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Why I Invested in a Financial Advisor

You know the saying that you have to spend money to make money? As I grew older in my 20s, that saying started making a lot more sense to me.

I utilized credit cards with fees to maximize on points, I made sure my savings were in a high yield savings account, I took advantage of my company’s Health Savings Accounting and 401K match, but I knew that there was more I should be doing, but I was not sure what.

From the majority of things I read, I was doing all (or almost all) of the right things. But of course, when it comes to finance and investing, there is no real limit for the things you can take advantage of. Because of this I invested in a financial advisor.

It can be intimidating to spend money to have someone else handle your money for you. In fact, some may see it as a waste — isn’t the point to save my money and maximize on that, not spend it on something I could handle myself? I definitely had that thought, but then I realized, I wasn’t doing that!

I did not have the time or the energy to learn what funds and/or stocks I should be investing it. I understood both a 401K and a Roth IRA, but I didn’t know if I needed both. I needed direction in my personal finances, someone who understood me, my wants, my needs, and what I needed to get there. In short, that is why I invested in a financial advisor. But is a breakdown for you of how and why I came to my decision.

Why I Invested in a Financial Advisor

I did not choose someone random. 

I am using the same financial advisor that members of my family have been using since before I was even born.

Now I know what you may be thinking — well that sounds dated, but I can assure you it’s not as its a family business so he works alongside his son, who is a millennial as well.

But the assurance of knowing I have family who have trusted this financial advisor for decades, and they are now very comfortable even after sending children through college, speaks volumes. I know I am not being taken advantage of because I have seen the success for myself.

I wanted to invest more but didn’t know where to start.

I knew I wanted to invest, but where to even begin? The stock market? Index funds? By having a financial advisor, we were able to come up with a plan, both for my long-term retirement goals and my more mid-term goals (such as purchasing a house, starting a family, and so on).

He advised me on how aggressive I should be for my age and for the length of the account time. He also told me which funds I should be investing in and how much I should be putting in per month. It’s only been about four months now but I have already seen my money grow.

I learned that there’s more to financial wealth rather than just investing. 

I assumed when I got a financial advisor he would tell me what stocks to buy and I’d just buy them and pray for the best. That is not what we did at all. Like I said above, we came up with a personalized plan.

But he brought up other things to me I had no idea should be taken into consideration — life insurance for one. I’m barely even 30 with no children, why would I even think of life insurance? Well let me tell you, it’s just as important to invest in yourself and your life from an early age, while you’re still healthy. This way, God forbid down the road something happens, you have the financial protection — I have heard way too many horror stories of people diagnosed with diseases wishing they had invested in life insurance from a younger age.

My advisor is helping me with medical benefits too. 

In addition to the life insurance, my advisor also go through all the medical benefits my employer offers me and recommends which one he thinks would work best for me. I don’t know about you, but even when the different benefit options are broken down for me, I still don’t always understand them, so I am very grateful I have an advisor who can go through them for me!

All in all, I am paying one flat free per year for my financial advisor. He offered different packages and I chose one that worked best for me. I have not regretted my decision one bit and I am looking forward to continuing to work with him long-term. I can go with him with any question big or small and he is there to answer. If you are looking for a financial advisor, I am happy to recommend mine. Just reach out to GenTwenty!

About the Author

Michelle Ioannou

Michelle graduated from Fordham University with a Bachelors of Arts '13 and a Master of Arts '14. She's currently working in corporate America with a side of freelance writing. She wants you to learn from her experiences and mistakes so your 20s can be your best decade. When she's not working, she's likely planning her escape to a tropical island.