Week 1, Question 1
Parental leave's gone. :-(
We're down to one income. (Matt's getting $68,000 which is not to be sneezed at, but it's a lot less than we're used to!) Anyway, my brain feels like bursting when I look at our bank statement so I reckon we need some help.
Matt thinks we need to see a financial planner, but my brother Dave is a bit of a whiz with money so I wonder if I should talk to him. He's making a killing on the stock market, or so he reckons. What should I do?
posted by sortme @ 7:25 AM
12 comments
12 Comments:
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Hi, I would ignore the get rid of steph brigade. I am sure that a lot of people will be watching to see what real advice is givin. I have given my vote for this week but I think the options should have been go to a budget advisor not a finacial advisor.
Definitely I would see a financial planner. While your brother may be making a "killing", at a time like this you would be better off keeping your money secure. If something went bad then thats your money gone down the tubes. "Dabbling" in the sharemarket is fine but not at a time when your worried about your finances.
invest in a copy of http://secure.richdad.com/Category.asp?Cat=Games
stocks wont get you passive income, your goal should be to figure out ways of generating passive income, that way even if you are not working you still have money comming in.
what a dumb question!!! there are FREE budget and advisory services available. why would they pay for a financial planner or let their unqualified brother loose on their finances when they can go to free advice services or hey here's a bright idea. they could read sorted. wow who'd have thought it.
The financial planners I have visited have been free of cost. I would prefer to have a professional show me how to generate wealth than some old duck at the CAB show me how to budget. I don't think the rich use budget advisory. I guess it depends what your focus is, save money, or generate wealth?
You said you are used to more money so go and earn some extra money, take in children at home, find another parent like yourself who would like to job share. There are many working mums out there, you dont have to sit at home until the situation gets out of control. Didnt you take a years leave with pay when you have the baby.
if you cant live on $68000 then you do need help, whe you have to live on $22000 then you have something to moan about.
Free of cost financial planners? Where do you get those? Ours takes a percentage of our money
agree, financial planners may do an initial free consult but that won't solve anything. besides financial planners work with increasing assets, in this case the problem is debt repayment. different thing. anyway yawn all fictional boring boring
Is the problem really debt repayment? Or is the problem that they don't know how to make their money work for them? I still think going to see a financial planner would be best. My first step of course would be how to minimise debt. A financial planner can help you do that in regards to mortgages and insurance. Then they can give you advice on a life time plan to generate wealth (or get your money working for you). From my understanding, yes they will do an initial free consultation, then they will put together a package for you which will cost a few hundred and then basically anything they sign you up for after that they get a commission from the Company. Remember it is still your choice who you sign on with, you are only being advised. I still think it would be money well spent. As many have alluded to they are not at the point of destitution. They need some guidance in mapping out their finances. I don't think this is a case for budget advisory. But thats just my opinion.
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