Financial advice can be expensive, but it’s often worth the cost. After all, who wouldn’t want to make the most of their money? However, not everyone can afford to pay for professional help.
With rising inflation and uncertain economic times, it’s more important than ever to make the most of your money. Millennials are especially at risk, as they face unique financial challenges that their parents didn’t have to worry about, including high levels of student loan debt and a tough job market.
Getting good financial advice is key to making smart money making ideas that will secure your financial future. But where do you start? How can you be sure that the advice you’re getting is sound and unbiased?
Wouldn’t it be good to have someone you could call for financial guidance without having to pay?
Previously, you could get free financial advice from banks and other financial institutions. But it wasn’t entirely free. The ‘advisors’ (actually salesmen) were paid handsome commissions on the investments they marketed to customers, and they frequently exclusively advised goods from their own organization.
Full financial advice is now only available if you pay for it. It’s more honest than it used to be, but it may be expensive.
Luckily, there are a number of ways to get free financial advice. This article will outline five of the best methods for getting professional help without spending a penny.
Financial advice from Friends and Family
As the internet grows in popularity, people are turning to their family less and less. However, family and friends are a great place to start for free financial advice. You likely know someone who is good with money or has experience in finance. They may have gone through a similar situation and can offer helpful insight, or potentially offer moral support. Ask them about their tips and tricks for budgeting, saving, and investing.
We’ve all had the experience of receiving unsolicited advice, which can be unpleasant, embarrassing, and even disrespectful. We don’t want to make a friend or family member feel that way.
Whether you feel a loved one requires financial advice, always begin by asking whether they want your assistance. This will not only guarantee that they are comfortable with the talk, but also that they are prepared to benefit from the information and guidance that you provide.
Remember that they may turn down your offer. It is critical that you respect their boundaries if they do. Even if they do not accept your assistance this time, they will know that they may come to you for assistance whenever they are ready, and that you will treat them with love and respect.
Many individuals find it difficult to talk about money. If your finances aren’t precisely where you want them to be, it’s easy to feel embarrassed or humiliated.
As you begin to navigate the financial conversation, make sure your loved one understands that you are there to support them, not to judge or shame them. Remind them that you want them to live a life in which they may establish and achieve financial goals and experience financial independence.
Financial planners
Though most financial planners offer paid services, some will offer a free consultation. Look around for planners who specialize in your age group or income bracket — it’s their prerogative to offer more comprehensive services and advice for a price, but the best way for them to get you in the door is by giving out free initial services.
Financial planning is a complex process, and most people could use some help getting started on the right foot. A planner can help map out your financial strategy and create a plan to achieve them.
If you’re not sure where to start, ask family or friends for referrals to planners they’ve worked with in the past.
The internet is brimming with resources for improving one’s financial literacy.
If you have special demands, searching key terms like “how much does a mortgage cost” or “student loan debt” will reveal a treasure mine of content. Inquiries such as “how to start investing” might point you in the direction of establishing an investment portfolio.
The outcomes will offer a plethora of information. Many of the results will come from trustworthy organizations, but it is crucial to read this material carefully because some articles and blogs may try to promote items and services that may not be the greatest fit for your requirements.
Furthermore, social media is now flooded with videos from financial advisors and influencers vying for your attention. Some of these personalities are not licensed, and the material may not satisfy industry standards, therefore it is critical to carefully review their information.
Financial advice from Non-profit organizations and government agencies
Non-profit organizations can provide valuable resources and information about financial planning. Government agencies such as the IRS, Social Security Administration, though not typically known for their financial planning advice, offer a variety of helpful services and programs. They can be great resources for learning about available tax breaks, how to create a retirement budget, and more.
If you’re looking for unbiased advice, your local government or non-profit organization may be a great place to start. However, keep in mind that these organizations typically don’t offer personalized advice, so you’ll need to do your own research to determine what’s best for your unique financial situation.
The federal government’s Financial Information Service offers free information and instruction on a variety of financial topics. They offer investment, superannuation, retirement planning, the Age Pension, and elder care. ‘Information’ is the key word here.
Because it is not licensed, the service cannot provide free or paid personal financial advice. This means it cannot sell or provide advice, create a financial plan, offer investments, advise you on how to invest your money, or recommend a financial adviser.
However, sometimes information is all you need to make your next financial or lifestyle decision.
Financial Advice in The Internet
With the rise of the Internet, many people are turning to the web for free financial advice. There are a number of websites that offer tips and advice on a wide range of financial topics, from budgeting and saving money to investing and retirement planning.
Some of the most popular sites include Money Talks News, Kiplinger, and Forbes.com. All of these sites offer articles, videos, and interactive tools to help you make sound financial decisions. They also have forums where you can ask questions and get feedback from other readers, if you’re so inclined.
Additionally, there are a number of websites that offer specific advice for certain age groups or life stages. For example, there are sites aimed at young people just starting out in their careers, retirees, and parents with children in college.
The best part about using the Internet for financial advice is that most of it is free! There are also countless amazing tools to help plan your financial journey, like invoice generators, tax form creators, and more. Just be sure to do your homework and read articles from a variety of sources to get a well-rounded perspective.
Books and magazines
Books and magazines are a great way to get financial advice. They can be found at your local library or bookstore. You can also find many online. That said, some books are geared towards a specific audience, like those for people who are just starting out or those who are nearing retirement, so be sure to read the reviews before choosing one that might not be written with you in mind.
Some fantastic books on the topic include:
- The Wealthy Barber, by David Chilton
- The Millionaire Next Door, by Thomas Stanley and William Danko
- Your Money or Your Life, by Vicki Robin and Joe Dominguez
- I Will Teach You to Be Rich, by Ramit Sethi
Though not all of these are free, check your local library to see if they have any of these titles before you purchase them. Magazines are also a great way to get free financial advice, with many publications offering tips and tricks for getting your money in order.
In Closing
As the economy grows more volatile by the day, an increasing number of people are looking for ways to get financial advice. The problem is that good financial advice doesn’t come cheap — and for many people, the cost of professional financial aid is simply out of reach. Use these tips to get free financial advice from people that know their stuff. Good luck!
