Do we need a financial planner?
January 12, 2007 6:46 AM Subscribe
Because we are looking to buy our first home in the next few months, my husband and I want someone with more knowledge to help us figure out our financial situation - where we're at and where we should aim to be. I am not sure if what we're looking for is a financial planner, or if this is even really necessary to do before we go home shopping. My worry is that most financial planners (if that's even what we'd want) seem to be focused solely on retirement planning & investing. I'm not sure if that's what we need.
posted by tastybrains to work & money (7 answers total) 7 users marked this as a favorite
Basically, my husband & I are 27 & 26 respectively and were married last year. We both have decent jobs, and are not in a ton of debt - I have a credit card balance that we need to pay off, and some student loans that are very low interest that we're not in a rush to pay off. We have no car payments and pay all our bills on time, etc.
Due to our personal savings and some generous wedding gifts, we're at a point where we feel ready to put a down payment on a house. We pay a lot in rent to live in an apartment that doesn't really meet our needs...we're both extremely tired of apartment living and feel ready to take on the responsibility of owning a house. All of the mortgage calculators we've tinkered with have indicated that we should be able to afford the type of house we're looking at with our down payment amount plus a monthly payment that's not that much more than our monthly rent.
We are also at the point where we're thinking about having a child within the next 2-3 years.
Because of these two huge responsibilities, we kind of want someone with more experience to look over our finances and help us determine if we're doing the right things with our money, and how best to prepare for our future goals.
What's the best way to do this? Is there a professional we can hire to do this? If so, how do we find one who is reputable and won't try to sell us stuff?
Or would we be better off getting some books (any recommendations would be appreciated) and doing some hardcore research?
What do most people do in our situation?