Is anybody on here one or can you recommend one? I'm curious as to how that process works.

5/6/2006 4:00:30 PM

PM PrufrockNCSU

5/6/2006 4:44:43 PM

call this firm named JT Marlin

5/9/2006 1:07:43 AM

John P Huggard teaches personal finance (BUS225), or at least was still teaching it a couple years ago. IIRC, he's a CFP among other things. He was a good prof, and gave out advice to anyone taking his class.

[Edited on May 9, 2006 at 7:41 AM. Reason : sp]

5/9/2006 7:40:56 AM

^I WISH I WOULD HAVE TAKEN THAT CLASS WHEN I WAS IN SCHOOL...THEY SHOULD MAKE IT A REQUIREMENT

5/9/2006 9:16:55 AM

He will only work with you if you have a full time job and have a part time gig to make extra money. He also told us that you could not have any credit cards. I do agree with him on that one but the 2 job thing doesnt work for me.

5/9/2006 11:03:02 AM

I am currently pursuing a CFP, but nowhere near someone who can give professional advice. . . Yet.

5/9/2006 1:31:04 PM

Quote :

"He will only work with you if you have a full time job and have a part time gig to make extra money. He also told us that you could not have any credit cards. I do agree with him on that one but the 2 job thing doesnt work for me."

WOW THAT FITS MY CRITERIA EXACTLY...HOW DO I GET AHOLD OF THIS GUY?

5/9/2006 3:14:48 PM

"He also told us that you could not have any credit cards."

How can this fit in with someone who ever wants to buy a house or a car?

5/9/2006 3:38:04 PM

I DON'T HAVE ANY CREDIT CARDS AND I OWN BOTH

5/9/2006 3:41:40 PM

Quote :

"John P Huggard teaches personal finance (BUS225), or at least was still teaching it a couple years ago. IIRC, he's a CFP among other things. He was a good prof, and gave out advice to anyone taking his class."

that guy is a fucking moron, steer clear of his class at all costs

[Edited on May 9, 2006 at 6:45 PM. Reason : and yes, if you think it was a good class you're a fucking moron too]

5/9/2006 6:44:53 PM

I think he means no balance...

None of that 2 or 3 G's balance stuff

5/9/2006 11:39:56 PM

They are just salesmen.

5/9/2006 11:53:13 PM

http://www.daveramsey.com

5/10/2006 6:11:45 AM

Quote :

"that guy is a fucking moron"

I had him for a 400 level and he seemed like an alright guy. If half the shit the guy says about his personal life is true than he's done alright for himself as a moron. Every other weekend he was talking about flying to his vacation home to ride horses or speak at conferences.

By the way, are you curious as to "how the process works" to become one, or to get financial advice? Because

Quote :

"They are just salesmen."

[Edited on May 10, 2006 at 9:23 AM. Reason : tenses...]

5/10/2006 9:22:37 AM

Quote :

"He will only work with you if you have a full time job and have a part time gig to make extra money."

wtf? i bet he also says to eat roman noodles and walk 15miles to work to save money. some of these guys are rediculous. theyre such the extreme 'sacrifice today for tomorrow' that i can't deal w/ it.

sorry but you can be responsible and still enjoy life.

5/12/2006 1:15:02 PM

Quote :

"How can this fit in with someone who ever wants to buy a house or a car?"

Do you buy a house or car on credit cards? Nope. He has nothing against mortgages and car loans, since those are practical.

Quote :

"that guy is a fucking moron, steer clear of his class at all costs"

Just shut up. He's a great professor and has shown that he only wants to help students prepare for the future.

He teaches, does financial planning, sells real estate, and I'm pretty sure has his law degree. He doesn't do it all everyday though. He told us that once in awhile he might try and sell a house on the side for some extra income or use his law degree if something comes up.

Quote :

"i bet he also says to eat roman noodles and walk 15miles to work to save money"

Not really. He does point out that 90% of all millionaires in America don't live the Lifestyle of the Rich & Famous way though by driving cheaper american-made cars and living within their means. That's why they're millionaires though... they don't go out and buy the latest model mercedes every other year, etc, etc.

5/12/2006 1:26:17 PM

^ right on.

yeah the new grads driving the $55,000 - $65,000 cars in the parking lot at work always makes me giggle a bit.

But hey to each his own. Not saying either is right or wrong. The only person that knows your financial situation the best is yourself. No one else can judge, because they have no clue.

5/12/2006 4:01:14 PM

I loved Dr Huggard!

He also pointed out how starbucks coffee adds up over time verses what you would have if you made your own and saved the equivalent.

5/12/2006 8:01:48 PM

You would be surprised at how much you spend at Starbucks in a month.

I just get the regular coffee now and I have a discount card at the Barnes and Noble Starbucks so it's all good Plus I have no shortage of coffee here!

[Edited on May 13, 2006 at 8:52 AM. Reason : .]

5/13/2006 8:52:37 AM

Quote :

"I loved Dr Huggard! He also pointed out how starbucks coffee adds up over time verses what you would have if you made your own and saved the equivalent."

OMG HE'S A GENIUS!

5/13/2006 10:52:40 AM

I keep reading that example all the time in articles about the "Millionaire next door"

5/13/2006 11:19:15 AM

Quote :

"Just shut up. He's a great professor and has shown that he only wants to help students prepare for the future."

no, he's a goddamned idiot, i realize he's teaching a basic class at the 200 level, but he's made it so general that it's all just flat out wrong wrong wrong and will screw you over if you actually took the shit that he says at face value

you just think he's great because he spends 90% of class time lecturing publicly masturbating to his own "achievements"

5/15/2006 10:28:13 PM

I work as a financial planner/advisor

5/16/2006 6:27:57 PM

PM Gamecat and you will be in business. PM me if you do so I can call him because he is VERY busy and doesn't get on T-dub much, but I am sure will check his mail if you send him one.

5/16/2006 8:07:47 PM

While on the topic: does anyone have any good recommendations for books that teach you about personal financial planning? I was thinking of going to B&N and picking up something by Suze Orman...anybody read her books?

5/17/2006 1:25:51 PM

Financial Planning for Dummies?

5/17/2006 2:29:11 PM

^^I read Suze Orman's "Young Fabulous & Broke", to see if it was worth recommending to friends. It may help you figure out which financial tasks to prioritize. *It may also insult your intelligence. Ex. 'Let someone else pay half your bills' - a whole chapter on the financial benefits of having a roommate.

Tip #1: Don't pay for a book you can borrow from the library for free. Deposit $10 to your bank account. Profit.

[Edited on May 17, 2006 at 9:52 PM. Reason : *]

5/17/2006 9:46:47 PM

^^More like Financial Planning for Women with expensive shoe habits

^ Aah, that's exactly what I don't need (common sense tips from books). I know exactly where and how to save money, I just need tips on investing all that saved money wisely...so I think I need something on Investment Planning. I'll probably just go to the bookstore and see what's out there. Thanks.

5/18/2006 10:53:16 AM

Check out:
http://www.efficientfrontier.com/reading.htm

In particular:
The Intelligent Investor


It's very easy to get sucked into wanting to hit the next home run on a stock. But for something like a 401k, stick to the "boring" low coast mutual funds. With proper asset allocation, given your age, and if you can max it out, you'll be sitting very pretty by the time you retire. Time is on your side, put in as much as possible as you can early on. Once you get a tidy sum, it really starts to snow ball.

Avoid anything by Robert Kiyosaki (Rich Dad/Poor Dad series). That guy is an idiot.

[Edited on May 18, 2006 at 1:02 PM. Reason : asg]

5/18/2006 1:00:17 PM

Thanks for the tip! Yeah, I feel bad enough for slacking on investing money all of last year coz I was busy paying off student loans and other debt. Now that that is more or less out of the way, I'm definitely looking into investing all this extra money I have, my 401(k) being one of them. My company has other good pension and stock plans, so I may look into that too. I wanna retire rich

5/18/2006 2:40:14 PM

a couple of tips to help you allocate

if your company gives you money, take it - make sure you put in whatever it takes to get the max benefit from your company

after you've hit your max on the roth ira, the company match on the 401, and any restrictions on the stock plan (and don't weight anything more than 10-15% with company stock) take a step back and see where you'll get the most benefit from your marginal investment dollars, it's easy to know what to do with the first part, it starts to get tricky when there's no immediate apparent advantage to what you do with your funds

also don't forget to build up a nice cash cushion (6-12 months expenses if you can), i'm in the process of moving mine to an online bank and keeping half in savings and rolling half through short-term CDs just to keep a decent return on it, but make sure it's liquid enough in case something happens)

and you also need to make sure you're adequately insured, most young people don't think about that one

5/18/2006 11:37:02 PM

Quote :

"http://www.daveramsey.com"

My mom goes to this guy's class and talks about him constantly.

5/18/2006 11:45:16 PM

The National Association of Personal Financial Advisors has good info on how to hire an advisor:
[link]http://www.napfa.org/consumer/ToughQuestionsToAsk.asp/link] for sample questions to ask.

But I should point out that, iff you have less than $50,000 in investable assets, even a "discount broker" like Charles Schwab doesn't want you as a client.



The two things everyone in this thread has forgotten so far: Renter's Insurance & Disability Insurance.
--My renter's insurance is ~$50 a year. For a dollar a week, I can't afford not to have it. Get your renter's from your auto insurer so you get the multi-line discount.
--You're more likely to be disabled, at least temporarily, than you are to die young. Your biggest asset now is your ability to work. Insure it. "Own Occupation", not "any occupation".

5/19/2006 12:51:15 AM

What are the qualifications to be a certified financial consultant/planner? I met some guy who claimed he was one, but I've always been suspicious of him.

5/22/2006 9:09:41 PM

Quote :

"What are the CFP marks? The CFP marks are awarded to individuals who have successfully completed the certification requirements of the Certified Financial Planner Board of Standards, Inc. To obtain the CFP certificate, the following qualifications must be met: Examination. An individual must successfully complete the CFP Board’s Comprehensive Certification Examination, which tests the individual’s knowledge on a multitude of key financial planning topics. Experience. An individual must acquire three to five years of financial planning-related experience prior to receiving the right to use the CFP marks. Ethics. An individual must voluntarily ascribe to the CFP Board’s Code of Ethics and Professional Responsibility. This voluntary decision empowers the CFP Board to take action if a CFP® professional should violate the code of ethics. Such violations could lead to disciplinary action, including the permanent revocation of the right to use the CFP marks. Education. A CFP professional must obtain 30 hours of continuing education every two years in the body of knowledge pertaining to financial planning areas such as estate planning, retirement planning, investment management, tax planning, employee benefits, and insurance."

It doesn't say that you need a Series 7, 63 etc, or a Masters, but I imagine that 95% of those practicing have them.

5/23/2006 11:57:23 AM

a CFP is required to work in the financial advising/planning industry for at least 3 yrs before you can apply to be a CFP.

6/2/2006 10:41:42 AM

Being a financial planner is on the same level as insurance salesman, basically.

My old roommate, who couldn't balance a checkbook, who never paid bills on time, who is an all around pretty delinquent guy, is now a financial planner for one of the larger firms in Raleigh.


But basically you go in and discuss your financial goals. They then steer you into buying mutual funds that the comapny they work for owns because they get a higher commission for selling those, even if they are poorly performing funds and would not be the most beneficial to your retirement plans. They do have some moral obligation to sell you the best and if the SEC finds them selling plans that are poor performers intentionally to pad their own profit, they can be fined. But if you think that is going to straighten them all out, then you are naive.

For example, American Express spun off Ameriprise due to their growing lack of credibility. They wanted to seperate their good name from the growing SEC investigation into the company that is now Ameriprise. If you want a small taste of whats been happening in the industry, just google Ameriprise sucks.

That being said, there are some good guys out there. But I guarantee that if you meet with one of them, you will leave feeling like you just got hassled by a car salesman. Guys like Bill Sloan are on the up and up though and are evidently VERY good at what they do. I would just avoid these groups like JD Edwards and Ameriprise and John Hancock to name a few.

[Edited on June 2, 2006 at 11:19 AM. Reason : er]

6/2/2006 11:18:21 AM

^ very murky explanation. a certified financial planner is someone who knows how to help others save for the future. now if they get employed by a company that just so happens to take in people's investment $, what do you expect? but by trade CFPs aren't dishonest and solely pushing other interests.

6/2/2006 12:04:38 PM

^agreed

6/5/2006 3:31:34 PM

i've got a pretty good friend that is working for ameriprise. he was kind of a fuckup in high school and failed out of college a few times (never graduated), then all of a sudden he said he was going to be a financial planner. i was like wtf?

^^^ pretty much explained it perfectly.

6/5/2006 5:02:11 PM

alright, i'm in this predicament as well. As of this month I qualify for my 401k at my job. I'm trying to decide if i should do it. i have car payment which is about 500 a month, then i have rent/utilities which is about 400 a month, gas is a bout 45-60 a week, cell phone bill is about 60-80 a month, student loans will be about 150 a month, gym membership is 10 a month, go insurance plan 20 a month...This is not taking into account food expense and other personal expenses. Before i add in that it only leaves me with about 650 dollars a month. If I where to get into a 401k, how much of that amount would be taken away.

6/7/2006 9:32:43 AM

if you have any extra money at all, you should contribute to your 401k AT LEAST up to what your company matches (assuming they match). The benefit to 401k contributions is that they are pre-tax. so you are taxed on the amount you receive after the 401k contribution has been subtracted. It is a good idea.

6/7/2006 2:00:56 PM

I will be talking to the 401k people tomorrow..everyone is tell me it's a good idea and I know it is, I just want to be able to have a little extra money on the side each month to do what i please.

6/7/2006 2:36:30 PM

^^^

Even if it's just a little bit of money, you should still look at doing it. Maybe only $50/month for now. Especially during those first few years after graduation, a little bit of money has a way of really building over time. Plus, when you do start making more money, you already have not only a 401k set up, but it's also become second nature for you to contribute to the 401k.

In fact, if you have it automatically taken from your paycheck, you really don't miss it.

6/8/2006 12:19:52 PM

if you don't contribute up to what your company matches you are a complete fool

6/8/2006 12:25:50 PM

Man, it sure would suck if that $500 a month car payment ends up keeping you from retiring when you should be able to...

6/8/2006 12:31:48 PM

i should be good..i'm only paying on it for 5 years and it beats the shitty cars that i've had in the past..i expect to keep this car as long as possible.even after it's paid off. Unlike some people, i ha d to deal with shitty cars throughout high school and college(which I paid for myself), so now that I'm working a good job, I wanted to get something nice that i'm very pleased with..I dont care if it is a 25,000 dollar car. BTW, payments would have probably been a little cheaper if it wasnt for my credit. But it's a 2006 model, so ooh well. I'll deal with it.

6/8/2006 12:40:33 PM

it sounds like you probably financed the entire thing with little to nothing down and a 7%+ interest rate

6/8/2006 1:06:35 PM

I'LL NEVER FINANCE A CAR EVER AGAIN

6/8/2006 1:48:32 PM