Financial Advice/Planning

[03CVLX]

Anyone here work as a Financial planner or someone with experience willing to help me out with some advice. Please PM me if your willing to help.

Thanks,

Tom

[FoxStang]

http://www.hulu.com/watch/1389/saturday-night-live-dont-buy-stuff

But seriously, what field of Financial Planning? Financial planning in and of itself is a little ambiguous.

[03CVLX]

ha, yeah I know. its reducing debt. I got in over my head when I had my old Grand Prix. And I wanna devise an affordable plan or consolidation to pay this crap off really quickly.

[GinoRin]

You'll need a debt counsellor, not a financial planner. The long and short of it is that they're going to tell you to pay off thie highest interest/ lowest balance items first, and use a tactic called "debt stacking" as you pay items off. Basically you allocate a certain amount to pay off your debts, and make minimum payments on everything except one item. As soon as that one is paid off, you keep paying the same amount, but move to the next item, and make the minimum payment plus stack the now "free" dollars from the item that was just paid off on the next item in line. Make sense? Always pay off revolving items first (credit cards, etc) and fixed term items last (car payments, school loans, installment loans with a predetermined payoff date, etc).

Hope that helps-

Gino