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Why a Financial Planner Isn't for Me

For my friends who are financial planners and financial advisors, this is not meant to be a critique of you or your profession. I often still contemplate working towards my own CFP certification . This article is simply my expression of why I've always felt a disconnect from the standard advice of most financial planners and how I've realized that my goals are different than the vast majority seeking financial help. When looking at a financial planner, let's first start with a basic understanding of what a financial planner actually does. Generally, financial planners help clients understand their current financial situation, and help them navigate and differentiate the various investment options that can help them on their path to their financial goals. There are a several setups that financial planners generally use and they are compensated based on a few different structures: commissions, fee-based/hourly, assets under management. Commissions : The financial advisor rec

Shopping for a Car: Lease, New, or Used?

If you've ever shopped for a car, you've probably debated how to find the best deal, and how to make sure you're getting the most car for your money. How does the math work out? What's the best use of your money when looking for a vehicle? Is it more cost effective to lease and have a lower monthly payment, buy a new car that will last for many years, or look for something used to avoid the instant depreciation from driving a new car off the lot? I'll dig into each option below with some examples to help explain the best use of your money. Let's take a look at an example for a 2020 Ford Escape SE 4 wheel drive (4WD). My wife and I have been debating getting a larger vehicle so we can haul more stuff around so that's why I chose an SUV for the example, but the principle is the same across all vehicles. I'll assume a timeline of 6 years for the total cost. That will amount to 2 leases, 5 years of new car payments, and 3 years of used car payments with bot

Why I Didn't Consolidate My Student Loans

Sometimes, I feel like I am being bombarded with adds and articles talking about consolidating my student loans . I even recieve a letter in the mail about it at least once or twice a month. Most of my friends from pharmacy school have consolidated their student loans, and many people suggest it as their strategy of choice, so why didn't I consolidate my student loans? For me, the choice was fairly simple. In order for me to pay off my student loans in 10 years, I would need to pay around $3,200 per month . In my residency after graduation, I brought home $2,400 each month after taxes. It was financially impossible for me to start paying back my loans at that time, so naturally, I filed for income driven repayment , which reduced my payment to $0 per month for my direct federal loans. I also have 2 small private student loans that total about $5,000, and the payment on those was only $50 each month. After my residency, I was hired on by my for-profit employer for an excellent po

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I am not a lawyer, financial adviser, or accountant. All content is purely for entertainment only.