Current Financial Advice

Current financial advice should always include the basics of a well balanced financial lifestyle. Current financial advice otherwise might differ based on what aspect of the economic cycle in which we find ourselves. For instance, when interest rate levels are high for credit, and savings interest rates are low, people may be more likely to pay on debt than to save.

Likewise, even when housing interest rates are low, when unemployment is high and credit hard to come by, then you might find that people cannot take advantage of what would seem like an otherwise opportune time to buy a house. Current financial advice, therefore, is always more about maintaining a balance. You want to be able to make money off of every positive in the economic cycle, so you have to show up in every aspect of the economy.

Benefits of Financial Balance

A financial balance is achieved by instead leading a balanced financial life, where you tend to every aspect of finances, instead of just the one that's "hot" today. For instance, while saving rates might be extremely low, credit card debt at very high rates, it is still good to save something. Why? Because, eventually the savings rates will turn around and you will be in the current financial advice that tells everyone to save money to earn a good rate of return. This is ideal for any consumer financial guidance scenario.

Likewise, while rates on savings accounts are high, and credit card interest rates low, you would want to also be putting money toward paying off credit card debt. It is just a matter of balance, so that when the next turn happens in the ever changing economic cycle, you will have something to show for it. You will naturally be taking advantages of opportunities that present themselves, because you will already understand the rules of the games, and you will also already be on the playing board.

Current advice can also go against the flow. So, you might see one financial person giving current financial advice that says to save for an emergency, save next up to 6 months' or 1 years' living expenses, then maxing out retirement savings deposits in your 401k and Roth IRA. Then they might have you pay off additional on your credit card balance and then your mortgage.

This would be especially contrary to the mainstream in a time when unemployment is at a high rate, credit card interest in the double digits while savings rates are barely past the 1% mark. But, for some it works. So, call it current financial advice or not, it works for some, but not all. It really then is a matter of finding current financial advice that works for you.

Finding Financial Advice

You can also re-purpose or re-adjust financial advice from the past for your present to create current financial advice. However, there are prudent and unwise decisions that you can make every step of the way, whether it is current advice or old tried and true advice on which you are relying. Traditional advice is the tried and true. It is about being in the current, but not about listening to every guru out there.

Instead it is worth while to find your own advisor to offer direction for you to reach your goals of parenthood: building your child's college fund. Current advice would say that you need to look at your own situation, your own special needs and goals. Then, you would compare these to the external environment: the economy. If you are nearing the time when your kids are going to get higher education, you would like to put the money probably in more stable investment vehicles such as bonds, rather than stocks.

In addition, if saving rates or certificate of deposit rates are pretty healthy, then you may consider finding money for your kids to have to spend at school. It all is a matter of having a professional who will take the time to explain the rules of the game to you, in ways that make sense for your situation. If you have a little extra money (not the money you pay the mortgage with riding on this), and stocks are high flying, then consider learning first-hand about investing in stocks.

Current financial advice should consider the current economic climate and how it affects your goals. However, the idea of having a plan also is to protect you from current trends, especially the more faddish ones, where everyone seems to try and follow the money. Have a reward in mind if you can make money buying and selling stocks. If not, you are definitely not alone. But, at least you will not have used your hard earned (and needed) money for this venture. It is good to also have a little set aside just for fun.

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