Asked 4w ago
Hi, currently without a significant other, would like to save up till $100K before 25 Y/O. Tend to spend a lot on Family (Spend about $600+, $200 on a shaver & 2 pair of shoes, $400 on an Oven for my mum' birthday present), so tab on my savings. Should I go consult an advisor on how to budget properly or manage my finances so that I can reach my goal of getting the 100K & helping my parents get a better home?
When you need more resources an independent advisor could be of help
some of integrity are on this Seedly board (hint: among those with the most answers)
otherwise, generally it is, as with doctors (or with all professions): how to find the one free of conflicts of interest ? difficult.
1 more comments
You need to determine whether you are capable and disciplined enough to achieve your goals on your own. If yes, then we are done. If not, then we need to evaluate on how a financial advisor or consultant is able to help you achieve your goals.
Generally in your situation, I will suggest for you to approach this matter in three steps:
Firstly, determine your goal, and the time to achieve your goal.
Next, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit.
Here is a Guide:
Finally, create a budget that is capable of helping you to plan for the future. The best way to do this is via automation.
How I do My Budget:
Of course, depending on the time that we have alongisde with your risk appetite, we may need to place your money into the right financial instruments in order to leverage on the yield to help you achieve your goals with lesser input.
I share quality content on estate planning and financial planning here.