Consumer Financial Advice

Consumer financial advice is another aspect of financial health that it is good to learn about to secure your money's future. Consumer financial advice from a personal financial advisor can help you either right your ship if you feel off course. Or, consumer financial advice from a personal financial advisor can be an added boon to your already booming knowledge and bank account.

When you receive consumer or college finance advice from a professional, you can talk about investment options, finding the right savings vehicles and creating a savings plan to maximize the growth of your finances. Consumer financial advice is also a lot like learning financial street smarts. It can be as simple as knowing the difference between a true opportunity and a financial pitfall.

Pitting Opportunities Against Pitfalls

For instance, that department store credit card may save you 20% on your purchases today, but it will cost you 25 or 26% interest when you carry a balance. And, it is a "when" not an "if" that you will carry a balance. This is because as department stores already know, if you have their card you are more likely to spend money that you would not have spent. In many people's cases this is compounded by the fact that it is money that they may not even have to spend in the first place.

An example of an opportunity is having money set aside in a savings account for a rainy day. Let's say you have been shopping around a bit for a car, so you are aware in your case you might spend between 15,000 and 20,000 dollars. If your neighbor and you are talking, and she says her husband no longer needs his car, and wants to sell it for 10,000, then guess what? You can buy the car with cash (maybe in installments to keep your funds building interest) and save 5,000 to 10,000 in the process.

Maybe it is not always so easy. And, maybe it is not ideal to buy a car from your neighbor. But, the idea is that you can take advantage of opportunities when you have money set aside in a savings account. If you are too eager to spend your hard earned savings, then consider less liquidity.

Less Liquid Saves You from Yourself

There are people who will spend every last dime in sight, if it is made too easy for them. There are people who need to keep their money safe from themselves. It is ideal then to have not only a financial advisor to keep yourself accountable to, but to also keep your money in harder to access accounts.

These might include certificates of deposit, retirement accounts such as a 401k or Roth IRA (which you can't touch until later in life without penalty). Ok, so the fact of the liquidity is lost, especially in the latter example, but you get the idea. If you can't stand to save, but love to spend, secure your money from yourself. You are your own worst enemy.

Instead maybe you can learn to love parenthood and funding your kid's college fund, or investing to see how well you can do in the markets. At least in either of these feats, you can be compulsive, but maybe toward a more positive end than buying to "save money". Buying to save money simply means buying something at a sale price just because it is a good deal.

Consumer financial advice might also include shopping around for car insurance, homeowners insurance, health insurance (if you are not covered at work or by your spouse or self-employed), home appliances and the like. It is good to expose yourself to a great deal of information both from regular consumers like you, to consumer financial advice magazines, Web sites and television. When the information all seems to repeat, then you probably have learned all you need to know for now.

When you shop around, do shop online too, because it is often times the best place to find multiple quotes for consumer financial advice in addition to insurance. Much of the advice is consumer oriented advice. Consumer lead advice is all over the Internet, and it is very valuable. So, do read as much as possible. In general, for insurance, you want to make sure that your assets would be covered by accidents and other claims. To save money, consider keeping a higher deductible and instead saving money to make up for the higher deductible.

Consumer financial advice is invaluable. Consumer advice can save the consumer much in terms of time spent trying to re-invent the wheel. Consumer advice can help you secure the best, money-saving deals there are in existence. Consider online consumer advice and that of a professional to make the most of your money.

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