I was wondering if there are any moms out there that use a financial adviser? I would like to sit down and talk to a professional about getting our money in order, so we can set up a college fund for our daughter and start to really worry about our retirement. If anyone knows of a financial advisor in or around Cottage Grove please let me know!
Thank You
Not in Cottage Grove but willing to travel to see you: Jeremy Dobson ###-###-####
N., I do not have a reference for you however I do have some advice. I have worked in the financial business for many years. One of the biggest thing to consider is fees - how much will it cost to get the advice and use the recomended product. In addition financial advisors including your local banker and insurance broker are all compensated by what the investment they recomend pays. For this reason it is harder to find someone that will not base the recomendation at least in part by this factor. That said there are some really great advisors out there. Here is what I would recomend. First if you both have an employer sponsored 401k I would max out your annual contribution for two reasons. It's tax deferred so you benefit this year at the same time you save plus the plan is going to typically have much lower fees. The bigger the company the better the investment options and the lower the mutual fund fees. The reason for this is that the combined assets in the whole plan have a lot more purchasing power that you have by yourselves. Another bonus is that you can transfer money between investments without paying a commission. 401k plans also frequently have built in investment help that is free of really inexpensive. If offered the advice is not commission based. You can save for your daughters college in your 401k plan as well. Most plans allow you to take withdrawals for college education that is not taxed until you take it. Many plans also have a loan feature that is not taxed at all. Payments are made back to your account and the interest you pay is paid to you. The money saved is not a factor when qualifing for student grants or other loans. We are going to start seeing new rules for 401k plans that allow more flexibility and even better benefits. If you have a plan USE IT! Once you have saved $100 to $300K in your 401k plan then it is time to find a good advisor that can guide your future financial decisions.
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Thanks, R.
Please email me with any questions about XanGo.
Craig Pederson with Edward Jones (Cottage Grove) ###-###-####
