I could use a "Money Coach"...
 

Generally speaking, the financial advice found in books and on-line is OK, but I'd like to have a go-to person who'll answer questions & give advice based on my own personal situation. I'd like some input on questions like, "Should I refinance, or should I pay off my mortgage?"; "Is it better to buy or lease my next car?"; "What are my options in dealing with a modest inheritance?"; "Should I pay cash or finance a big-ticket item?"; "What should I consider when looking to purchase income property?"; "Do I make a will or set up a living trust"?; Is a Roth IRA right for me"?
I'm interested in knowing about the long-term implications of decisions I would make today about matters involving money. Do I seek out a financial planner, a financial adviser, an attorney, an investment counselor, a banker? Are there folks out there who can provide such a service?

Yes. And all the good ones will say: "Stay out of debt."

Sounds simple and almost too easy, but this is definately the key to financial freedom, in my opinion as well.
-Z

Neither a borrower nor a lender be,
Do not forget: Stay out of debt;
Think twice, and take this good advice from me,
Guard that old solvency.
There’s just one other thing you ought to do,
To thine own self be true.

current below building cost real estate values
and very low loan rates too

make me think
now is the time to load up on debt [mortgage]
and get real property
rent to cover costs
and sell on the recovery

I can't see cash as a good long term play today
with super low rates paid on it

That's what everyone was doing 5 years ago. All the people who were doing that 5 years ago are now renting. It must not be quite that simple.

+1

My wife and I are Mr. and Mrs. Under-Leveraged. Perhaps we have missed out on some short term thrills. But it has served us very, very well long term.

Checkout Ricedelman.com alot of good free infor. at the site.
And ranked number one independent advisor by Barron's.

Beware of a "money coach"...for he can easily be a "money shark".

Mobody cares about your money more than you. Do your homework.
Manage it yourself.

Unless:

http://forums.pelicanparts.com/uploa...1351163550.jpg

Jim

timing is everything

real money is not made following the herd

nor is it made playing safe

Nothing wrong with debt when you can lock it in at 2.5% for 15 years or 3% for 30years. Now that assumes you can invest the money and do better than the 2.5% over the 15 years and that has historically been very easy to do. And yes, even over the past 15 years which have seen some pretty bad market crashes and low rates on fixed income investments.

An example of this is the person that has a monthly $1000 mortgage and $1,500 per month to work with. Should they put the extra $500 toward the 3% mortgage to get out of debt faster or instead put the extra $500 into a ROTH IRA. The correct answer in the vast majority of cases is to stay in debt longer and plow that extra $500 a month into a tax free account that should easily return greater than 3% over the life of the mortgage.

As for the original question if you don't know what you are doing you use a professional. You do it when you're sick and see a doctor, being sued and see a lawyer or when you have other problems and call a plumber or electrician. Try seeing a fee based CFP. Well unless you have nothing better to do than to become one yourself.

That's good advice.

They dont answer every question but free calculators usually break down the #'s

http://www.bankrate.com/calculators.aspx?opnav=c

I agree with Paul on his first two points, but disagree on his last point. Your questions are all good ones, so my advice (free) is to ask more questions of friends and acquaintances of who they use to assist in managing their money.

It sounds to me as you want someone to give you guidance but ultimately the decision on what to do rests with you. Does it feel right? Can you sleep at night with the decision? If the answer to either is No, then don't do it. Be comfortable with the decisions you're making and don't feel pressured by a financial advisor or planner or whatever they call themselves.

The advice I've seen is to find someone who charges a fixed fee and isn't in it to have you trade a bunch of stocks and earn additional commissions.

Remember, if it sounds too good to be true, than it is. Also, if you can't understand it, don't invest until you do. If your adviser/planner/etc. can't explain it to your satisfaction, don't do it. Also, you will probably need the advice of an accountant as well, since they can answer the tax implications of the various things you might consider.

If you are responsible and life doesn't throw curve balls at you, then debt is okay for the long term. However, in real life crap happens and debt is a risk that must be managed properly. I can take out a huge loan at 3% and just make the payments knowing I'm investing the money in other better investments. Then I lose my job and can't make the payments! It's a good theory, but not the best financial advice.

What would you rather have, a house with no payments or a 30 year mortgage with a bank ready to take your house away if life throws something at you?
That is a risk that many people don't think about and it can happen to anyone. A bad accident can take out the bread winner for a long period of time. With no house payments you can live off social security if you had to.

Random bits of financial advice I have learned over the years.

SAVE YOUR MONEY. (My attorney aunt who grew up during the depression.)

Zero debt. Pay off the house asap. (My former Wall Street wife.) (Still is my wife.)

"Oh, I don't have any money in the stock market." (Former Treasury Secretary Robert Rubin in 1999 as the tech bubble burst. He had been asked about his own portfolio.)

Slowly move out of stocks as a presidential election draws near. You just don't now what the hell the new guy is going to do to your savings. (My brother in law.)

Greed and fear are the two emotions of investing.

Don't put any money in the market that you cannot afford to lose.

"Worry." (George Soros, when asked what one word he he would use to describe his money management philosophy. Basically, someone or something is constantly trying to screw you out of your money.)

Reminds me of Porsche's one-percent* financing offer a few years ago. I'll be a lot of us were tempted.

*Or whatever it was--it was a ridiculously low rate.

Financial happiness is paying no interest. (While having others pay interest to you.)

Especially in today's investing climate, but always...FEES MATTER. Brokers are very talented at hiding their fees within the statements they send out.

No matter how often a car salesman says; "this car is a great investment.", it's not.