Financial Advice Archives - Millennial Moola

This is How to Spot a Student Loan Scam

Check out this guest post from my business website, Student Loan Planner, on the horrible scams going on in the student loan industry.

I found the picture above by searching “student loan advisor” on craigslist job boards. The firm that listed the post was hiring “CLOSERS ONLY.” There are so many dishonest businesses out there in this industry, I’m going to teach you how to spot a student loan scam. Unfortunately, the scum of the earth have moved out of the no income no job no assets mortgage business into the student loan consolidation business. If you’ve ever seen “Obama Student Loan Forgiveness” or “Secret Government Student Loan Program,” you’ve witnessed these scammers in action. Here’s how to watch out for them, and how to know that I’m not one of them. Continue reading “This is How to Spot a Student Loan Scam”

The Most Expensive Birthday Card You’ll Ever Get

My granddad had a financial advisor who always sent a card on his birthday. At the time, I thought it was so nice that a financial professional would take the time to write a hand written card wishing my granddad well and thanking him for his business. After spending years in the financial services industry, I realize now that in most cases, when your advisor remembers your birthday, it’s the most expensive birthday card you’ll ever get. Continue reading “The Most Expensive Birthday Card You’ll Ever Get”

Active Management is the Anti Robin Hood

I recently read that New Jersey’s pension fund paid over $700 million in investment management fees in 2015, almost all to active managers. New Jersey’s pension is horribly underfunded, and over 800,000 middle class people depend on the system for a secure retirement. Somehow, the state has the money to pay active managers three quarters of a billion dollars to underperform the S&P 500 index fund. Essentially, active management is the anti Robin Hood. These folks take from the poor to make themselves richer. Continue reading “Active Management is the Anti Robin Hood”

Why It’s So Freaking Hard to Get Low Cost Quality Financial Advice

Have you ever wondered why it’s so freaking hard to get low cost quality financial advice? I wondered that too, but then I had a stunning reality check. During the months of August and September, I was seriously considering becoming a financial advisor myself. I started looking into the process, and I discovered traditional “wealth managers” charge so much money for their services. Regulations, insurance requirements, and business expenses virtually eliminate all possibility of low cost advice. Continue reading “Why It’s So Freaking Hard to Get Low Cost Quality Financial Advice”

State Taxes Should Make You Want to Max Your 401k

If you currently live in a high tax state like California, New York, New Jersey, Georgia, or Missouri, if you’ve looked at your paycheck you see a ton of taxes going to the state government. What are the chances you remain in that state at retirement? They’re probably pretty low given that the average person moves almost 12 times during their lifetimes. I suggest taking a look to see if your 401k is tax deductible from your state’s income tax. Most likely it is, and that means you should max your 401k right away if you can afford to. Continue reading “State Taxes Should Make You Want to Max Your 401k”

Millennial Moola’s Student Loan Analysis Tool Could Save You Thousands

student loans analyzer — The first tab of my analysis tool, where you enter in all your personal information after downloading the excel sheet to your computer

I’ve been working behind the scenes for months now to produce a simple, free spreadsheet to help with one of the greatest financial problems of our generation, that of student loans. I finally have a student loan analysis tool to share with you after many hours of work, and I’m very excited about it. Click below to download it while you read the rest of the article.

The Millennial Moola Free Student Loan Analysis Tool
Continue reading “Millennial Moola’s Student Loan Analysis Tool Could Save You Thousands”

An Open Letter to Trent Richardson on His Financial Problems

I was born in Pensacola, FL in 1990. So was Alabama’s former star running back turned NFL player Trent Richardson. Stories are all over the internet about how his friends and family spent $1.6 million of his money over 10 months as his career fell apart this past year. While others lived high on his dime, he spent as little as $300 over two weeks.

I went to Pensacola High School, the arch-rival of Trent Richardson’s Escambia High School across town. When somebody has success from Pensacola, everybody gets excited. When they struggle, people in Pensacola love you anyway. In that spirit, as a fellow Pensacolian, I want to submit this open letter to Trent Richardson. I will show how he can secure his finances against the leeches who have been living large at his expense. Hopefully it will inspire others who are struggling with friends and family who believe that your money is their money. I’ll first describe Richardson’s career and financial situation for those unfamiliar with his story, followed by my letter. Continue reading “An Open Letter to Trent Richardson on His Financial Problems”

What a Half Million Dollars in Potential Student Loan Savings Looks Like

redtwogreen — Amber and Danny have the most fascinating student loan situation I’ve yet encountered

Amber and Danny Masters are like any other married couple, except they have $591,158.21 in student loans. Their interest rates are sky high at an average annual rate of 6.8%. Unlike many couples in America, they are very serious about paying off this debt. They’ve rearranged their budget to prioritize making extra payments. Additionally, they even started a personal finance website, redtwogreen.com, to track their progress and to achieve their goal of being debt free. Since I’ve started a side hustle consulting for people with six figure student loan balances, I wanted to use my proprietary simulation tool to show you how this couple has more than a half million dollars in potential student loan savings waiting for them. Continue reading “What a Half Million Dollars in Potential Student Loan Savings Looks Like”

Butt Fumbling Money: Sanchez’s Financial Advisor Steals Millions

I grew up cheering for Tim Tebow at the University of Florida. Perhaps that is why I have never much cared for Mark Sanchez as an athlete. He first started all season in front of Tebow on the Jets. Then he came to my adopted NFL team, the Philadelphia Eagles, and performed poorly. Unfortunately, now I have to feel sorry for him. Sanchez is famous for running face first into the behind of his own offensive lineman and fumbling the football in a game against the Patriots. Commentators coined a new phrase for the unprecedented act: the butt fumble. I am taking the liberty to create a new phrase now that a financial advisor defrauded Sanchez and other professional athletes out of $33 million: butt fumbling money. It happens when you overly trust your financial professional and fail to know if they are acting in your best interest. Continue reading “Butt Fumbling Money: Sanchez’s Financial Advisor Steals Millions”

Financial Advice is a Ripoff, Here’s What You Should Pay

Most financial advice is a ripoff, designed to make your advisors and their companies well off at your expense. One of my friends recently asked me whether his dad should use Fisher Investments. Despite their advertising that they put client interests first by operating on the fiduciary standard, their annual advisory fee is a ridiculous 1.25% for accounts greater than $500,000. Looking out for the client must happen after you pay their exorbitant fee. After discovering how expensive aggressively marketed financial advice firms tend to be, I realized it is tough to find a good advisor and know how much one should cost. To help, I am going to show you what you should be paying for financial advice. This could be one of the most important articles for the health of your pocketbook you ever read. Continue reading “Financial Advice is a Ripoff, Here’s What You Should Pay”