When it comes to finances, I’m not the most informed. Sure, I have a checking and savings account but that is where it ends. Now that I’m getting older, I know I should be taking advantage of additional services that could be beneficial for me. For about ten years, I have been a Wells Fargo customer. In all those years, I have never taken the time to sit down with a banker and go over my various options. I decided it was finally time. Wells Fargo offers a great online tool where you can make an appointment with a banker. You simply let them know what you would like to discuss, choose your area and it will set up an appointment for you. That is great for people who sometimes can’t make a phone call. I’m always so busy, it’s easier for me to set things up online. Unfortunately, at this time, it was not available in my area. So I picked up the phone and made an appointment. They got me in the very next day. Before going to my appointment, I utilized the "My Retirement Plan" tool that Wells Fargo offers online. You don’t have to be a current customer to use it. You simply put in your age, annual income, savings, IRA’s and 401k’s. It will calculate what you should be doing now to help you plan for retirement. For example purposes, I used $25,000 for the annual income. I also chose that we had no savings, no IRA’s and no 401k’s. Besides the income, this is my financial situation and it is with others that I know. Here is what Wells Fargo suggested:
- $4,420 is the estimated monthly amount that I will need in my first year of retirement. This figure is based on 80% of the current income, adjusted for inflation.
- $340 is the estimated additional amount that I would need to save each month to reach my retirement goal (age 65)
When I got to Wells Fargo, I was greeted and sat down with the banker. We first discussed the benefits and qualifications of a Wells Fargo Business Account. At this time, I do all my business via Paypal. It would be great to have something that is more accountable. Honestly, I would have opened one up on the spot; however, I’m contemplating starting to bring on contributors and outsourcing some things. That could change how I would use my business account. She gave me plenty of material to go over at home. We also discussed improving my credit. When I was younger, I made some bad choices. Now that I’m older, I regret those choices. I would like to start cleaning up my credit and building my credit score. The plan we came up with is for me to enroll in Wells Fargo’s Identity Theft Protection plan. With this plan, they will monitor my credit and alert me if anyone tries to open accounts under my name. Once you sign up for the program, you will have access to all of your credit information. Once I get that, I will go sit with a banker again and come up with a plan to consolidate and tackle all that debt! There is also a pre-paid credit card that only costs $300 to begin. You then treat it as a credit card by using it and paying the monthly payment. After one year (if you have maintained your payments), you will get your money back and the credit card will be funded by Wells Fargo.Overall, my appointment went really great. I learned a lot about services that I could be using. The banker also went over the My Retirement Plan tool and printed me out a copy of what my goal should be. We also talked about bringing my son in and getting him focused on being smart with his finances. He will be an adult in less than five months – it’s time. There is even a spending account I can get for my daughter when she turns ten in October. Once I got home, I had all of my reading material. I was telling my hubby about all the services I have been missing out on. Meeting with the Wells Fargo banker, made me a more informed customer. It made me more excited to expand my business. If you haven’t met with a banker, I highly recommend it.
Have you ever met with a banker?
What financial services do you currently use or recommend?