Finance is a topic that the average American doesn’t know a whole lot about. Sure many of us can create a simple budget or open a savings account, but when it comes to debt management or retirement planning, we’d probably be better off consulting a professional.
Unfortunately, the services offered by financial professionals don’t come cheap. A financial advisor or tax expert can charge several hundred dollars per hour. So what do you do when you need expert advice but can’t afford much more than a Google search? Here are a few ways you can get answers from a qualified person without going broke in the process:
If you enjoy taking classes to expand your knowledge base and learn new skills, try applying that love of learning beyond cooking and basket making to areas of finance. Don’t worry about whether you can afford to pay for enrollment–here’s a list of 20 online classes you can take for free.
These aren’t run by any Joe Schmo, either. You’ll know you’re getting quality information when you sign up for Fundamentals of Personal Finance Planning from UC Irvine or any of the numerous free courses offered by MIT (that’s right, MIT) like Investments and Taxes and Business Strategy.
When your bills are piling up, debt settlement sounds tempting even if you can’t really afford to hire an agency. However, anyone who offers to reduce or eliminate your debt for a big fee is looking to rip you off. Fortunately, if you’re struggling with debt problems, or even just want some advice on managing your money better, you can employ the services of a credit counselor at little to no cost.
The National Foundation for Credit Counseling (NFCC) is a non-profit organization that accredits legitimate credit counselors and directs people to their services. A qualified counselor will give you advice regarding money management, offer solutions to your current problems and help you customize a plan that will prevent future difficulties.
When you have a tough finance question, especially related to investing, it’s hard to get an unbiased, accurate answer at no cost. Financial advisers have the expertise, but are usually only willing to take on clients that are fairly wealthy to begin with. “Discount” professionals expect to sell you something in return for a consultation.
However, it is sometimes possible to obtain the solid advice of a financial professional through your employer. A joint study by Hewitt Associates and Financial Engines found that 50 percent of companies now offer employees some type of 401(k) investment advice. Many other companies offer employees financial education seminars and access to professional advice over the phone or through e-mail.
You don’t have to shell out a ton of cash for quality financial services, you just have to know where to look. If you ever find yourself in need of expert advice, look for the low-cost option before hiring an expensive professional. It may turn out that the cheaper alternative exists.
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