. Seek help at you bank, there's usually somebody on staff who
    can answer your questions or steer to to other resources (books or websites) that can help.
    Learn to live below your means. Good luck!

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