DIY Financial Plan: Step 2

The second step of the financial planning process has been to analyze my cash flow. Advisors recommend aiming for a 50:30:20 ratio. This means that 50% of your after tax income is for living expenses or needs (mortgage, utilities, food, gas, etc), 30% is for working toward your goals (savings and debt payoff), with the last 20% used for fun […]

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DIY Financial Plan: Step 1

As I learned, when I interviewed financial planners and in my research afterward, the steps of a financial plan are standardized and I’m going through all of them here. The first step is to layout clear financial goals. This will shape our plan and guide how we direct our money to work toward making our goals our reality. Examples of […]

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Do-it-yourself or phone a friend?

I have been listening to some amazing financial podcasts on my long walks, like Bigger Money Podcast (like this episode) and I just finished reading Tony Robbins book Unshakable. A little extra educating made me consider hiring a fiduciary financial advisor for a one-time review of where I stand today and what I should focus on improving to reach my financial goals. Years ago, I picked 52 out of the hat as the age I wanted to stop working (at least at my job in DC) . That means 10.5 years from now, and a 10 year gut check sounds like a great idea. First I contacted Kyle Mast from the episode linked above, but he has a long waiting period and really isn’t accepting new clients. But as he suggested on the podcast, I tried researching other advisors on the XY Planning Network. I contacted five advisors from the site and got responses from only three agreeing to meet with me virtually to discuss my goals. One day this week I set aside time for the three phone interviews. The first advisor did not listen to me at all. He thought it was antiquated that I use Excel and enjoy tracking my finances and net worth a few times a week. He could not stop telling me how great HELOCs are (like this came up at least three times). He was the only advisor who asked me to fill […]

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