Picking Financial Products and a Planner
Lesson 7 from: FAST CLASS: How to Plan Your Financial FutureErin Lowry/Broke Millennial
Picking Financial Products and a Planner
Lesson 7 from: FAST CLASS: How to Plan Your Financial FutureErin Lowry/Broke Millennial
Lessons
Class Introduction
02:04 2The Getting Financially Naked Playbook
10:05 3Financial Red Flags
02:51 4When and Where to Turn for Help
01:53 5Talking Money with Your Friends
04:58 6Stand Up for Your Financial Self
02:03 7Picking Financial Products and a Planner
03:57 8Ditching Bank Fees
03:52What You Should Expect from Your Bank Accounts
04:42 10Everything You Need to Know About Credit Cards
11:45 11Am I Ready to Hire a Financial Planner?
10:48 12Planning for Retirement
08:23 13Retirement Accounts
07:27 14Basic Investing Concepts
05:06 15Self Employed Retirement Planning
02:59 16Setting Up Your Retirement Account
04:07 17What Happens to 401(K) When You Leave Your Job
02:58 18Motivating Yourself to Save
03:47Lesson Info
Picking Financial Products and a Planner
alright, as I mentioned earlier, I have teased this a bunch of times throughout the boot camp, but I will say picking financial products and a planner is one of my absolute favorite things to talk about. You're probably going to even hear it in the tone of my voice as we go through this segment. I'm gonna get really passionate at certain points, but mostly because in this segment I want to take you through talking about different ways to make sure you are banking and using the absolute best financial products for your life. So we're going to start talking about comparison shopping for financial products and then we're going to get into what makes a good bank account, what should you be looking out for? What are the fees you should not be paying in the ridiculous nonsense fees you should ditch and where also, can you find these magical good bank accounts that I keep referring to, then we're going to get into everything you need to know about credit cards and ultimately we're also going ...
to end on talking about, is it time to hire a financial planner and how do I pick one? And I know a lot of you right now might be watching this and going, okay, financial planner definitely not at that phase of life, still in my broke millennial phase. Well, really, I want to talk about it because you with the help of this boot camp and everything you're going to commit to taking back financial control of your life will get to a point where you can hire a financial planner and I want to make sure that you pick the right one, the right one for you and ensuring that they are not predatory and that they are always looking out for your best interests. So I want to give you all the information to be able to make that decision in the future. We very rarely comparison shop when it comes to financial products, we often default. Now, I do also want to take a brief moment to reference credit unions. I will keep using the term bank throughout this because it's really the default word that we use. But do be aware that credit unions are definitely a viable option for you. Check out the options in your community. It's another way to usually keep money within your community as well and support your local economy. So it is certainly something to think about when you're comparing, comparing financial products and putting your money where you value. But a lot of us never did comparison shop for a bank account. We defaulted either what our parents used what happened to be down the street, whats on our block or what our university put us in. And the thing is financial products should be working for you. And a lot of times when we tend to just default into whatever was around at the time, were not actually picking what is best for us. We're just using some product and it might not actually be bettering our financial life in any way. In fact in some cases it could be harming our financial life because we're not in the best possible scenario. So I do want to make sure that throughout this we're learning how to pick what is best. And we start by researching financial products. You just mentioned going and researching all the other options out there. The internet obviously being grateful to do this. You can also go on online comparison websites like Magnify money, nerdwallet and bankrate. They all compare financial products for you. And one of my favorite things is to be sure that you're proactively checking out a bank's customer service before you buy in and become a customer. There are some really easy ways to do this going on the actual website, seeing what the website looks like. One of my personal favorite tools is if the website has a ticker up at the top that says how long it will be until you can speak to a customer service representative. I love that to me that shows that they're valuing their customers time if you call and they say, hey we're busy right now leave your number. We will call you back again, valuing your time by not putting you on hold for 45 minutes until you can speak to someone you also want to probably play around with the app, depending on the type of banking that you do. You might want something where it's easy for you to mobile deposit. it's easy for you to get access this information right on your phone and you you want want to make sure it's intuitive, nice user experience if that's something that's important to you. And finally ask around, you know, your friends are a great resource and your family members when it comes to researching financial products, see what people in your life are using, maybe find out what they don't like and as well finding out what they do like.
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