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Master Your Money Bootcamp: Reach out to a professional

Tanza Loudenback   

Master Your Money Bootcamp: Reach out to a professional
LifeInternational2 min read

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Welcome back to the Master your Money Bootcamp. This week we're reviewing our progress and considering what else we need.

Exercise 4: Decide whether you need a professional's help

It can seem scary to expose your financial life to anyone. But if you're serious about doing whatever it is you dream of, you might need some professional help getting there. While these bootcamps are designed to walk you through the basics, they're limited to general advice and best practices. We can't offer guidance or answer specific questions about your money, but a financial planner can.

The goal for this week: Hire a financial planner, if you need to.

1. Review everything you've accomplished so far during this month's Master Your Money Bootcamp. Here's a refresher:

Master Your Money Bootcamp: Make a plan

  • Exercise 1: Find the right accounts for your goals
  • Exercise 2: Open the accounts you need
  • Exercise 3: Set up a system you don't have to micromanage
  • Exercise 4: Decide whether you need a professional's help
  • Virtual Live Event: Generational wealth

2. If you're still feeling overwhelmed or confused by your money - or more importantly, have specific questions about your situation that haven't been addressed by our general framework - consider whether you have some room in your budget to hire a financial planner.

Other signs you may need professional money help:

  • You're expanding your family
  • You're changing jobs
  • You're combining finances with a partner
  • Your income has increased or decreased significantly
  • You want to know if you're on track for retirement or another huge financial milestone

3. If you decide to consult a professional, you can find one using tools like the XY Planning Network and SmartAsset's Smart Advisor Match. Expect to pay at least $100 to $300 an hour after an initial no-cost consultation if you're seeking advice only. Full financial planning and ongoing access to a financial planner starts at around $1,200.

NOTE: Hiring a financial planner isn't a replacement for doing the work. In fact, if you're a procrastinator, an advisor could be a great addition to your personal network. They'll encourage smart habits, hold you accountable, and make sure you're being proactive about your money rather than reactive.

For each exercise, you'll get a detailed explanation of how to complete it and why it's important. Use the hashtags #MasterYourMoney and #MasterYourMoneyBootcamp to share your thoughts, progress, and connect with others across our Twitter, Facebook, LinkedIn, and Instagram as you make your way through each exercise, then join us for the live events.