BEAUMONT, Texas — As inflation continues to rise and prices reach record highs now is a good time pay close attention to how you handle your money and a financial advisor can help steer you on the right path.
Working with a financial advisor can also help take the stress off you as well as your wallet by helping with reaching long-term financial goals.
When looking to hire a financial advisor there are different payment options such as fee based or a commission-based pricing structure according to Shannon Garrod, a financial advisor with Edward Jones.
There are pros and cons to both options says Garrod.
It’s important to sit down and talk to your potential financial advisor about what would work best for you she says.
For example, if you have some short-term financial goals a commission-based investment may be better for you then fee based.
Even if you can’t afford an advisor there are places that may be able to help you if you’re in debt she says.
“There are debt consolidation companies out there that can help with that. Your local credit union or bank you know, I would definitely start there to kind of get things in order,” Garrod suggests.
If you're not ready for an advisor just yet here's some steps she says are a good start to getting better at managing your money...
- Make a budget
- Research and use financial apps
- Consider using cash versus a credit card
Make that budget and find a financial app you like to help keep track of your spending she says.
Separating your cash for bills, groceries and entertainment into envelopes to keep tabs on what you're paying is also a great tool to avoid overspending.
A big misconception is that financial advisors cost a lot of money Garrod says. She encourages everyone to consider sitting down with an advisor to see if it's the right fit for them. If you feel that you can't handle your own money she says that an advisor can help you.