ok dv, now i see where you are..........basic financial stuff.........unfortunately getting the most out of your money is a never ending question, how to use a credit card is spot on basic, and when to buy a home/property is in between. follow hasan on getting advice from trusted folks on the credit card info....you don't need a financial advisor for that, you need folks, intelligent folks, who have been in the game longer than you. maximizing your income, i suggest you put that aside until you have a more clear idea out of what you want over the next 3 to 5 years of your life. if you follow hasan's advice and seek out a reputable/recommended advisor, the more precise you can be the better he/she can serve you. to do that you need to have an idea of where you would like to be financially in that time slot. do you want to have 30 to 50k in a retirement plan, do you want to have property too or in place of the retirement plan? personally if i were your age i would avoid (like the plague) buying a home/property in your area at this point. yes interest rates are attractive, yes housing is relatively inexpensive compared to elsewhere in much of the states however, the real estate market in places like wichita is very very chancy in the long run for now. you are better focusing on your retirement plans and building non real estate holdings. don't simply accept that renting is giving your money away. i have seen too many young people unable to unload a home and having great job opportunities elsewhere. sure you could become a landlord, but if you are hesitant about becoming more involved in managing your own money, why would you be any less hesistant in managing other assets. sorry to sound a bit over the top on this dv but in all honesty you are so far ahead of where i, and my peers were at your age, that you would be (excuse me) foolish not to spend a lot of intellectual and emotional energy now on deciding for yourself and on learning for yourself, what and where you want to be in 3 to 5 years and how to increase the likelihood of that happening by now busting your chops to figure it out without supposed expert help.

i use the word supposed based on recent research on financial advisers (not fee only). simply put, in the long run, most are not worth the money. i paid my guys around 10 to 12 k a year to manage my money. i (as you will) also will pay the managers of most mutual funds 3/4 to 2% a year to manage the fund. guess what dude. it better be a banner year if you are going to make some nice money given the fact that you have such large coin on the line with your adviser and the fund managers. time and time again, vanguard and other low fees folks win. that is why people on this forum recommended it to you. don't get me wrong, if you are willing to do what hasan (keefik bro) and others like him do you may get better results. however, the overwhelming majority of financial advisers at ej, mssb, hsbc, and on and on are salesmen, sharp folks, but just that salesmen. they follow the advice of the analysts at their outfit and they plug in the risk assessment you do for them into the software program they use. sometimes it works, sometimes it doesn't. research says, they aren't worth it in the long run and dude , at 23 that is you, the long run.(when i say research, i am talking the past 50 years meta analysis and that is take it to the bank research). so while i would not say , don't use ej or other commission folks, and i would not say you HAVE to use (for now) fee only folks, what i will say is that..... A. you really should spend a lot of brain time learning about yourself and what you want specifically for the near(intermediate)3 to 5 year term. B. much of this will hinge on the question "do i want 30 to 50 k in the fund and/or do i want to own property? C. finally, the credit card........tons of stuff online once you decide what you want.....for me it was simple. had a kid and family in san diego, got a freq. flyer card with southwest. your situation may be more complicated but hell it ain't rocket science. choices are go cheap, or get perqs. what are the perqs that interest you? travel, $$, get a new car? focus it though, either go cheap or go for one catgory.....at 23 ( unless the family business is paying you 6 large) you are best to maximize one category. simply put, you don't need advice for money on this one. sorry to sound so pompous but you have the right car (white) and you are from the heartland. that raises the interest of old white guys like me on the right coast who spent time in kansas at your age but in a new 65 mustang.......(that was new i wrote}....later, betres

 

I may be wrong, but I think you are looking for investment advice (stocks, mutual funds, etc. that are liquid) vs a retirement plan (IRA with penalties for early withdrawal). With most retirement plans, there is a heavy fee if the funds are withdrawn before the age of 65 or whatever it may be. Investing can be used with retirement in mind, but are liquid, and can be turned into cash whenever without paying any penalties.

Personally, I would recommend finding out if you have any friends who work with stocks in some capacity and have knowledge, and seeing if you can pick their brains about whatever is on your mind. If I were you, I would figure out how much of your income you need/want for expenses + a buffer/emergency fund, and how much you can afford to invest on a monthly/yearly basis. Ideally, once you invest the money and put it into stocks/funds you want to leave it in your trading account aka your investment/savings/retirement. Companies like GE, Coca-Cola, Walmart, etc. are safe investments without much risk. However, since you don't seem to want to invest too much time into researching companies like this, I think it'd be easier for you to research mutual funds and figure out which ones you like. Look at their past charts, and determine which you think are the most appealing. You could even do a mock-investment and decide how you would invest $100,000 and then see how that does over a few month period. To start, I would put money into funds so that you don't have to worry about diversity in your investments, and as each month/year passes, put your newly earned money into your investment account.

As far as credit cards go its quite simple. Applying for too many hurts your credit as does missing payments etc. To maximize the benefit of credit cards/increase your credit score the most, you would want to have more than 1 credit card. Figure out how they benefit you, cashback for gas, food, etc. Then you can either use your cards equally, or you can have one card for food/groceries/gas, one for entertainment, etc. You don't want to max out any of your credit cards, have late/missed payments, or request credit line increases if it can be avoided. If possible, it is best to pay your bill in full every month. Doing this stuff will help your credit score. As far as your credit score is concerned, it's good to have debt as long as you make your payments and don't have a boatload.

 

Proper advice depends on allot of factors, how much to you wish to invest, how much more on a regular basis, your tax return info and most importantly what you want ....besides "best possible...this or that"...No matter who you talk to, fee based on not, it depends on your goals.

Bottom line, this is your money and you are the best judge of what happens to it, you do the research, there is no simple way or you trust someone else to do it and take their advice.

No offense to any financial planners out there, but if they were any good they would not need to work, let alone work for someone else. imho.

I have found and perhaps I am unusual, that money management is best done for me by me, my priorities my goals, my choice of risk, etc....take your time, put money into something that gives you a return with minimal risk until you are better informed. Mutual funds, indexed, are a good place to start, watch jim kramer... mad money on cnbc, get one of his books, ask people you know who are older and have experience...make your own choices.

In the end it is your success that you seek and you will be responsible for whatever you choose or whomever you choose to represent you.

 

Digging up an old topic.....

My mom recently retired from Edward Jones. They do have surprisingly rigorous training standards for their advisers (and even for their office assistants). They also have rigorous quotas, and if not met, the advisers are fired. Small markets (such as the one my mom was in) are held to the same sales numbers as those in larger, more affluent areas.

With that in mind, I'd take their advice with a grain of salt.


I personally use and recommend Vanguard. If you want to keep it easy, their Target funds aren't bad.