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Im 22 and only have $10,000 saved and steady income, would it be best in my best interest to get a financial advisor?

8 Answers

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  • ?
    Lv 7
    2 months ago

    No

    No one needs a financial advisor until their assets are in 7 figures

  • 5 months ago

    Well, that is not a simple answer. How do you see yourself in 5 years? 10 years? Do you want to invest the money? Are you saving for some other reason? Do you want to grow that $10K into more money? Then a financial advisor wouldn't be a bad idea--BUT--remember that hiring one will ALSO cost you money. They don't work for free. A $10K nest egg is a nice thing to have--you MIGHT want to ask your bank if they have some free advice about what to do. Most banks are happy to give you options for that money. A financial advisor can help you with purchasing mutual funds or stocks, and may have OTHER advice--and you MAY be able to consult with one on a one-time basis. You do need to find that out--hiring a full-time one is probably not a good idea at this time. But a one-time appointment? Sure. 

    You should keep at least 1/3 of it in a liquid account so you have an emergency fund if you need it--and possibly put the other part in some 'secured' savings for now--and keep on doing what you're doing to save. Because that's a wonderful habit to have. 

  • Joe
    Lv 4
    5 months ago

    If you are 22 and have $10,000 saved then you sure don't need any financial adviser.  Just keep doing what you are doing.  Put $3,000 in an emergency-only account and put the other $7,000 in a Roth IRA. 

  • 5 months ago

    I would not consider a financial advisor at this time. The 1st advice they would give you is to have a cash reserve of 6 months and you're still working on thaat. From there, I'd open an IRA.

  • 5 months ago

    No, because your options are limited so there is no need to pay someone to tell you what you can figure out on your own. [ Pay your monthly bills on time and in full. The $ belong in the bank as an "emergency fund" and kept some in the checking account and the rest in savings. <- no interest, but protects the cash should someone tap into your checking account.

  • Anonymous
    5 months ago

    Financial advisor's are not going to have any interest in you with just $10,000 to work with.  They are all looking for the big bucks.  We had $40k - $60k to work with and even then, we were insulted by two before we found someone who would even talk to us.

  • Anonymous
    5 months ago

    What do you need a financial advisor for?    You have a perfectly good brain but no money.

    Put in a wee bit of effort and get yourself a basic investing education.

    Start a Roth IRA.  Pick a growth stock mutual fund at Fidelity or Vanguard.   It's so easy a monkey could do it.

    You know who financial advisors LOVE?   People who know nothing about investing.   Such easy targets. 

    Trust me.  You DO NOT need a financial advisor.  You got this.

  • Eva
    Lv 5
    5 months ago

    It wouldn't hurt to have a consultation with one.  Do your homework first and think about what your financial goals are. The advisor will need to know. They should ask you a lot of questions. If they don't and they just try to sell you product, find someone else.  You don't have to invest at the first meeting.  They should take time to draw up a plan to present to you at a second meeting.  Even then, you can take time to think about it. Don't tie up all your cash into investments. You should always have an emergency fund of 3 to 6 months of expenses. You want to keep that in something liquid like a savings account, even though they don't pay much interest.

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