Who can I turn to locally to help me become a financial genius?

Question

I have high financial aspirations and little knowledge about what to do. I want to pay off debt, have a retirement fund, have a college fund for my kid, and have a nest egg. I want to learn how to invest in the stock market, learn about foreign exchange, real estate investment, and the list goes on.

Basically, I want to be a financial genius and do everything right. I'm a middle-class 25 year old with no savings. I figure now is the time to start getting smart.

I would like to build a relationship with a local financial advisor-type person. Where do I find these people? How do I pick a good one? What do they cost? What are some practices of people who know how to build their net worth?

Answer 1

Aspiring to be a financial genius is noble, but on wall street being financially adequate is often enough to wow people. I would heavily recommend reading Benjamin Graham's "Intelligent Investor." It has a lot of information, some a bit complex, on how to go about, very basically, investing in the market, as well as picking out financial advisers. If that book piques your interest, there are other interesting books at the following sight:

http://www.businesspundit.com/10-investi...

Just to reiterate, all your questions are much more eloquently and thoroughly answered in the Intelligent Investor, then anyone could really write on this website. You've got a lot of time ahead of you, since you're only 25, so you may as well sit down and read through some of these books, I figure. Just realize that you must have the temperament to really invest and profit from the market. A lot of people jump in and get carried away in a falling market and sell low, while when the market is bloated beyond compare they begin to buy like crazy; in fact, most people, and supposed "experts," do. My advice is to really prepare yourself mentally before anything else, and books are the best way.

Answer 2

Ask your question here ...

http://finance.groups.yahoo.com/group/Th...

Great community of investors who can work with you as you learn. No spam.

Answer 3

For starters, you are going to have to build a foundation of knowledge and for that, may I suggest a trip to the  public library, there are lots of books on the subject, and instead of having to shell-out $ for books that you may decide later, where of only marginal value.... Use the resource you have.

Also, note that unless AMERICA goes through some really heavy changes (and soon!) we will NOT have the opportunity to do the things that you say you want.  Like sending your kids to college (etc....)  If AMERICA is bankrupt, its game over and we are all in deep do-do!

In the short run, you could speculate on OIL, but please note  that ANYTHING can be risky and you just have to live with the fact that there is RISK  involved.

Answer 4

Your aspiration is good especially at this age. But to want to be a financial genius is destructive. Even a Nobel Laureate made a mess of his investment, check the case on Long Term Capital. We like to think Warren Buffett is a financial genius but if you ask him he would deny it. Read "Warren Buffet speaks" by Janet Lowe that would help you to protect your investment.

Answer 5

Some local communities offer classes at little cost to residents.  I know our community has offered financial classes that are taught by local financial people.  If you have something like that available to you, sign up and think of it as an "interview" for that person.  If you can relate to him/her, then make an appointment with them to discuss your situation.  As far as their fees go, you will have to ask.  Some work per hour, others on commission.

You may also want to check out the financial planning section of your local library.  I suggest books by Suze Orman.  She has a good fundamental, common sense approach.

You are wise to want to start this now while you are young.  You will well ahead of everyone else when retirement age comes.