'Just not sure if it’s worth the $1000-1500 when it seems like we’re doing alright?': I'm unsure if I need a financial planner for our $120-140k income. Can $250/hr advice improve our financial situation?

Hey Money Minder,

So, my partner and I are in our 30s, bringing in around $120-140k together. We’re smack dab in the middle of saving up for our dream home, currently have about 8-10% saved for the down payment. We both put away 10% towards our retirement, have life insurance in place, and are left with just a 7k student loan at 3% interest.

I’ve been thinking about chatting with a financial guru to map out a timeline for buying our home, figure out how much we should set aside for emergencies related to owning a house, and get an overall financial health check-up.

We were quoted $250 per hour for 4-6 hours of work. Do you think we really need that level of advice, or are we doing okay as we are? Is it worth shelling out $1000-1500 when things seem to be on track?

Thanks so much!

Seeking Advice

Response from THE MONEY MINDER:

Hello There,

While it sounds like you both are in a solid financial position with savings for a house down payment, retirement contributions, and manageable debt, seeking advice from a financial planner could still be beneficial. Considering your combined income and current financial standing, investing in a few hours of financial planning may provide valuable insight and guidance for your future financial goals.

Given your specific concerns about buying a house, emergency fund planning, and having a general financial check-up, a financial planner can offer personalized advice tailored to your unique situation. They can help you create a timeline for purchasing a house, determine the recommended size of an emergency fund for homeownership, and provide a comprehensive overview of your current financial health.

The cost of $250/hr for 4-6 hours of work may seem like a significant investment upfront, but the knowledge and strategies gained from a professional financial planner can potentially save you money in the long run. They can help you optimize your financial resources, identify areas for improvement, and set realistic goals to ensure long-term financial stability and growth.

Considering your proactive approach to financial planning and willingness to invest in your financial future, seeking advice from a financial planner seems like a prudent decision. It’s always wise to seek expert guidance, especially when making significant financial decisions. All the best from THE MONEY MINDER on your financial journey!