Studying financial planning but not as a career move
Terry, I’ve been listening to, watching and reading your work for years. I was a lawyer with Tribune Media for a LONG time until Nexstar decided it didn’t need me or most of my colleagues. I’m mostly retired, doing a bit of legal work. I may teach next year. I’ve always been interested in personal finance (and was a financial reporter before law school).
I have two married friends who are likely to get a seven-figure settlement in a personal injury case. They’re terrible handling money, and they admit it. They’ve asked me as a longtime friend to help them manage it — not to give investment advice, but to give them guidance and steer them away form bad decisions like overspending. I’d direct them to qualified professionals where appropriate. (They’re out of state.) I’ve found an online CFP course through Northwestern that looks interesting. It would give me background in areas that interest me, but I haven’t studied. I probably would take the CFP exam at the end to get it over, but wouldn’t plan to get certification. I would use it for my personal benefit and perhaps to help these and perhaps other friends. I’m not looking to launch a new career. Could I ask for your reaction? I think it would be good “adult education,” and would give me skills that would improve the help I give my friends. Your name instantly came to mind because of your broad experience and great judgment, You do a terrific service as a journalist. I really appreciate your time.
I’m sorry for the long message. I really look forward to your thoughts.
Chuck Snnet
Terry Says
This is an interesting post. I’m always in favor of more education on any topic! May I recommend that you start with the new edition of The Savage Truth on Money. It will give you the overview you need to decide if you want to move forward. And it’s relatively cheap tuition!
A couple of things come to mind from your post. First, you CAN’T get the CFP credential (or take the test) unless you are working for a financial planning firm. It’s one of the prerequisites. Check the details here at www.CFPBoard.net.
And here’s an even more important issue: If you were interested in brain surgery, and being a very intelligent guy, decided to take a course — would you feel qualified to ‘practice” on your friends??!! That’s essentially what you are saying in this post!
Here’s a better idea for your friends. Tell them to go to Wealthramp.com where they can be matched with caefully vetted, experienced and certified FEE-ONLY financial planners — in any location (and not necessarily where they live since it is all done virtually these days). That’s the real way to get started handling this money — not only the investment of it, but the plans for their future lifef.
In the meantime, if they get the money before they go through this process, tell them to put it in a bank or TreasuryBills (easily done at www.TreasuryDirect.g0v). That will keep it safe until they find a qualified advisor to work with.
Hope you enjoy your new career. Financial planning can be very rewarding — and very humbling. Do it the right way and get certified.
