How do you find a financial planner? How did I find mine?

I found mine through a referral from a friend. They told me they started later in life with him and he had done well for them. So, I made an appointment with him and my friend went with me for support. They already knew I didn’t have much money to start with, and I didn’t care if they heard how little there was.

I took in my tax return from the previous year and a list of all the money I had in checking and savings. I also showed him how much money I had invested in my work retirement plans. Some of my retirement money was from a previous job. Most of it was in my current employer’s fund.

He told me we could move the money from my previous employer to him to start my plan. He laid out an entire program of what I should do to start to build wealth. I determined I could send him $100 a month to a Roth IRA to start, which I did. A few months later, I paid off my car and added my car payment to what I was sending him. It amounted to $500 each month.

Along with building my Roth IRA, he advised me to refinance my house twice as mortgage interest rates fell. If I had a question, I would simply call him and ask if it was a good idea. For example, when I paid off my car, I wanted to add that money to the principle on my mortgage. He told me no. I was advised to send it to him as he could earn me more money than the interest rate I was paying. I was skeptical but did as he suggested. When I paid off my mortgage, one third of that payment came from the earnings, not from my pocket.

Moral of the story:

I highly recommend using the services of a financial planner. Ask around to see if anyone you know uses one and get some recommendations. Set up an appointment and interview them to see if they’re a fit. See what they suggest for you going forward. If you don’t think they’re the right one, interview another one. Regardless of your situation, a financial planner can help guide you. And, be prepared to listen and do what they say.  I did and it worked out for me perfectly.  I saw a chart once that said your net worth with an advisor would be twice as much as without and advisor. It’s certainly worth checking it out.