January always brings a chance to make better choices and since this blog has nothing to do with tipsy texting your high school sweetheart, I thought we’d talk about what I’m doing differently financially in 2014. We already chatted about five financial new year’s resolutions, and most of those I already have in place in my life. It’s time to step it up. It’s time to look to the experts to help me decide:
What I’m doing differently with my money in 2014
My dad instilled good money management in my sister and I at a very young age, so I have a great foundation. I have a stack of unused bonds under my bed in safe keeping. I buy company stock. I contribute to a 401k. I set aside money into a savings account each month. I’m “doing” all the right things. So now what?
I will be the first to admit that I know nothing about the stock market. I’m not being modest here either, folks. All that I know about stocks I learned from Julie & Julia, and I’m pretty sure that’s different. I know that it is a great thing to have savings bonds dating back to the day you were born, but how exactly do I turn those into cash? And a 401k…I have to wait how long to ever see that money? See. So. Many. Questions.
Who better to answer these questions than an expert? This month I will be sitting down with a financial advisor, my accounts and all of my questions, and learn everything I can about how to best manage my money. A financial advisor can help explain how to use the stock market to my advantage, depending on how risky I want to be now or in the future. He or she can give me advice on how much to contribute to my retirement based upon my salary and current spending. And most importantly, they can give me a complete, holistic view of where I truly stand financially and how to get to where I want to go.
The best way to choose a financial advisor? Ask around. When it comes to your money, you want to know the person you work with is knowledgeable, professional and understanding. Let your friends and colleagues experiences help narrow it down.
Now obviously I won’t be talking millions of dollars here, so I’m sure it won’t be the most complicated of conversations, and I’m definitely not his most important client. Not yet. But I’m MY most important client, so I am going to take the time to truly have control over my money in 2014 and beyond.
Julie Hills says
Sounds great, Megan! Let us know how it goes. I also have a decent depth of financial savvy but find that in the last two years, the one-two-three-four-five punch of getting married, moving, having a baby, going down to one official income, selling an apartment, and buying a house (that might even be six punches!) mean that I’m juggling a few more balls in the air and that my ability to really think and plan through all of my financial decisions has given way to just “throwing money” at a few things on the list to make them go away. We’re also planning to sit down with someone to discuss life insurance but hoping she can recommend a few other strategies and/or refer us to someone who can. Good luck to you in your endeavor!