Zomax

Those of you who don't should. My planner charges me a flat fee of $300/yr. I trust his expertice and he's allowed me to hang up my stethoscope at age 41.

AZDavid

No, I have studied finance and probably hold the same knowledge as most planners.

Planners make decisions to help their bank accounts. I make decisions to help my personal account.

cthree

No thanks but congrats on your success. I generally don't take financial advice from people who make less money than I do.

$300/yr just about covers the time it takes him to prepare your quarterly statements and meet with your for a couple of hours a year. At $300/yr he needs to have 350 clients to make $100 grand a year. With roughly 2500 working hours in a year (10 hour days) divided among 350 clients means he spends about 9 hours a year "planning" your finances and makes round-about $33.33 an hour.

My advice to your advisor is to find a better paying line of work like factory worker, plumber or taxicab driver. I don't see how someone so firmly planted in the middle class can offer viable and plausible guidance out of it.

Curious, why would you be in such a hurry to get out of a career you spent over a decade and a small fortune to get into after such a short time?

SD_S2K

$300/year? what does he do, shake your hand and say good job with the index funds? I have no idea what only $300 could buy you, but can't be much. but congrats on hanging up the hat

this was my first thought also, lot of schooling and money to leave so quickly. 40+ years to go in retirement is a long time. must have been more going for you than a $300 financial planner

PearlwhiteS2k

Wow. It took you about 7-10 years in med school and a big amount of dollar on becoming a doctor. Your already thinking about quitting your job? I'm guessing you must hate it a lot.

Zomax

MD's are the greediest people on Earth. I was the only one in my group who didn't drive a Ferrari. There were so many side businesses started (MRI centers, blood labs, etc.) that were funded by the medical group but only benefitted senior shareholders. I'll probably go back to MGH and do cardiology research.

PearlwhiteS2k

If I was a MD, I'll be driving a Ferrari or Lambo . One day my investments might allow me to drive one

Zomax

my brother (also an MD), says it's not what you drive, but where you're going is what matters more. He drives a BMW 3-series.

PearlwhiteS2k

Well when you drive a Ferrari in most cases you're heading in the right direction in life.

cthree

^ Not always but at least the chicks will be hot