If you had 20 minutes to ask a certified financial planner anything about your finances — no strings attached — what would it be?
With a large student loan debt looming over them, Rosie and Nick Thelen of Forest Lake spent months wondering if they should buy a house. "We want to see what we can manage," said Nick Thelen.
Other common questions concern estate planning, budgeting and Social Security benefits.
Attendees at last week's free "Financial Planning Day," many of whom had never met with a financial planner before, said that having a professional answer lingering questions was a weight off their shoulders. "I'm going to make some changes to make better choices in my 401(k)," said Michael Ande of St. Paul, who wanted help choosing the best mutual funds in his retirement account.
This was the sixth year that the Minnesota chapter of the Financial Planning Association has held the free event. It includes seminars and no-strings consultations in which consumers spend 20 minutes asking questions from planners who are not allowed to contact attendees afterward unless they request an appointment.
"People who are anxious about money are closed off to options," said Ross Levin, a keynote speaker at the event and president of Accredited Investors in Edina. "They can always find an excuse to delay action on an uncomfortable topic."
Barb Johnson of Burnsville attended the annual event for the third time. "Last year I had a question about whether I could stop working before full retirement age and get full benefits," she said. "The answer was no, so I'm going to work until 2017. It was a hard thing to hear, but at least I know my options."
For Johnson, attending the seminars has given her a goal and a date certain rather than a nebulous retirement date somewhere in the future. This year, she wanted advice on how to grow her retirement nest egg without too much risk. "I know now that if I hang in for a couple more years that I can really kick up my heels and do an end zone dance," she said laughing.
