Are you losing sleep over your finances? There’s someone you should talk to

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We can all use money advice.

Key points

  • Financial advisors aren’t just for wealthy people.
  • They can help you with your day-to-day finances as well as planning for your future.
  • There are resources on the web to help you find the right advisor.

It’s a scary time to be on shaky financial ground. There’s a lot of bad news these days and if staying optimistic about money has been hard for you, you’re definitely not alone. i’m actually After optimistic about my financial situation now than I have been, well… ever! How is this possible, when recession alarm bells are ringing and inflation is punishing consumers with higher prices on everything? I have a money coach in my corner.

A recent study by Northwestern Mutual found that people who work with a financial advisor report feeling less anxious about their finances than those who don’t. People who call themselves “disciplined planners” when it comes to money also report feeling better about money. According to this study, having a disciplined attitude towards money and planning what to do (and not do) with it even leads to better sleep and more happiness overall.

I used to think that financial advisors were only useful for wealthy people or people with a lot of investments. Maybe you have the same thoughts. Rest assured, people of all income levels can benefit from talking to a professional about their finances. Here are a few reasons to seek out your own financial coach, so you too can sleep better at night!

Help with budgeting

A financial advisor can approach your budget (or lack thereof) with the clear-headed pragmatism of a truly neutral party. They’ll give you advice on where you could spend less and help you find the money to save and invest. It’s very difficult to honestly assess your expenses and recognize when you need to make a change, and your financial coach will save your life in this area.

Investment advice

Speaking of investments, a financial advisor can help you open a brokerage account and decide what goals you want to focus on. Knowing your goals will help you determine how much you should save and where to keep your money for the best returns. Financial advisers make money either by taking a commission on the investment products you buy from them, or by taking a certain percentage (often 1%) of the money they manage for you. The latter scenario is better for you as a client, because you will know that your advisor is not selling you certain products just to earn the commission.

Stay practical and positive about debt

Speaking from personal experience, it’s wonderful to have someone cheering you on while you’re struggling to get out of debt. My financial advisor helped me choose a debt repayment plan, and I’m happy to update him on my progress each time we meet. This is a particularly difficult time to have debt with variable interest rates, such as credit card debt; as the Fed hikes interest rates, consumer lenders and credit card issuers follow suit. So if you can reduce or get rid of your credit card debt entirely right now, you’ll definitely sleep better at night.

How do I find a financial adviser?

If I convinced you to find your own financial coach, you may be wondering how to find one. Here’s how to start your search:

  • You can ask your family and friends for their recommendations. Maybe you have a friend whose savvy investment skills are backed by the wisdom of a great financial advisor.
  • Visit the NAPFA website to do a search. The National Association of Personal Financial Advisors strives to recommend only the best client-focused financial professionals.
  • The U.S. Securities and Exchange Commission (SEC) can provide detailed information about an adviser you are considering and whether they have had any issues with the SEC.
  • Finally, search for your potential advisor on BrokerCheck. The Financial Industry Regulatory Authority (FINRA) maintains records so you can see how long a particular advisor has been practicing and what certifications they hold.

Things are scary right now, and if you’re awake at night tossing and turning and worrying about money, it might be worth finding a financial advisor to keep your money troubles at bay and put you on the mend. right path to a better financial future. .

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