Quote:It's just insane what college costs

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My son's first college semester was at Alabama. $13,000+. HE decided it wasn't worth the money and came back to the University of Memphis. $1350 after the lottery scholarship, including books. Oh, this was the '07-'08 school year so he got to see some nice basketball, too.

(05-10-2014 02:26 PM)21-17 Best Time I Ever Ha Wrote:  

(05-09-2014 04:56 PM)memphis88 Wrote:  

(05-08-2014 04:11 PM)21-17 Best Time I Ever Ha Wrote:  I think there are some that sell only their time. I don't need anyone's judgment being "clouded" by trying to sell me an investment.

The reason I need advice is BECAUSE I don't have any investments. (except for 3 well-educated chillens and a recession-hit house)

That's still selling something, though.

Agreed. But my situation is that I can afford to pay for an hour or two of advice, but I am not even meeting monthly expenses right now. When I say I have nothing to invest, I mean not $10. And I have no investments to juggle around.

I need overall advice on when to take SS, which debt to pay first, whether to sell my home now or later, whether I may be missing some govt. benefits that I might qualify for (divorced spouse), just Household Finance 101 stuff.

You can buy Dave Ramsey's Total Money Makeover book. He lays it all out.

(05-21-2014 10:08 PM)tigerbmw Wrote:  

(05-10-2014 02:26 PM)21-17 Best Time I Ever Ha Wrote:  

(05-09-2014 04:56 PM)memphis88 Wrote:  

(05-08-2014 04:11 PM)21-17 Best Time I Ever Ha Wrote:  I think there are some that sell only their time. I don't need anyone's judgment being "clouded" by trying to sell me an investment.

The reason I need advice is BECAUSE I don't have any investments. (except for 3 well-educated chillens and a recession-hit house)

That's still selling something, though.

Agreed. But my situation is that I can afford to pay for an hour or two of advice, but I am not even meeting monthly expenses right now. When I say I have nothing to invest, I mean not $10. And I have no investments to juggle around.

I need overall advice on when to take SS, which debt to pay first, whether to sell my home now or later, whether I may be missing some govt. benefits that I might qualify for (divorced spouse), just Household Finance 101 stuff.

You can buy Dave Ramsey's Total Money Makeover book. He lays it all out.

Awesome course.

(05-22-2014 10:41 AM)TigerBill Wrote:  

(05-21-2014 10:08 PM)tigerbmw Wrote:  

(05-10-2014 02:26 PM)21-17 Best Time I Ever Ha Wrote:  

(05-09-2014 04:56 PM)memphis88 Wrote:  

(05-08-2014 04:11 PM)21-17 Best Time I Ever Ha Wrote:  I think there are some that sell only their time. I don't need anyone's judgment being "clouded" by trying to sell me an investment.

The reason I need advice is BECAUSE I don't have any investments. (except for 3 well-educated chillens and a recession-hit house)

That's still selling something, though.

Agreed. But my situation is that I can afford to pay for an hour or two of advice, but I am not even meeting monthly expenses right now. When I say I have nothing to invest, I mean not $10. And I have no investments to juggle around.

I need overall advice on when to take SS, which debt to pay first, whether to sell my home now or later, whether I may be missing some govt. benefits that I might qualify for (divorced spouse), just Household Finance 101 stuff.

You can buy Dave Ramsey's Total Money Makeover book. He lays it all out.

Awesome course.

When to take SS is a tricky one. Every financial advisor I talk to says take it at 62. I say, it will be reduced because I will still be working. They say, yes, but you'll never get the money back that you didn't take those four years if you wait until 66.

Let's say that is $105,000 over four years. If I wait until I'm 66 to draw I only get $800 more per month, so where is my break even? 10 years later?

(05-22-2014 03:59 PM)Tiger46 Wrote:  

(05-22-2014 10:41 AM)TigerBill Wrote:  

(05-21-2014 10:08 PM)tigerbmw Wrote:  

(05-10-2014 02:26 PM)21-17 Best Time I Ever Ha Wrote:  

(05-09-2014 04:56 PM)memphis88 Wrote:  That's still selling something, though.

Agreed. But my situation is that I can afford to pay for an hour or two of advice, but I am not even meeting monthly expenses right now. When I say I have nothing to invest, I mean not $10. And I have no investments to juggle around.

I need overall advice on when to take SS, which debt to pay first, whether to sell my home now or later, whether I may be missing some govt. benefits that I might qualify for (divorced spouse), just Household Finance 101 stuff.

You can buy Dave Ramsey's Total Money Makeover book. He lays it all out.

Awesome course.

When to take SS is a tricky one. Every financial advisor I talk to says take it at 62. I say, it will be reduced because I will still be working. They say, yes, but you'll never get the money back that you didn't take those four years if you wait until 66.

Let's say that is $105,000 over four years. If I wait until I'm 66 to draw I only get $800 more per month, so where is my break even? 10 years later?

Yep, I have heard that, too. I have heard that if you live to the average age of man or woman in the U.S. and you take your SS either at 62 or 66, you will get the same total amount of money regardless (assuming the system does not go belly up or reduce payments at some point.)

But I think you also have to consider what you are going to do with that money over the four years if you take it early. Are you going to save it so you will have a little nest egg to buy a retirement home or are you going to blow it or spend it on daily expenses? Are you going to use it to pay down debts so you can retire as debt-free as possible? And do you have a nice pension or will you be depending mostly on your SS check each month? How good is your health? Does longevity run in your family? How long do you plan/wish to work?

Lots of stuff to consider. Also, how much more will you be able to enjoy extra money to travel or whatever you wish to do when you are in your 60's as opposed to 70's and 80's?

(05-22-2014 09:20 PM)21-17 Best Time I Ever Ha Wrote:  

(05-22-2014 03:59 PM)Tiger46 Wrote:  

(05-22-2014 10:41 AM)TigerBill Wrote:  

(05-21-2014 10:08 PM)tigerbmw Wrote:  

(05-10-2014 02:26 PM)21-17 Best Time I Ever Ha Wrote:  Agreed. But my situation is that I can afford to pay for an hour or two of advice, but I am not even meeting monthly expenses right now. When I say I have nothing to invest, I mean not $10. And I have no investments to juggle around.

I need overall advice on when to take SS, which debt to pay first, whether to sell my home now or later, whether I may be missing some govt. benefits that I might qualify for (divorced spouse), just Household Finance 101 stuff.

You can buy Dave Ramsey's Total Money Makeover book. He lays it all out.

Awesome course.

When to take SS is a tricky one. Every financial advisor I talk to says take it at 62. I say, it will be reduced because I will still be working. They say, yes, but you'll never get the money back that you didn't take those four years if you wait until 66.

Let's say that is $105,000 over four years. If I wait until I'm 66 to draw I only get $800 more per month, so where is my break even? 10 years later?

Yep, I have heard that, too. I have heard that if you live to the average age of man or woman in the U.S. and you take your SS either at 62 or 66, you will get the same total amount of money regardless (assuming the system does not go belly up or reduce payments at some point.)

But I think you also have to consider what you are going to do with that money over the four years if you take it early. Are you going to save it so you will have a little nest egg to buy a retirement home or are you going to blow it or spend it on daily expenses? Are you going to use it to pay down debts so you can retire as debt-free as possible? And do you have a nice pension or will you be depending mostly on your SS check each month? How good is your health? Does longevity run in your family? How long do you plan/wish to work?

Lots of stuff to consider. Also, how much more will you be able to enjoy extra money to travel or whatever you wish to do when you are in your 60's as opposed to 70's and 80's?

Our advisor told us to stash the SS if we took it at 62 and were still working. We even thought about taking out a loan to buy some extra years for my wife's teacher retirement account, and use the SS money to make the payments, but in the end that was just swapping spit.

(05-08-2014 12:32 PM)21-17 Best Time I Ever Ha Wrote:  I'm looking for an advisor who doesn't sell anything but their time for advice on retirement planning and triaging debt, not investment advice. I want someone who is personable and easy to talk to.

Just need a general household finance hacker for the Golden Years, or in my case, the Downhill Slide.

Thanks, y'all!

I'm an agent, advisor and consultant. Which means I can sell a insurance or financial product on commission OR I can charge a fee, instead. Often, for the exact same product(s).

And just as an FYI, I'm not able to help you because I'm not in Tennessee, so I'm not soliciting for business.

Often when I sell a particular product/service on commission, it's the same price to the client as when I add the fee ON TOP of the cost of the product to the consumer, for the MAJORITY of products consumers need/buy--after they've told me (insisted, basically, because they've been told never to work with a "commission" sales person) they want me to work for a fee instead of commission.

So, paying me a fee actually ADDS to their cost, many times when I would have preferred the commission because it could have paid me more, but I can't take a commission when I work for a fee. And my advice would have been the same, either way--whichever products/services are BEST for the client's situation.

What most people don't realize is that the cost to the consumer of the majority of products recommended by fee planners to build wealth and provide income, are NOT discounted when they pay a fee-based planner to sell it to them.

THE point I'm making is that getting advice from someone who is "paid a fee" versus commission based, won't guarantee you anything regarding better advice, or paying less money.

My advice: You need someone who is a FIDUCIARY when it comes to managing your money.

A lot of fee planners are NOT. A lot of commission planners are NOT. And a commission based salesperson can be a Fiduciary, the same as a fee based one.

The issue is simply the character of the person giving you advice, and whether they have the duty to put your financial interests above their own.

Because in the end, whether someone sells you a product, or sells you advice, you're getting sold something.

All the emphasis you hear on "we're paid a salary so we don't have some ulterior motive to sell you something" is a just sales line. And when you believe it, you just got sold.

Consider the salesperson who tries to sell you the TV at the big box store next time you go there who says they're paid on salary, so they don't have to sell you something. Then watch how hard they try to sell you something. You think they get to continue earning their salary if they don't sell you stuff?

Last point: Bernie Madoff was a fee-based planner.