Hi r/personalfinance community,
so I'm currently looking into saving some money on a monthly basis such that I can afford a house when I want to settle down. I went to some local banks and had them show me their personalized plans, and I liked that there was somebody to talk to who seemed competent in their field. But of course I also looked into it myself, and found that there are plenty of commercial tools that I can use to invest the money myself.
Now here's the question, do you think that the added cost of using the service of the bank pays off in contrast to saving slightly more but having to deal with everything yourself? I can spend some time each month looking into what I'm going to do with my money, but I don't want to need to become a financial expert just to feel good about my saving strategy. Also, who know where all those apps and websites and whatever are going to be in 10 years. I know the banks will still be there.
And how about a compromise. Use the investment tools and infrastructure of the bank, but leave out the management and service aspects and just do that part on my own. Choosing where to invest and stuff like that. They still have customer support, but no personalized advice.
Anyway, I'm just curious about what you think is the smartest move in the long term. Looking forward to your answers!
Submitted August 16, 2021 at 04:36AM by II-WalkerGer-II https://ift.tt/3yPKD2k
