Ranging from Free to $100 a month.
Financial advice has officially gone digital. Apps, monthly subscriptions, and the ability to meet with a financial advisor from anywhere, as long as there’s WiFi, all make it easier to get help with your money goals in 2021.
But which options are worth your time and money?
As a lifelong finance geek and advisor to young professionals in tech — here are my five recommendations for getting money advice on a budget.
1. Workplace Financial Wellness
What if you had access to personalized advice, online courses, and a library of sophisticated money management tools…and your employer covered the bill?
Alongside your 401k and health insurance, financial wellness is a workplace benefit that helps you manage your financial life with confidence instead of fear and stress.
And it’s exploding in popularity thanks to startups, like LearnLux, that make it easy for companies of all sizes to offer financial wellness tools to their teams.
So before you pay for advice out of your pocket, ask your company about plans to bring financial wellness into the office in 2021.
2. Pro Bono Financial Planning
If a friend needs advice and I can’t personally help them, I tell them to check out xyplanningnetwork.com, a marketplace that matches early-career professionals with fiduciary financial advisors.
After a quick search on their site, I found over 70 financial professionals offering free or discounted planning services as “coronavirus relief.”
If your finances have been impacted by COVID and you want help budgeting, paying off debt, or applying for relief benefits — pro bono services are worth exploring.
3. Online Communities
When you have a question about money or investing, where do you go? For me, it’s always been the internet, and online communities like Quora and Reddit rarely let me down. These platforms bring together two types of people:
1) Those with questions, and
2) Those with answers.
You can read through thousands of personal finance questions that have already been posted, answered, and voted on by the community.
Or you can post a new question. If others are pondering on the same question, then you have a good chance of getting it answered by the community, which can range from experts, amateurs, and everyone in between.
4. Personal Finance Courses
If you’re someone who enjoys a structured learning experience, then a personal finance course might be your thing. You get tons of value, accountability, and a clear plan for how to take action.
But, the key is choosing the right course, which ultimately comes down to the teacher.
The course I’ve recommended most is actually a book. Ramit Sethi’s 6-week course that lives inside his bestseller, I Will Teach You to Be Rich, will help you automate your finances, negotiate a raise, talk your way out of late fees, and make big financial decisions without anxiety.
The paperback is $8 on Amazon right now. It’s an investment with minimal downside, and the potential to change your life if you follow Ramit’s advice.
5. Financial Planning Subscriptions
If you’re planning for a major life event — like buying a home, getting married, or having kids — working with a financial advisor can be a smart investment.
It’s the most expensive option on the list, but personalized advice can save you a lot of money and headaches over time. Plus, monthly subscriptions make it easy to pay for advice as you need it.
Farther Finance, the first digital family office, is a strong choice for investors who’ve outgrown their Robo advisor and want something more.
A monthly subscription on Farther’s app gets you automated investing tools, a comprehensive financial plan, and personalized advice from a Fiduciary Financial Advisor.
All for an annual fee of 0.80% of the investments Farther manages for you. That comes to roughly $67/month for a $100,000 account balance.
Full disclosure: I’m an independent Financial Advisor on Farther’s platform. I joined the team because they’re committed to building an amazing, transparent client experience (with the help of some really cool technology). It’s where wealth management is headed, and that’s where I want to be.
Your financial health is connected to your overall health. When things don’t feel right with your money — it creates stress that can affect your work, relationships, even your happiness.
But you don’t have to manage the complexity of your financial life alone. There are options to get help at every price range. Take advantage and get closer to financial independence in 2021.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Consult a financial professional before making any major financial decisions.