Wealth Management Advisors Detroit Lakes MN

I hope you can help. What does an independent, savvy single woman do when most of her single income is tied up in a mortgage and living costs? On the one hand it's great to be financially independent, but it doesn't leave anything left over to socialize and meet potential partners. Any advice would be gratefully appreciated.

Kevin M Mann, CFP®
(218) 844-9109
613 Hwy 10 East
Detroit Lakes, MN
Firm
Mann Financial Inc
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Retirement Planning

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Wells Fargo - Detroit Lakes
(218) 847-1361
211 Holmes St W
Detroit Lakes, MN
Type
Branch
Office Hours
Mon-Fri 07:30 AM-06:00 PM
Sat 08:00 AM-01:00 PM
Sun Closed

Charles Buck
Buck Financial Advisors, LLC
(651) 330-3585
9733 Wellington Ridge
Woodbury, MN
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Newlyweds & Novice Investors, Helping Clients Identify & Achieve Goals, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®

Gregory Zandlo
North East Asset Management
(763) 785-9541
11465 Robinson Drive NW, Suite 250
Minneapolis, MN
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, High Net Worth Client Needs, Ongoing Investment Management, Planning Concerns for Corporate Executives, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®

Jerry Wade
Wade Financial Group Inc.
(763) 797-9577
5500 Wayzata Blvd
Minneapolis, MN
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Helping Clients Identify & Achieve Goals, Advising Employee Benefit Plan Participants, Planning Concerns for Corporate Executives, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CFS

Mr. Gary B. Lage, CFP®
(218) 863-3070
PO Box 647
Pelican Rapids, MN
Firm
Retirement Advisory Services, Inc.

Data Provided by:
Wells Fargo - Pelican Rapids
(218) 863-5050
11 S Broadway
Pelican Rapids, MN
Type
Branch
Office Hours
Mon-Fri 08:00 AM-05:30 PM
Sat 09:00 AM-12:00 PM
Sun Closed

Steven Zimmerman
Mindful Asset Planning
(952) 432-4666
14530 Pennock Avenue
Apple Valley, MN
Expertises
Retirement Planning & Distribution Rules, Financial Psychology/Coaching, Ongoing Investment Management, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc

Robert Steffen
Robert Steffen & Associates
(952) 884-7700
9801 Dupont Avenue South, Suite 360
Bloomington, MN
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, High Net Worth Client Needs, Advising Medical Professionals, Estate & Generational Planning Issues, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Daryl Goughnour
DRG Financial Services, Inc.
(952) 892-1121
14051 Burnhaven Drive, Suite 120
Burnsville, MN
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, EA, MBA

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So Many Living Expenses There's no Money Left for my Life!

Q: I hope you can help. What does an independent, savvy single woman do when most of her single income is tied up in a mortgage and living costs? On the one hand it's great to be financially independent, but it doesn't leave anything left over to socialize and meet potential partners. Any advice would be gratefully appreciated... -KLM, Australia


 

First congratulations for being a home owner! That is very savvy of you. With that being said, you don't want to be in a situation where your finances are so tight there is no room to breathe or socialize!

Start by coming up with a realistic number of how much extra you need a month. Once you have that number, you can start looking for it in other places in your budget. Perhaps you can bring your lunch to work, so you have extra money to go out at night. Or maybe you don't need your cable TV or other monthly subscriptions we tend to forget about. You can also carpool to work to help with commuting costs.

The next place to examine is your fixed expenses. Do you have a gym you aren't using? Or are your car payments too high? If so, consider a less expensive model. If you carry credit card debt, the interest payments can really weigh you down as well. Deal with the debt and eliminate it as fast as you can.

On a final note, if your mortgage is too much to handle right now, perhaps you need to refinance and get a better rate. Or consider moving to another home where your payments will be less.

These are all great habits to integrate whether you are single or in a relationship!


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