We are what my Mom calls working class poor people. We don’t have much savings (often none). At times over the years we have had our fair share of debt. If I’ve ever needed financial advice I’ve always turned to my parents. They’ve been through pretty much everything, and I trust them. Here’s some thoughts on where to find financial advice, which I am sharing with permission.
When you’re in college or a recent graduate, you often aren’t making enough money to do much more than pay bills, chisel away at student loans and go out with your friends every once in awhile. As you work your way up the ladder, though, you may suddenly find yourself in a position where you need extra money management. Where do you go for financial advice now that you’re ready to do something about it? Here are a few tips on where to start.
1. Do Some Research
It always helps to acquaint yourself with your options before you make some decisions. Start reading finance blogs online, subscribe to a finance magazine or check out some books from the library. This can give you a good idea of what kinds of options are available. Keep in mind that online sources are likely to be more up to date, but they can also be more unreliable. If you’re relatively new to the finance world, you may not know yet how to separate the solid advice from attractive-sounding fads, so don’t make any decisions just yet. This is just creating the foundation.
2. Talk to Finance-Minded Acquaintances
This may not be applicable to everyone, but if you have a friend, family member or co-worker who consistently seems to have their finances under control, you can talk to them about what they’re doing with their money. If you know someone who works in the finance industry, their advice is likely to be even more helpful. Keep in mind that a lot of people think they’re in control of their finances when they’re really not, so take everything they say with a grain of salt. This is a good place, however, to get recommendations from them that you can then go over with a professional.
3. Talk to a Professional Financial Advisor
Steps one and two are, essentially, just preparing you for this moment. If you come in prepared with some ideas, you can talk these over with your advisor and hear their thoughts, but you should also listen to their ideas too. You may also want to look into private banking where you can get more personal banking services. You can find a list of JP Morgan private banking locations online to look into this process. No matter what path you take, finding a trusted professional to take care of your money can give you the piece of mind you need to keep going.
We’re fortunate to had a dedicated financial advisor with AmeriTrade. If I ever need anything, he’s there to give his opinion.
I don’t really have anyone to turn to for financial advice. When I need to know something, I usually try to look it up on my own. Thanks for the great advice.
As a semi retired bookkeeper I kind of know about finances but even I got myself a financial adviser at one point. You really do have to be very careful and make sure you know just how aggressive you want him/her to be.
I think back to an era of cash not credit cards and try to remind myself to spend only what I have now. I listen to others but don’t have the resources to invest in stocks. I would rather help family when I can and see happy faces.