We all went to school and not one day were we taught how money works. Our educational system does not have in place any courses on how to handle your money in any given situation. So, where does this leave us? We must depend on our own research or have a good advisor to lead us through the world of financial woes.
We are not taught how to plan for taxes and inflation. We are not taught the reality of paying mortgages, bills, tax problems, how to handle our retirement accounts, and on and on. Even business classes are not taught the “how to” of money management.
My advice is to seek out an advisor. How do you find the right one? What questions should I ask? First, make sure he/she has been around for a while so they will guide you through the good times and protect you in the bad times. Ask them how many clients they have currently. Each advisor should be able to handle about 250 clients. If they have significantly more than that you better check further to see how they service their clients. When you need your advisor, you want his/her availability. Ask them what licenses they carry. There are many agents claiming to be advisors and they only have an insurance license. This would greatly limit your investing options and would probably limit your number of potential companies to work with your accounts. Call your local Better Business Bureau and find out if they have had unresolved complaints. Understand, if one has been in business for a long time there is good possibility that there may be a complaint but the key is whether they are resolved.
This article was provided by The Society of Financial Awareness. For further information about SOFA call 864-644-0012.
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