Who should I talk to about my finances? (2024)

Who should I talk to about my finances?

A financial advisor helps people manage their money and map out a plan for the future, including retirement. Whether they focus on financial planning in a broader form or focus on niche topics, financial advisors draw up plans or recommend specific investment products and vehicles to meet the needs of their clients.

Who is the best person to talk to about finances?

A financial advisor can help with a wide range of financial matters, such as retirement planning, investment strategies, and debt management. Financial advisors generally make money by charging hourly fees, flat fees, or percentage fees. Not all financial advisors are licensed or certified.

Who can help me understand my finances?

Talk to Financial Services Professionals

Financial services professionals make a living with their expertise and can help you learn about everything from managing student debt to finding a suitable mortgage for buying your first house. Some of these topics are covered in seminars, others in one-on-one consultations.

Is there someone who can help me with my finances?

Financial planners can assist you with specific financial needs, such as investing, while money coaches teach you the skills you need to handle your own money wisely. Basically, if you know what you want from your money and just need advice on how to achieve it, you should talk to a financial planner.

How do I find someone to help with finances?

Ask friends, family and peers for recommendations when trying to find a financial advisor near you. Alternatively, look for financial advisors online. Many professional financial planning associations provide free databases of financial advisors: NAPFA (The National Association of Personal Financial Advisors)

Is it worth paying for a financial advisor?

A financial advisor is worth paying for if they provide help you need, whether because you don't have the time or financial acumen or you simply don't want to deal with your finances. An advisor may be especially valuable if you have complicated finances that would benefit from professional help.

At what net worth should I get a financial advisor?

Generally, having between $50,000 and $500,000 of liquid assets to invest can be a good point to start looking at hiring a financial advisor. Some advisors have minimum asset thresholds. This could be a relatively low figure, like $25,000, but it could $500,000, $1 million or even more.

What is the 50 30 20 rule?

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals. Let's take a closer look at each category.

What is the 50 30 20 budget rule?

The 50/30/20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should be split between savings and debt repayment (20%) and everything else that you might want (30%).

Where is the best place to get financial advice?

How do I get unbiased financial advice?

When should you talk to a financial advisor?

Graduating college, getting married, expanding your family and starting a business are some major life events that might cause you to reevaluate your financial situation. A financial advisor can help you manage these life events while making sure you get or stay on track.

What three financial advisors would do with $10,000?

Is talking to a financial advisor free?

While there are fees associated with financial advisors, there are several resources to which you can turn for quality advice that won't cost you anything. Here's a look at several professional financial resources that will provide tips for managing your finances for free.

Which company has the best financial advisors?

What is the difference between a financial advisor and a credit counselor?

Wealth guidance: Financial advisors and financial planners focus primarily on helping clients build wealth, while financial counselors concentrate on assisting clients with tasks such as budgeting and debt reduction.

Is 2% fee high for a financial advisor?

Most of my research has shown people saying about 1% is normal. Answer: From a regulatory perspective, it's usually prohibited to ever charge more than 2%, so it's common to see fees range from as low as 0.25% all the way up to 2%, says certified financial planner Taylor Jessee at Impact Financial.

How much money should I have before hiring a financial advisor?

Depending on the net worth advisor you choose, you generally should consider hiring an advisor when you have between $50,000 - $1,000,000, but most prefer to start working with clients when they have between $100,000 - $500,000 in liquid assets.

What are the disadvantages of a financial planner?

In conclusion, working with a financial advisor can be a great way to achieve your financial goals, but it's important to weigh the pros and cons carefully before making a decision. The cost and the risk of conflicts of interest are the main disadvantages of working with a financial advisor.

At what point should I get a wealth manager?

Any minimums in terms of investable assets, net worth or other metrics will be set by individual wealth managers and their firms. That said, a minimum of $2 million to $5 million in assets is the range where it makes sense to consider the services of a wealth management firm.

Is it better to invest yourself or financial advisor?

Those who use financial advisors typically get higher returns and more integrated planning, including tax management, retirement planning and estate planning. Self-investors, on the other hand, save on advisor fees and get the self-satisfaction of learning about investing and making their own decisions.

What age should you get a financial planner?

But the benefits of meeting with a financial planner when you're young can make a difference. New graduates and people in their early careers should look for financial planning support as soon as they start earning an income, Hudnett Reiss tells CNBC Select.

Is 4000 a good savings?

Are you approaching 30? How much money do you have saved? According to CNN Money, someone between the ages of 25 and 30, who makes around $40,000 a year, should have at least $4,000 saved.

What is zero cost budgeting?

The zero-based budgeting process is a strategic budgeting approach that mandates a fresh evaluation of all expenses during each budgeting cycle. Unlike traditional budgeting, where previous spending levels are typically adjusted, ZBB requires individuals or organizations to justify every expense from the ground up.

How to budget $4,000 a month?