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02-21-2013, 05:51 PM | #23 | |
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But an advisor can do plenty for 70K or 200K, but they will skim off the top by either literally skimming off the top or charging excessive fees for trading and can also charge other monthly/annual service charges. That being said, a financial advisor is perfect for a majority of people. Most people don't want to read 2-3 books to learn about keeping a balanaced asset allocation and don't want to keep up with it. For most people a financial advisor is perfect. Just check the fees and make sure they aren't too excessive. |
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02-21-2013, 05:56 PM | #24 |
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Use something like mint.com or Quicken. There are like a bazillion financial resources that, when used with a healthy dose of horse sense and old fashioned discipline, will cost a fraction of what your average FA will run you.
Don't dump your cash into a financial advisor, unless you're getting a blowjob along with it. P.S. If you're looking for sound financial advice, you are ill advised to seek it here ![]() |
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02-21-2013, 06:22 PM | #26 | |
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I kind of feel like buying a bmw was a bad financial desicion though. My problem i don't want a honda civic, but on the other hand I don't need a bmw. So like what's the in between cars? |
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02-21-2013, 06:39 PM | #28 |
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Still working on the details. My bank isnt willing to add back in deprication into my income and i had well over 100k depriciated this year.
They are only counting my w2 income. They need a lesson in accouting and taxes Should know by tommorow
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02-21-2013, 06:47 PM | #29 | |
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02-21-2013, 06:49 PM | #30 |
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Car should be less than 10, but eventually be zero for the rest of your life. Home is another story, even 50% when it's your first home. Because your income is rapidly rising, you don't want to sell yourself short.
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02-21-2013, 06:49 PM | #31 | |
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get out of debt, start investing/saving every month. Use an automatic withdraw, so you don't have to think about it. I started doing this 10 years ago, making less than 70k at the time, and was able to save over 10k each year without impacting my lifestyle. A little goes a long way, especially if you are young. Talk to an invester, there is always something you can do. |
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02-21-2013, 06:51 PM | #32 |
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02-21-2013, 06:56 PM | #33 | |
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I'm a controller by trade so I do accounting and financial reporting for my company. I just recently made my personal 2013 budget and a 5 year savings plan. At least in theory, I plan on saving 6% of monthly income for maintenance, 6% for vacation/discretionary impulse spending, and 30% towards long-term savings (saving up for a house and/or other investments). This doesnt' count the very small amount ($50) I'm contributing pre-tax to a 401K each month. Now, I don't make a ton of money (above average), but I'm single, never married, no kids and have no debt (got through college on a football scholarship), which is why I'm able to save. The one thing I can't get a good hold on is how to determine car depreciation. It's nothing like fixed assets, building improvements and other things. Any ideas?
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02-21-2013, 07:11 PM | #34 | |
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of credit for the remainder. And then pay that line off as fast as you can.
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02-21-2013, 09:40 PM | #35 | |
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02-21-2013, 09:59 PM | #37 |
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My car payment + monthly insurance is roughly 13% of my monthly post-tax income.
Roughly 45% of my post-tax income is called for every month with mandatory bills + living expenses (car related costs, rent, food, utilities, etc)
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02-21-2013, 10:27 PM | #38 | |
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02-21-2013, 10:29 PM | #39 |
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I love the comments about the financial advisers "skimming 1-2% off the top"..........that's how they get paid....sheesh....financial planning is not amateur hour.....I'm not interested in doing it myself, so I have "my guy" do it for me and pay him accordingly....this has served me quite well.....and yes I know just how much his services cost me and I'm OK with it.
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02-21-2013, 10:32 PM | #40 | |
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So im good there.
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02-21-2013, 10:36 PM | #41 |
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Finances 101
First, I don't like being in debt, and if I am it's not going to be for a car, it's going to be for a house, land, or a business. Second, I don't finance WANTS, I classify wants as anything that I don't NEED to live. Third, why are you going to finance an m5, that's just financially stupid
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02-21-2013, 10:45 PM | #42 | |
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02-21-2013, 11:14 PM | #43 | ||
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Side note, if you are forgoing any matching to your 401k, you should rethink the 30% allocation and put some towards your 401k to get the matching. If you don't get matching, some may suggest still upping your 401k portion unless you are saving all out for a house. Quote:
** I'm not an expert, so take it for what it's worth.
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02-21-2013, 11:15 PM | #44 | |
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I have a continual car payment to "me", that way I don't pay interest, I accrue it. When the timing is right, I source the car and pay in full and then the cycle continues for the next purchase. -Kevin |
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