Archive for the ‘ric edelman’ Category

edelman’s financial planner, part 2: integrity trumps a short-term sale
September 12, 2007

Last week’s Edelman rep owns a completely different philosophy.

After a few hours of reviewing our situation, he offered to draft an official financial plan – an $800 service. But he immediately said directing that $800 toward our debt pay off would be his first recommendation … vs investing it toward his fees at this time.

Impressive.

More from:

  • Edelman’s financial planner post, part 1
  • Code of Ethics per the folks at Certified Financial Planners Board of Standards.

Edelman’s financial planner, part 1: my credit card & the taj mahal
September 10, 2007

In my quest to find a financial planner for my family, I met with one last week from Ric Edelman’s firm. I’ve read a few of Ric’s books & appreciated his no-nonsense style & wit. I theorized associates working for his company would espouse similar credibility.

And that proved true with the planner I met.

On credit card debt:
I liked how he asked questions about my family’s entire financial outlook before honing in on the credit card reality. I was fully prepared to defend my debt philosophy on that topic when he casually whipped out his calculator.

He said:

Well you’ll pay xxx in interest payments and lose xxx percent in interest gains despite your current investments. I’d suggest your top goals to accomplish are to continue retirement contributions toward the 403(b), continue saving toward your emergency cash reserves, pay off the credit card debt, get a will, and then max out your retirement contributions once the card’s paid off.

His suggestions did not surprise me; what did surprise & appeal however was how debt pay-off was one factor in a greater proposal — a rounded outline for our circumstance. Granted it was our first meeting but he wasn’t condescending about credit card debt or my resistance to pay it off.

He came across as very credible. I look forward to further debriefing our meeting via Housewifery this week. What do you think of his suggestion?

More from:
Liz Pulliam Weston & her keen reasoning on when – ironically – not to pay off debt.