Before investing your money, ask yourself the following questions: What is your current financial situation? Are you spending too much or too little? Is it worth paying a little more for something that you don’t really need? Are you wasting money on financial products that you don’t really need? If you’re not sure, take the time to review your credit report from a reputable source. You should also invest in ownership vehicles with appreciation potential. By not tracking your spending, you may not realize that you’re spending too much money on items that don’t fit your needs.
This traditional money advice is based on shame. Although packaged as tough love, this type of advice does not work for anyone. Rather, it makes financial stability attainable for everyone. For example, certain financial decisions are seen as positive, such as 529 education savings plans. Others are seen as negatives, like debt and bankruptcy. And the advice on reducing debt doesn’t address the underlying issues causing people to fall into debt. The problem is that traditional money advice ignores the changing financial landscape.
The good news is that there are free financial advice services. There are numerous nonprofit organizations that offer free financial advice to those who need it. Some of these programs focus on helping people who live in poverty and are not well-acquainted with money matters. Similarly, the IRS offers free tax help for people with limited income and can help you find the right financial adviser. For free debt advice, check out your local nonprofit agencies. A financial adviser can help you get your finances in order and help you avoid problems later on.
Besides free financial advice, there are many free resources to learn about money. You can download books from the public library, listen to podcasts on popular finance blogs, or attend classes. Whatever material you choose to learn about, make sure it is engaging and practical. Some of the most important personal qualities in financial advice include discipline and emotional detachment. The latter helps you remain focused and avoid bailouts. So, do yourself a favor and follow some financial advice today!
The “Money Lady” Suze Orman is a renowned financial expert with a reputable background in journalism. She has won two Emmys for her television show and seven books. As an award-winning journalist, she understands the financial industry and the power of financial institutions over the average consumer. She has even covered the financial crisis and debt relief for consumers. Using an app such as Mint can help you track your expenses and build wealth.
Although the majority of mainstream personal finance advice is white-dominated, the voices of people of color are beginning to be heard. Now, people of color are leading the way for change in the finance industry and creating their own personal financial narratives. It is time to stop thinking that white people know best when it comes to personal finance. Aimy Steele found this personal finance advice to be relatable and culturally relevant. And the results speak for themselves.