Derek Hagen

CFP®, CFA
Personal Finance, Retirement, Investing
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“Derek Hagen has a passion for helping clients understand their relationship with money and aligning their money with their lives. ”
Firm:

Flourish Wealth Management

Job Title:

Director of Wealth Management

Biography:

Derek Hagen has close to 15 years of wealth management experience. Derek has gained valuable expertise in leveraging technology to support the financial planning process. Derek has a passion for helping clients understand their relationship with money and aligning their money with their lives. 

Derek worked full time while attending Minnesota State University Moorhead in his hometown of Moorhead, Minnesota. After earning his degree in Economics, Derek moved to the Twin Cities in Minnesota and started his career working for an investment management firm. There, he gained valueable knowledge about financial technology, calculating and reporting investment performance, trading investment portfolios, and investment operations. He later moved to an investment advisory firm helping clients determine the best portfolio to reach their financial goals. Derek emphasizes deeply listening to clients to fully understand their financial situation and long- and short-term goals.  Only after diagnosing does he offer a prescription. 

Derek lives in Minnetonka, Minnesota with his wife Katie and their animals, Whiskers the cat and Bingo the dog. 

Education:

BA, Economics, Minnesota State University Moorhead

Assets Under Management:

$100 million

CRD Number:

5927577

Disclaimer:

Flourish Wealth Management is a Registered Investment Adviser. No information provided here is a solicitation or offer to sell investment advisory services. Flourish Wealth Management provides individual client services only in states in which it has filed or where an exemption or exclusion from such filing exists. Registration as an Adviser does not imply a certain level of skill or training. 

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September 2017
    Investing
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    Annuities, Insurance, Investing
October 2017
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    Debt, Retirement, Real Estate
Should I withdraw from my retirement funds to help my son purchase a home?
86% of people found this answer helpful

It sounds like your son wants to buy a home but doesn't have the credit needed to get a mortgage, and you are interested in buying the home for him. 

I would not advise doing this for several reasons. Your son can likely still rent an apartment and be happy. While renting, he can save money for a down payment and work on repairing his credit. You don't want to jeopardize your retirement to purchase someone else a house. Your retirement account is likely tax-deferred, so you would have to pay taxes on any withdrawals that come out of the account, and if you are under 59.5 years old you would have a penalty on top of that. Your son has more time than you do. Taking a withdrawal from your retirement account could mean you would have to work longer than you would want to. Lastly, consider what your son did in order to get bad credit. I don't know the backstory, but it's common to hear that kids in this situation have bad spending habits. So if that's the case her and your plan was for your son to pay you back, you have to at least consider the scenario where he doesn't or can't pay you back. 

August 2017
    Investing, Starting Out
How do I choose a good index fund to invest in and where should I buy one?
50% of people found this answer helpful
last month
    Retirement, Retirement Savings, Social Security
What is the best approach to draw down on our retirement nest egg?
50% of people found this answer helpful
October 2017
    401(k), IRAs, Starting Out
Should I contribute to a Roth IRA and a 401(k) simultaneously?
50% of people found this answer helpful
last month
    Retirement, Bonds / Fixed Income, Stocks
Has the recommended stock/bond mix changed throughout the years?
40% of people found this answer helpful
August 2017