Community› The Bump Month Clubs› June 2011 Moms
June 2011 Moms
New Discussion

NBR: Let's Talk Financial Advisors...

TCUFrogMom11TCUFrogMom11
in June 2011 Moms

We've done Dave Ramsey and we took some elements of that, but operating with cash doesn't work well for me. I have made an appointment with Edward Jones for next week. Anybody have any experience, advice, books, etc? We just feel like we are bleeding money and could be doing so much more with what we have been given. I even realized that we haven't started a 529 for H... shame shame...

We have a budget and its functional, but I think I need deeper advice on maximizing 401ks and roths and blah blah blah...

TIA!

Warning No formatter is installed for the format bbhtml
Report Reply to Post

Re: NBR: Let's Talk Financial Advisors...

  • MrsPBNJ0220MrsPBNJ0220
    I have no advice, just wanted to say I did Dave Ramsey and I feel the same way, it's tough managing money period.  Good Luck though and I hope that you get the help you are looking for!
    **February 20th, 2010 I Married My Best Friend and June 5th, 2011 My Soulmate Was Born** image Lilypie First Birthday tickers imageimageimage
    Report Reply
  • Loading the player...
  • MammaBear81MammaBear81 member

    We did Dave Ramsey and although we didn't do the "envelopes of cash" we were able to make a budget and stick to it (with a little extra work on my part because I reconciled our debit card each week so we knew how much money we had left in each virtual "envelope"). Now we have mint.com and it does all the work for me!

     Anyway-  I work for an investment company, we work more with ETF's, bonds etc.  Stocks alone are very unpredictable (even the "safe" ones).  If you have any questions let me know, I'd be happy to answer what I can Big Smile

    Depending on your income and what your plans for college savings are look into all options, 529's, UGMA/UTMA's and custodial accounts, they are all taxed differently and each have their own benefits.

    For IRA's. ROTH, ask about "roth conversions" it has to do with converting money from an IRA to a ROTH, and it has tax benefits for most people.

    HTH!

    Image and video hosting by TinyPic
    Lilypie - (HKbp)Lilypie - (WKbt)
     Lilypie - (2DqE)  Lilypie - (1KYE)
    Lilypie - (RlhZ)Lilypie - (1CAm)
    Report Reply
  • TCUFrogMom11TCUFrogMom11
    imageMammaBear81:

    We did Dave Ramsey and although we didn't do the "envelopes of cash" we were able to make a budget and stick to it (with a little extra work on my part because I reconciled our debit card each week so we knew how much money we had left in each virtual "envelope"). Now we have mint.com and it does all the work for me!

     Anyway-  I work for an investment company, we work more with ETF's, bonds etc.  Stocks alone are very unpredictable (even the "safe" ones).  If you have any questions let me know, I'd be happy to answer what I can Big Smile

    Depending on your income and what your plans for college savings are look into all options, 529's, UGMA/UTMA's and custodial accounts, they are all taxed differently and each have their own benefits.

    For IRA's. ROTH, ask about "roth conversions" it has to do with converting money from an IRA to a ROTH, and it has tax benefits for most people.

    HTH!

    Thank you... we use Mint too. I will look at all that stuff. I have a ROTH and I don't even know what to do with it... Terrible!

    Warning No formatter is installed for the format bbhtml
    Report Reply
  • Telly21182Telly21182 member

    So, DH works for a large financial firm and handles all of our financial planning.  I really should know more about what's going on.

    But, I just wanted to say that a good financial planner is a great start!  They'll be able to help you figure out what works best for your family and your situation! 

    ~~My Cooking Blog~~

    image

    Baby Birthday Ticker Ticker



    <BabyFruit Ticker>
    Report Reply
  • MammaBear81MammaBear81 member
    imageTCUFrogMom11:
    imageMammaBear81:

    Thank you... we use Mint too. I will look at all that stuff. I have a ROTH and I don't even know what to do with it... Terrible!

    ROTH is just like an IRA, but with after tax dollars, so when you draw on the funds you will not be taxed because you've already paid taxes on it.  When you draw from your IRA you will pay taxes at the tax rate you are when you draw the funds, whereas the ROTH you pay taxes at your current tax rate so you don't have to worry about withholding later on.  Depending on when you think you will need the funds will depend on which one you want to fund more than the other.  Does that make sense?

    Image and video hosting by TinyPic
    Lilypie - (HKbp)Lilypie - (WKbt)
     Lilypie - (2DqE)  Lilypie - (1KYE)
    Lilypie - (RlhZ)Lilypie - (1CAm)
    Report Reply
  • TCUFrogMom11TCUFrogMom11
    imageMammaBear81:
    imageTCUFrogMom11:
    imageMammaBear81:

    Thank you... we use Mint too. I will look at all that stuff. I have a ROTH and I don't even know what to do with it... Terrible!

    ROTH is just like an IRA, but with after tax dollars, so when you draw on the funds you will not be taxed because you've already paid taxes on it.  When you draw from your IRA you will pay taxes at the tax rate you are when you draw the funds, whereas the ROTH you pay taxes at your current tax rate so you don't have to worry about withholding later on.  Depending on when you think you will need the funds will depend on which one you want to fund more than the other.  Does that make sense?

    got it.. thank you

    Warning No formatter is installed for the format bbhtml
    Report Reply
  • MammaBear81MammaBear81 member

    One more thing!  Make sure who ever you talk to is a RIA (Registered Investment Advisor) unlike other "advisors" they are bound by the Fiduciary standards (meaning they have to do what's best for the client, not what's best for their own pockets!)  Big companies like Schwab, Fidelity etc. like to make people THINK they are doing the right thing, when they are really placing trades to put money in their own pocket.  We are a "fee only" company, which means we get a % of your AUM (assets under management) so no matter how much/little we trade in your account it's better for us (and you) to have more money at the end of the day.

    Wow I sound like an infomercial!  sorry Stick out tongue

    Image and video hosting by TinyPic
    Lilypie - (HKbp)Lilypie - (WKbt)
     Lilypie - (2DqE)  Lilypie - (1KYE)
    Lilypie - (RlhZ)Lilypie - (1CAm)
    Report Reply
This discussion has been closed.
Choose Another Board
Search Boards
"
"