Derek Hagen

CFP®, CFA
Personal Finance, Retirement, Lifestage Based Planning
84%
Helpful
49
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6
Articles
18
Followers
“Helping clients make smart decisions with their money and increasing their financial health. ”
Firm:

Hagen Financial LLC

Job Title:

Wealth Coach and Financial Counselor

Biography:

Short Bio

Fan of the outdoors, adventure-seeker, squash enthusiast, financial coach, blogger, semi-retired at age 37. 

Professional Bio

​Derek is the founder of Hagen Financial LLC, a financial coaching and counseling firm that helps clients develop a healthy relationship with money and find the motivation to change their behavior. He is is the founder of the Money Health blog which helps readers increase their financial health. Derek holds the Certified Financial Planner™ and Chartered Financial Analyst designations and is studying for the Certified Financial Behavior Specialist™ designation. He graduated Summa Cum Laude from Minnesota State University Moorhead with a degree in economics. 

In his free time he enjoys all things outdoors, especially camping, hiking, and running with his wife, Katie and dog, Bingo. 


Personal Bio

My wife, Katie, and I are active people who value adventure, outdoors, and fitness. She teaches physical education and anyone who knows us can attest that she is much more athletic that I am. So I had to learn quickly how to "lose to a girl." We love camping in our 17-foot fiberglass trailer. We also love hiking, running, and cross country skiing. We take advantage of the Minnesota summer and go exploring with our camper as much as we can. 

​I have some hobbies that some people are surprised to learn about, including playing squash, practicing kung fu, card magic, juggling, playing the drums, and learning how to play the guitar. 


My Story

I am originally from Moorhead, Minnesota, which is right across a river from Fargo, ND. Yes, I have seen the movie (and the TV show; both are excellent!). I moved to the Twin Cities (Minneapolis-St. Paul, MN) in 2005 after graduating college. I didn't attend college right out of high school like normal people. I grew up in an environment where not many of us went to college. Some didn't even graduate high school. I am lucky that I was able to attend a technical college and then transfer to Minnesota State University Moorhead (MSUM). 

​In technical school I studied mechanical drafting, which means that in an ideal world I would have gotten a job drawing plans for engineers. It was fascinating and came easy to me, but I got a job drawing toilet stalls. Since 1) that wasn't very intriguing to me, and 2) because I was drawn to the liberal arts classes that I had to take, I transferred to MSUM. 

​After moving to the Twin Cities after college I got a job working in what they call Investment Operations (working on making sure systems are updated for the decision-makers), and eventually moved my way up to Vice President at an investment advisor in Minneapolis. From there I entered semi-retirement. I am a fan of working retirements so from there I started my first firm, Fireside Financial, to try to bring financial advice to people who don't have a million dollars to invest. Shortly after starting Fireside I took a job as the Director of Wealth Management at a financial planning firm in the suburbs. That role wasn't satisfying my desire to help regular people so I started Hagen Financial. Hagen Financial is a financial coaching and counseling firm that helps people attain a better relationship with money. I also started the Money Health blog, to increase readers' financial health. I'm still enjoying semi-retirement and I love bringing financial peace and health people. 

Education:

BA, Economics, Minnesota State University Moorhead
Creighton University

Fee Structure:

Hourly

CRD Number:

5927577

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September 2017
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November 2017
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August 2017
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February 2018

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    Debt, Retirement, Real Estate
Should I withdraw from my retirement funds to help my son purchase a home?
60% 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?
33% of people found this answer helpful
October 2017
    College Tuition, Financial Planning
Should I keep contributing to my daughter's 529 plan, or should I leave it alone and let it grown until she is ready to go to college?
29% of people found this answer helpful
October 2017
    Retirement, Bonds / Fixed Income, Stocks
Has the recommended stock/bond mix changed throughout the years?
29% of people found this answer helpful
August 2017
    Debt, Retirement, Women & Money
What is the best way to pay off a large credit card debt before I retire?
25% of people found this answer helpful
September 2017