D.C. Area Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
s/o Financial advisor
This may be a dumb question, but what exactly does a financial advisor do for someone who has an average income (not rich, not a lot of investments)? We have 401(k)s and we're planning to set up a 529 account for the kiddo, but those are fairly simple accounts that we can manage ourselves. What would a FA do?
Re: s/o Financial advisor
put together retirement plan & goals, help you select 401k/529 investments, budgeting issues, investments to reduce tax burden, etc.
all that said, our FA was more valuable once we had money to invest in non-retirement/education accounts since we had a pretty good hold on those things.
DH is expert at selecting investment options for 401k/529 accounts, but we went to a financial planner to get a more big picture view. Our financial planner looked at our finances and mostly gave us an idea of how well our savings plan is going to meet our financial goals (based on when we want to retire, what kind of lifestyle we want to live then) and looked at our life insurance policies and suggested where we should make changes. It was helpful because there are a lot of variables (how many kids will you have, how much do you want to spend on their education and can you meet your expectations, how often will you budget for a new car) that are hard to navigate or things I wouldn't think to take into consideration.
what the other ladies said for sure. Additionally our CFP looks at our 401k once a year and has us rebalance it. He also reviews our taxes and looks at that to see where we can plan to save on taxes the following year.
He has helped us with getting through my disability period.
Anytime we have any kind of financial question we e-mail him and get an answer fairly quickly.
For us, we are not money-minded people. We make money, we spend it. He helps us focus on goals, etc.
Like the other ladies said, investing outside of 401k/403b/IRAs. Financial planning/goals. Ive been with a FA for 10 years now. The biggest thing for me is that they are there to advise you on investments that will work for you and offer suggestions when maybe an investment isnt look too hot or there is something better for your goals. We really only meet with our FA on an annual basis but she's there for us at all times if we do need her. I never needed someone to tell me how to budget or the day to day, this is all about long term goals. And frankly, it's something I don't have to worry about as much in terms of research, etc.