This episode does not constitute legal or financial advice. We recommend you seek the counsel of an attorney or CFP familiar with your specific situation to ensure you make the best decisions within your finances.
You’re on the path to financial independence—but you’re not sure what to do with your money. Index funds sound great, but your total financial situation doesn’t end with index funds.
Today we sit down with Kyle Mast, a Certified Financial Planner. Kyle LOVES his job as a CFP, but there aren’t enough hours in the day for him to help every single person. He gives advice on how to find a GREAT CFP, shares exactly what a CFP is, how they get paid, and how they can help almost anyone make their money work even harder for them.
This is an episode you’re going to have to listen to more than once, because the advice that Kyle gives will blow you away.
This episode truly is for anyone who has money—and wants to have more.
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In This Episode We Cover:
- The perfect time to begin looking for a financial planner or advisor
- How much a financial planner costs per hour
- What a CFP does and does not do
- Tips for working with other professionals
- Fee-only vs. commission-based advisors
- Kyle’s experience working with someone on a journey to FI
- Common things he finds in people’s information
- What people don’t consider when financial planning
- His tips for life insurance
- The concept of harvesting capital gains and losses
- Ways to reduce taxable income
- What a recency bias means
- The function of bonds
- The importance of knowing your risk tolerance
- How hard estate planning is
- How a stepped-up basis can save your children
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Podcast
- XY Planning Network
- Mr. Money Mustache
- Berkshire Hathaway Inc.
- JPMorgan Chase & Co.
- NerdWallet: 10 Questions to Ask a Financial Advisor
- BiggerPockets Money Podcast 31: How to Boost Your Income & Investments for a Faster Route to Financial Freedom
- BiggerPockets Money Podcast 34: The Low-Stress, Surprisingly Simple Way to Pursue Financial Freedom with Andy Hill
- Mindy’s Twitter
Books Mentioned in this Show
- Set For Life by Scott Trench
- The Checklist Manifesto by Atul Gawande
- Rich Dad Poor Dad by Robert Kiyosaki
- “The risk of not knowing what you don’t know is what you’re giving up.” (Tweet This!)
- “Time really heals a lot of things.” (Tweet This!)
- “Don’t let the accounting tail wag the biggest business dog.” (Tweet This!)
- “The savings rate is the silver bullet.” (Tweet This!)