Here's the question...
I was just promoted from senior security engineer at the credit union I work at to VP of Information Security. This promotion comes with a 35% increase in salary and the potential for a 20% bonus each year. A good problem to have. Obviously our lifestyle and behavior is not going to change other than bumping our travel fund from $500 a month to $700 a month. With this income I'm a little concerned about my skills and approach to investing, I don't really have any other than what I've read online. I'm considering a 1-time deep dive with a fee-only financial planner which will cost me about $800. Is this money well spent or would I be better served elsewhere? I have a lot more questions but this is the primary thing rolling around right now.
First - congratulations & sounds like you are doing great.
Second - I have no business providing you specific advice.
Third - I'm going to make a suggestion anyway.
If I understand your question correctly, you are concerned that your knowledge and understanding of investing is not sufficient based on the increased amount you will have to invest? Are you comfortable with how you are currently investing with your 1 paycheck per month? Have you created your IPS yet? Are you thinking that the investing choices you are making today should be different with your raise? Are there specific things you think you should change or feel particularly hesitant about?
I don't feel very confident in this area yet so I have been making sure I am reading the Investor Alley forum & clicking on the links that are often provided by forum members to help expand my knowledge. I see you are obsessed with MMM, do you feel as though even after pouring through all of the questions, advise, wisdom and links that you are still lacking confidence in your knowledge?
From other posts I have read, you may find that the financial planner isn't Mustacian & generally serves clients that are much more spendypants than you. It would be unfortunate if the recommendations they make may not really fit with the lifestyle you have chosen. Do you have a specific person in mind? Are you comfortable with their knowledge and experience?
I would suggest, digging a little deeper here (especially in Investor Alley) to see if you become more confident in your understanding and knowledge. If after that you still feel as though you need to a meeting, schedule it?
Best case you have more confidence in yourself & save yourself $800, worst case you have learned more, are still feeling hesitant & then make the appointment.
