Sometimes we need an expert’s advice to help us make financial decisions. This may be called financial counseling or economic empowerment services, depending on where you go and what type of service you’re looking for.
This may include:
- Creating and maintaining a budget
- Planning for major purchases such as a car, home, or a child’s college payments
- Building up your credit score
- Paying down debt and saving for the future
- Managing your retirement account or other investments
- Preparing for the future, such as making sure your family is covered in case something happens to you
Having a professional to speak with can help you achieve your financial goals. If you are looking for general advice, you may want to consider seeking the support of a local nonprofit community organization that has trained staff to support people with their finances.
When looking for someone to work with, it’s important to consider:
- Does this person work for a reputable company or nonprofit?
- Is this person certified?
- Do they have the training and experience needed to support me?
- Will I need to pay them (if so, how much and how often) or are their services free?
Here are some trustworthy non-profit organizations that provide financial counseling to individuals and families from low-income communities:
Bay Area
- Sparkpoint Centers: GREAT resources, with centers on many Bay Area college campuses
- Mission Asset Fund (Bay Area)
- One Treasure Island (Bay Area)
- SMART Money Coaching (San Francisco)
- Ventures (Santa Cruz/Central Coast)
- UpValley Family Centers (Napa)
- Community Action Marin (Marin)
Utah
- University of Utah Financial Wellness Center
- Salt Lake Area Family Justice Center at the YWCA
- Utah Community Action
At some point, you may determine that you want to work with a certified financial advisor who can help you manage your financial assets such as retirement or other investments. Many retirement plans offer advisors to speak with, as well as many financial investment institutions. If you are looking into these services, ask them how they work with clients, and what the fees are. It’s okay to “shop around” and speak with multiple people/institutions before making a decision.
Note: When using the internet to search for financial advice, be aware that many websites will try to market financial products to you. Be careful of these marketing efforts. Often, products will be marketed to you at a good rate, but then the rates change after a few months. Sometimes certain services may seem free, but actually come with hidden charges and fees. It’s best to always read the fine print to make sure you understand what you’re agreeing to. Don’t get financial products you don’t need. Remember, if something sounds too good to be true, it probably is.