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One of my friends recently joined Mass Mutual and wants to sell me their service as a comprehensive financial advisor. it's $1,000 annually to manage my accounts, assuming we only meet once a year. Based on my stats below, do I need one? If you have a financial advisor, why? Age: 28 Relationship Status: Dating, Unmarried Income: 187k (Contract) Savings per month: ~3.5k Debt: 600k Mortgage Roth IRA: 20k, mostly ETFs and Index Funds Brokerage: 65k, mostly ETFs and Index Funds 401k: Not active at my new job, but 20k from companies HYSA: 40k @ 5% Goal: Retire around 40, live smart, live comfortably After an initial profile review, they mentioned I'm an anomaly for my age group and the only thing they're able to recommend is a (1) Permanent Cash Value (PCV) life insurance plan and (2) Disability Insurance Benefits. While I agree with the strategies, I think I'm doing pretty well for myself and can probably manage to get those benefits myself without a financial advisor holding my hand. #finance #financialadvisor #MassMutual #FIRE #Retirement
I’ve fell for this trap once. Don’t do it, you are more than capable to do it on ur own and save the $1K fee.
You won’t be able to retire in your 40s…
Not at this rate, anyway haha
Absolutely NO. End of story. No matter what fancy pitch they throw at you.
No, most people do not need a financial manager.
Also, insurance is not an investment. Get a 20 year term policy and ignore the sales pitches for everything else.
A financial advisor to manage what? your debt? ...
You're already doing everything you need to do and don't need an advisor. As you pointed out, they're just trying to sell you insurance. Don't bother.