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Originally Posted by bakerr6
yea man good stuff. You have a great foundation, and I would suggest if you really like what you are doing, then go study for the CFP. I started off in only investments and got hooked. I think the difference from what it sounds like with the people you help is that most of them are not disciplined enough to stick to a financial plan.
I refuse to work with clients that carry these qualities as it's a waste of my time and theirs to develop a plan. CCs are always first to pay off, start with the highest interest rate and move down the line. Next you should be looking at other high interest rate debt (rates will fluctate based of current mkt trends) and then once all the high interest debt is paid off, get an emergency savings in place (3-6 months).
This is when you would want to consider what's going to make the most sense from here. Out in cali, you guys have higher incomes, which would tell me you are dealing with clients in high tax brackets. Have them maximize their retirement savings (IRAs, 401(k), PSP, ESOP plan etc.) to minimize their taxable income, There's other ways also, which are really out of the realm of this conversation, but your main goal shouldn't be paying down low interest debt, but maximizing their nest egg.
Client I spoke to 3 weeks ago makes 580k per year with himself and his wife. Both are over 50, and just by maximizing their 401(k) contrubutions, they cut out over 20k in taxes.
Let me know if you're interested in learning more about the broad spectrum of financial planning. Where you are is where I started out, and it sounds like you are on the right track.
In regards to your 55 million comment, Jim Cramer is worth more than $100 million and you don't see any financial planners suggesting to follow him for stock picks. One of the funny things about his portfolio is that he does not own any individual stocks.
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Might just do that regarding the Cert.
My passion is for people who struggle, newly married, or young people getting out of college. I spent 13 years waiting tables and that creates a very patient person
I see what I can do about getting ahold of Jim Cramer material and continue with my reading. Always willing to learn more
