Jill on Money with Jill Schlesinger Can We Renovate Our Kitchen?
Dec 20, 2024
A homeowner grapples with the $75,000 question of whether to renovate their kitchen, weighing the financial implications. Experts emphasize aligning the renovation with long-term goals and judicious spending. They also discuss retirement planning challenges, investment fees, and the importance of sound financial decisions. The conversation wraps up with insights on balancing investments, highlighting the benefits of funds like the Vanguard Wellington. Listeners are encouraged to engage and explore more financial strategies.
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High Advisory Fees Without Planning
- If you are paying high advisory fees without financial planning, consider switching to a robo-advisor or fee-only planner.
- Always clarify what services you're receiving for the fees you're paying, be it asset management or financial planning.
Finding the Right Financial Advisor
- Determine your financial needs before seeking advice; do you need asset management, financial planning, or both?
- Explore different compensation models for advisors—commission-based, asset under management (AUM), or fee-only.
Paying for Renovations
- Use your brokerage account for planned expenses like home renovations instead of taking out a loan.
- Don't pause contributions to your brokerage account, rebuild it after using it.
