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    #1

    Financial Advisors?

    Who uses them? Are they worth the money? Do we have any on TBH?

    I recently got out of school and have got my first “real job” making good money. I have a pretty good pension through work but want to do more. As my parents have aged I have seen some of their poor financial decisions haunt them as they get closer to retirement and i don’t want that to happen to me. I also know that cities are slowly but surely getting away from pensions so I don’t want to put all my eggs into one basket. I have the option to put into a 457 plan at work but I know there are tons of other options out there that I know absolutely nothing about. I’ve done some reading online and it’s all clear as mud to me. At this point in my life I’m young and have nothing or nobody relying on me so I want to get head start on my future!! Need yalls help!
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    #2
    Financial Advisors?

    Originally posted by Acameron52 View Post
    Who uses them? Are they worth the money? Do we have any on TBH?



    I recently got out of school and have got my first “real job” making good money. I have a pretty good pension through work but want to do more. As my parents have aged I have seen some of their poor financial decisions haunt them as they get closer to retirement and i don’t want that to happen to me. I also know that cities are slowly but surely getting away from pensions so I don’t want to put all my eggs into one basket. I have the option to put into a 457 plan at work but I know there are tons of other options out there that I know absolutely nothing about. I’ve done some reading online and it’s all clear as mud to me. At this point in my life I’m young and have nothing or nobody relying on me so I want to get head start on my future!! Need yalls help!


    You’re ten thousand percent ahead of me, at your age I was worried about how much lift I could put on my truck and not how much I could save. I use an Edward Jones advisor because he was recommended from my old boss. Some people will say stay away from Edward Jones because of the fees but if you find the right guy they will treat you right. They just recently came out with a new investment plan that has much lower fees and my advisor recommended I wait to invest until it came out. I think it came out last summer.


    My investments are pretty simple I just max out my 401k and back door a Roth every year. I should probably be doing more but I just started using an advisor the last couple of years.


    Sent from my iPhone using Tapatalk
    Last edited by Black Ice; 04-09-2018, 09:23 PM.

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      #3
      double post

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        #4
        Tmrs

        If you are in TMRS I don't think it is going away with all due respect. TMRS is one of the best pension plans in the nation. Depending on what city or municipality you work for and what they match might change but the plan is sound.

        I participate in TMRS and also have a 457 thru Lincoln I make contributions into as well.

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          #5
          Yes we have been using a financial advisor for approximately 8 years. In my case I believe he is worth the money. I wished I would have had one 30 years ago.

          Congratulations on thinking of your future early in your working career. I think there are some financial advisors on TBH but you may not here them speak up for personal or business ethics/reasons.

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            #6
            If your 457 offers a percentage then do that. As you get raises you will bump up your contributions and also when you work overtime you will kick in more. It is tax deferred which is a plus in most situations. The $ will come atraight out of your check.

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              #7
              You sound like a smart young man. Read everything you can, keep talking to people, especially older ones. Remember, to diversify. Typically financial advisers won’t talk about real estate. Look at real estate. I’ve owned a bunch and sold too much of it. Buy it young, let tenants pay it off, get mailbox money in your retirement years. It does work.

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                #8
                I started way late in the game wish I would have saved more when I was young, however sometimes there wasn't anything left to save. I too am with Edward Jones. Gave then 10,000 dollars about two years ago and I now have a little over 19,000 dollars just from the initial investment. Don't know what they are doing but I like it.

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                  #9
                  You sound like you may be off to a good start. I wouldn't be too quick to get with a financial advisor. Don't get me wrong, we have one and it is worth it. But I waited until I had pretty much covered all the bases and wanted to realign with retirement goals.

                  Step 1: get rid of debt. Step 2: maximize any employer matching option. Step 3: build a cushion for emergency. Step 4: start and contribute to an indexed fund such those offered by Vanguard.

                  That's about it. You don't need to worry about life insurance yet or college funds. I suggest your goal should be to build up a nice little pile of money so that you can take advantage of any investment opportunities that WILL arise. At least one person has mentioned real estate. It helps to have money banked somewhere so you have options.

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                    #10
                    Thank y’all for the info so far.


                    For those that have said real estate, that’s definitely my plan down the road. With only working ten days a month I think it would be an awesome side gig to get into. Hopefully I can rat hole enough cash to be able to jump in on the next crash and buy cheap.

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                      #11
                      Originally posted by glen View Post
                      If your 457 offers a percentage then do that. As you get raises you will bump up your contributions and also when you work overtime you will kick in more. It is tax deferred which is a plus in most situations. The $ will come atraight out of your check.
                      That’s how I planned on doing it.

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                        #12
                        Originally posted by Acameron52 View Post
                        Thank y’all for the info so far.


                        For those that have said real estate, that’s definitely my plan down the road. With only working ten days a month I think it would be an awesome side gig to get into. Hopefully I can rat hole enough cash to be able to jump in on the next crash and buy cheap.
                        When was the last crash? I don't ever recall land prices/values dropping much at all. They stayed flat for a little while.

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                          #13
                          Originally posted by RiverRat1 View Post
                          When was the last crash? I don't ever recall land prices/values dropping much at all. They stayed flat for a little while.
                          Yes Texas fared very well compared other parts of the country.

                          We are in a rising rate environment. So even if prices fall, if you aren't paying 100% cash, the true cost of buying real estate will increase.

                          I've got some buddies on the sidelines waiting for a drop in price. What they are forgetting is that higher interest rates can offset any price drop easily.

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                            #14
                            You don't need a financial adviser yet IMO. Save you're first 50k then think about it. A real estate developer I know said it best, "Cash is king".

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