Before you spend a dime to hire a financial planner, look into enrolling in a class. Many Junior colleges and community centers offer these types of finance classes. You will find them on a variety of subjects, from budgeting to estate planning. Usually the cost is less than $50 for a couple hours of instruction time. A financial planner will cost you far more than that, in both time and money.
Numbers and money management is not everyone’s cup of tea; but even if you failed math class, you can still benefit from a financial planning course. It should be your first step towards planning your future, especially concerning your estate and retirement goals. Even if you take the class and still hire a planner, you will come out ahead. Having a basic understanding of the process will help you make decisions and place trust in someone else’s opinions.
You may even surprise yourself. After a well-taught, in-depth class, you could feel more comfortable in tackling your own plans. At the very least, you will be exposed to terms and language involved in financial decisions. This will help you in your conversations with financial planners and institutions.
It will also ease the sense of discomfort most of us feel about such entities as the stock market, mutual funds, bonds, and the 401k. Often, we are required to make very important money-related decisions, discussions that greatly impact our future, with very limited knowledge. A simple class for less than $50 is worth its weight in gold.
Another advantage of a class is the teacher. Often these subjects are taught by licensed professionals in the field. It may help you find a good planner, either through the teacher or through a referral. Unfortunately, there are quite a few financial planners out there who have given the industry a bad name. Shop carefully before you ever let anyone else spend your money.
There is already ample anxiety around financial discussions. Alleviate some of it through taking a class. Arm yourself with some basic information and you will quickly appreciate its value.
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