WORKING WITH A FINANCIAL PLANNER

Not all financial advisors who work on commission are biased, but the temptation is there. You’re safest sticking with hourly fee advisors, but in the end it’s really a question of the individual person. Partner with the person who makes you feel comfortable to achieve financial freedom.
The reality is that the more honest and reputable a financial planner is, the less money that their not-so-honest and others make. An honest, fee-only financial planner may only charge you a few hundred dollars for an afternoon session. But what about the not-so-honest financial planner who uses that three-hour session to sell you an overpriced investment that makes him a commission of thousands of dollars? The latter financial planner will get rich much quicker than the former, but will do so at the expense of the person they were supposed to help achieve financial freedom.
Another warning sign that your financial planner is thinking solely about themselves is whether or not they ask you about your goals. Remember that financial planning is first about your plans. Your finances come second. If a financial advisor opens the meeting with the line that it’s a great time to buy stocks, you should grab your coat and a fistful of mints from the candy dish and get out of there to achieve financial freedom. A good financial advisor will always ask you about your goals first and then figure out, based on your goals, the best place for you money.
Beware too, of the ones who skip the simple stuff. For most people, the best things they can do with the first few thousand dollars they save is to pay off credit card debt, buy the proper insurance and start an emergency reserve fund. If a financial advisor is pushing you to invest in the stock market and mentions nothing about credit cards, insurance or emergencies, they probably make money off selling stocks and make nothing off those other things.
Unless you have a multiple personality disorder, you’re never going to cheat yourself. You know what’s best for you better than anyone else. You may not need a financial advisor for quite some time.
There is one thing a financial advisor can do that no article can do for you and that’s give you a kick in the ass. I never understood why people paid for personal trainers until my mom got one and her bench press came dangerously close to exceeding mine. I worked out when I could find time, but my mom made sure she worked out consistently. Financial advisors can be that missing link between saying you’re going to invest and actually doing it.
You won’t find too many financial articles telling young people to see out a tax advisor and develop a tax strategy, but it’s important for many reasons. The first is that many of the simplest tax breaks fit snugly into the lives of students and young professionals. These juicy tax breaks revolve around education expenses, moving expenses, children, working overseas and earning a low income. Do any of those sound like you? And let’s face it, taxes are a painless way to save money.



Brady Vaughn is a successful internet affiliate marketer and teacher of business and the Law of Attraction. Learn more about the projects he is currently working on at www.LegendaryProfits.com and www.pluginprofitsite.com/main-24317. Join him on Myspace and add him as a friend at www.myspace.com/perpetualcash .
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