Want to know how to get a free financial advisor? I am going to break it down for you in this video. Having a free financial advisor can save you hundreds of thousands of dollars, if not millions, for your retirement.
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Want investment advice, but either you don’t hit the investment minimums to have paid personal advisor Or maybe you don’t want to pay the fees associated with having a financial advisor. Then you are in the right place because I am going to tell you how get a financial advisor for free. So let’s jump right in.
Like I said I am going to tell you how you can get a financial advisor for free! However, first I want to show you why this is so important. Most financial advisors charge a 1% fee to manage your money and they usually require a minimum amount of money they want to start managing your money. Historically, having a financial advisor was SO important because we didn’t have access to the systems we have today and the barrier to entry was so MUCH higher. However, now you can literally invest in the market from your cell phone with zero commissions, you can even buy fractional shares. That means if you want invest in Tesla and you don’t want to have to pony up $691.05 to purchase a share. With fractional shares you can purchase any amount you want. Additionally, 1% of your investment may not seem like a lot but that could be hundreds of thousands if not millions of dollars over time. Let’s look at an example so you can see the difference over time. Let’s say from the time you are 25 years old until you are 65 years old you invest $350 per month at a 10% interest rate which is the historical return for the S&P 500. In 40 years you would have made $1,958,462.59. Now let’s say during that same time you paid a financial advisor 1% which means you would have only received a 9% return on your investment in that case you would have made $1,487,726.97. The difference that you would have paid your financial advisor is $470,735.62. That is almost half of a million dollars. When you look at it like that it is VERY expensive so that is why I think having a free financial advisor is such a great idea. Think of it like you just gave your future self a few extra hundred thousand in retirement.
Now the way to get a free financial advisor is to simply open an account with Charles Schwab and no I am not affiliated, sponsored, or get paid in any way. I’m just a super happy customer who have been using them for years and using their free financial advisors and financial advice. It is possible that other companies offer this service as well, but I am not aware of the exact services they offer because I have not used them. However, once you open an account with Schwab, you can schedule a meeting with a financial advisor who will sit down with you, or over the phone with you, and discuss your investing goals, risk tolerance, and come up with a plan for you. Additionally, if you ever have any questions about an investment, how to buy a stock on their platform, literally anything, they are available 24 hours a day and are super helpful. Now this isn’t just a huge glowing endorsement for Charles Schwab, but regardless of which brokerage firm you use, you should check and see if they offer this service. This literally saves you hundreds of thousands of dollars over your lifetime and it is wonderful that no matter when I have a question someone is always available to help.
An even better option would be to take the time to learn personal finance and investing yourself so when you are given financial advise you can determine if that seems right for you and you can implement any plans made. It does not have to be overwhelming, confusing, or boring. Learning investing can be broken down easily and once you start making money it gets more and more exciting and fun!
Does your brokerage firm offer free financial advisors without minimum deposits? If so, which company do you use? I would love to hear in the comment section.
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