Current Events > I don't understand having a financial consultant as an individual

(+) Yeah! (+)

If you have to pay for it. So you're gonna pay some one to help you manage your money?
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when you have a lot of money, apparently this is needed.

I wouldn't know

*shrugging shoulder emoji*
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Yes. They wilk take what you pay them and manage it for their benefit.
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Because they will invest your money to help it grow overtime while collecting a lower % of it.
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It costs money for me to fix yo money problem mayne.
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You usually dont pay them. They make a bonus from selling you insurances, mortgages and investing money into financial institutions through them.

polopili posted...

You usually dont pay them. They make a bonus from selling you insurances, mortgages and investing money into financial institutions through them.

How sure are you of this?

I mean, this is saying I'm gonna save so much more money or use my money more wisely while paying someone to manage my money.
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Veggeta X posted...

polopili posted...

You usually dont pay them. They make a bonus from selling you insurances, mortgages and investing money into financial institutions through them.

How sure are you of this?

I mean, this is saying I'm gonna save so much more money or use my money more wisely while paying someone to manage my money.

Ive had two of them and never gave them a single dollar. Some of them are quite bad, especially if you dont have high income. Theyll try to scam you into insurances or never call for followups. Id recommend asking around you for recommendations for a good one rather asking your bank for one.

If you're making enough money to hire a financial consultant, it's probably not worth your time to manage your money yourself.
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Mine costs around $260 annually.

Pennies when the yearly interest I gain is nearly 3-4x that.

Fiduciaries are legally required to help you. Make sure any financial advisor you hire is a fiduciary.

I have been taking investment classes to try to get into investing and it is very time consuming. Keeping up with all the variables involved with your assets (and don't even get started on derivatives) is a full time job. If that is your main passion in life and want to do it professionally, then sure, go ahead. But most people have full time jobs or businesses to run so they pay financial managers who do it for them.

They handle many accounts so they are already on the know of what is happening in the industry. You pay for the convenience of not having to do the work yourself.

It's like paying a housekeeper to clean your house when you are perfectly capable of doing it yourself. Time is a huge factor. Could you be using that time more productively?
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WingStopMaster posted...

Mine costs around $260 annually.

Pennies when the yearly interest I gain is nearly 3-4x that.

25% of something isn't really "pennies".
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