For some strange reason, practical things like money management, investing, and essential steps in buying a house or car, are not taught in most schools. This leaves a lot of us wanna-be-successful-adults clueless when it's time time to make big, or heck, even small financial decisions. So who do we ask?
In this adulting life, I’m growing to notice how differently people handle their mullah. Everyone has their own system, was raised with a different financial upbringing, and therefore, have different types of relationships with money.
The first step in determining who to take financial advice from is to self-assess and determine your relationship with money. What good is advice if you don’t know what you need help with? Reflect on your upbringing, how your parent(s) used money, your financial goals, your ideal lifestyle, your weaknesses with money management, and where your money is going versus where you want it to go.
Most young adults only take financial advice from their parents because it’s most convenience. They’re there. Plus, it’s free. But try to evaluate how they spend money. Ask deep questions if you’re comfortable, such as: Are you in debt? If so, what’s your plan on getting out? How often are you saving money? Do you have a retirement plan (401k, Roth IRA, etc.)? What are your financial goals and what are you doing to reach them? What are some money mistakes you’ve made?
Parents are amazing resources but if they don’t have the best financial track record, be mindful of that. Do some research on your own to make sure you’re both on the right track.
Read! There are so many informative books that will completely transform, or enhance, how you think about and use your money. From Napoleon Hill, to Dave Ramsey, to Suze Orman, Lisa Nichols, and many more. They are all pioneers in the financial field who produce sound financial advice. I would recommend spending some time researching their style of advice to see what suits you best.
Two books I’m currently reading are:
Abundance Now by Lisa Nichols
Think and Grow Rich by Napoleon Hill.
This is not the most budget-friendly option. Financial advisors can cost an arm and a leg, and maybe a foot, too, if they’re really good. Plus, you don’t want just any-ole-body all up in your business. They have access to some very personal information, so you want someone legit. I would highly recommend choosing a financial advisor based off of reference from someone who had a successful experience. But if you need some hardcore guidance, spending the money on a FA could save you a ton of money in the long haul. All about perspective.
Online Peeps (Blogs, Vlogs, Etc.)
They may not be professionals, but there are people in the cyber world who have created very informative financial blogs, vlogs, templates… the whole shebang. From a mother of five who has mastered money and budget organization, to a college dropout who became an entrepreneur, there are people all over the web leaving their digital footprints by sharing the wealth they’ve learned on their personal journeys. I’ve implemented lots of budgeting hacks, saving techniques, apps to download, couponing tricks, and the list goes on, from online peeps.