Steps to Getting A Financial Advisor in your 20s

Getting a financial advisor in your 20s is a responsible thing to do. At the every least, it means that you are serious about your finances. Finding one in your local area is not hard, especially with SmartAsset free matching tool, which can match you up to 3 financial advisors in under 5 minutes. However, you must also remember that a quality financial advisor does not come free. So, before deciding whether getting a financial advisor in your 20s makes financial sense, you first have to decide the cost to see a financial advisor.

What can a financial advisor do for you?

A financial advisor can help you set financial goals, such as saving for a house, getting married, buying a car, or retirement. They can help you avoid making costly mistakes, protect your assets, grow your savings, make more money, and help you feel more in control of your finances. So to help you get started, here are some of the steps you need to take before hiring one.

Need help with your money? Find a financial advisor near you with SmartAsset’s free matching tool.

1. Financial advice cost

What is the cost to see a financial advisor? For a lot of us, when we hear “financial advisors,” we automatically think that they only work with wealthy people or people with substantial assets. But financial advisors work with people with different financial positions. Granted they are not cheap, but a fee-only advisor will only charge you by the hour at a reasonable price – as little as $75 an hour.

Indeed, a normal rate for a fee-only advisor can be anywhere from $75 an hour $150 per hour. So, if you’re seriously thinking about getting a financial advisor in your 20s, a fee-only advisor is strongly recommended.

Good financial advisors can help you with your finance and maximize your savings. Take some time to shop around and choose a financial advisor that meets your specific needs.

2. Where to get financial advice?

Choosing a financial advisor is much like choosing a lawyer or a tax accountant. The most important thing is to shop around. So where to find the best financial advisors?

Finding a financial advisor you can trust, however, can be difficult. Given that there is a lot of information out there, it can be hard to determine which one will work in your best interest. Luckily, SmartAsset’s free matching tool has done the heavy lifting for you. Each of the financial advisor there, you with up to 3 financial advisors in your local area in just under 5 minutes.

3. Check them out

Once you are matched with a financial advisor, the next step is to do your own background on them. Again, SmartAsset’s free matching tool has already done that for you. But it doesn’t hurt to do your own digging. After all, it’s your money that’s on the line. You can check to see if their license are current. Check where they have worked, their qualifications, and training. Do they belong in any professional organizations? Have they published any articles recently?

Related: 5 Mistakes People Make When Hiring a Financial Advisor

4. Questions to ask your financial advisor

After you’re matched up with 3 financial advisors through SmartAsset’s free matching tool, the next step is to contact all three of them to interview them:

  • Experience: getting a financial advisor in your 20s means that you’re serious about your finances. So, you have to make sure you’re dealing with an experienced advisor — someone with experience on the kind of advice you’re seeking. For example, if you’re looking for advice on buying a house, they need to have experience on advising others on how to buy a house. So some good questions to ask are: Do you have the right experience to help me with my specific needs? Do you regularly advise people with the same situations? If not, you will need to find someone else.

5 Reasons You Need to Hire A Financial Consultant

  • Fees – as mentioned earlier, if you don’t have a lot of money and just started out, it’s best to work with a fee-only advisor. However, not all fee-only advisors are created equal; some charges more than others hourly. So a good question to ask is: how much will you charge me hourly?
  • Qualifications – asking whether they are qualified to advise is just important when considering getting a financial advisor in your 20s. So ask find about their educational background. Find out where they went to school, and what was their major. Are they also certified? Did they complete additional education? if so, in what field? Do they belong to any professional association? How often do they attend seminars, conferences in their field.
  • Their availability – Are they available when you need to consult with them? Do they respond to emails and phone calls in a timely manner? Do they explain financial topics to you in an easy-to-understand language?

If you’re satisfied with the answers to all of your questions, then you will feel more confident working with a financial advisor.

In sum, the key to getting a financial advisor in your 20s is to do your research so you don’t end up paying money for the wrong advice. You can find financial advisors in your area through SmartAsset’s Free matching tool.

  • Find a financial advisor – Use SmartAsset’s free matching tool to find a financial advisor in your area in less than 5 minutes. With free tool, you will get matched up to 3 financial advisors. All you have to do is to answer a few questions. Get started now.
  • You can also ask your friends and family for recommendations.
  • Follow our tips to find the best financial advisor for your needs.

Articles related to “getting a financial advisor in your 20s:”

  • How to Choose A Financial Advisor
  • 5 Signs You Need A Financial Advisor
  • 5 Mistakes People Make When Hiring A Financial Advisor

Thinking of getting financial advice in your 20s? Talk to the Right Financial Advisor.

You can talk to a financial advisor who can review your finances and help you reach your saving goals and get your debt under control. Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post Steps to Getting A Financial Advisor in your 20s appeared first on GrowthRapidly.

Source: growthrapidly.com

Can Debt Collectors Call on Holidays?

A woman sits on a couch with her laptop in her lap while talking on her cell phone.

When you’re in debt, getting calls from debt collectors is common. But can debt collectors call on holidays? Although there are no regulations that specifically make calling on holidays illegal, there are regulations that prohibit debt collectors from contacting consumers at unusual or known inconvenient times. 

Find out more about the answer to this common question, and learn what you can do to take care of your debt for good. 

Can Debt Collectors Call on Holidays?

You probably don’t want a debt collector to call when you’re at home, spending a holiday with friends and family. The good news is there are protections in place to eliminate abusive and unfair debt collection practices.

The Fair Debt Collection Practices Act (FDCPA) notes that a debt collector may not communicate with a consumer “at any unusual time or place or a time or place known or which should be known to be inconvenient to the consumer.” With this regulation in mind, early mornings and late nights are not acceptable times of day for debt collectors to call.

Can creditors call on holidays? Because many holidays are public knowledge, you can generally expect that debt collectors won’t call at these times. With that being said, it’s important to note that not all localities, states or countries acknowledge the same holidays. 

Can bill collectors call on holidays? Technically, yes. But you can ask them to stop. 

Can a Debt Collector Contact You at Any Time?

No, they cannot. They can contact you, but they need to follow the regulations outlined in the FDCPA. If bill collectors are calling at unreasonable times of the day or continually call you, it may be considered harassment. It’s recommended that you document every date and time that a creditor calls so you have a record to use in case you seek legal counsel to deal with creditor harassment.

Can You Tell a Debt Collector to Stop Calling?

Yes, you can. If you don’t want a debt collector to call on holidays or you’re getting calls at unreasonable hours, you can send a letter requesting that they stop. Creditors must cease contacting you by phone once you make the request, but that doesn’t mean you don’t still owe the debt. They can continue to take other actions to collect it.

What Happens if You Ignore Debt Collectors?

You might be thinking of ignoring calls from debt collectors but worry about the consequences. When you ignore these calls, in some cases, nothing will happen. The creditor might stop reaching out.

But that’s not always the case. You might face negative consequences for ignoring these calls. 

If the debt is yours and you continue to ignore debt collections, you might face wage garnishment or a lawsuit. Your credit score and credit report can also take a hit. Though you shouldn’t have to take calls at unreasonable times or on holidays, if you owe a debt, you may want to work with the collection company and consider how you can pay it to avoid other negative consequences. 

How Can I Keep Debt Collectors From Interfering With Holidays?

If you’re getting calls from bill collectors and are worried about the possibility of them calling on holidays, you might be wondering what steps you can take. Here are some suggestions. 

Ask Them to Stop 

Consumers have rights, which are outlined by the FDCPA. One of them is that a debt collector must stop contacting you after you send a letter requesting them to do so. You’ll still be responsible for any debt you owe, but they must follow your request and stop reaching out. 

This needs to be done in writing, not by phone. Consider keeping a copy of the letter that you send for your records. You may also want to send the letter by certified mail so you know when the debt collector received it. 

Work Out a Payment Plan

If you want to lessen your financial stress and don’t want the collector to take further action, consider negotiating a repayment plan with your creditor. If you do this, make sure everything is outlined in writing. 

If the debt hasn’t gone to collections yet, the creditor may be willing to work with you. In some cases, creditors might waive fees, lower the total amount due or lower the interest rate if it means they can collect some of the debt from you. 

Consult an Attorney 

If a debt collector continues to call after you requested they stop or if you don’t owe the debt, consider contacting an attorney. One can advise you of your rights and any next steps you might want to take. 

Help Is Available 

No one wants to be harassed by creditors, and they shouldn’t be. Remember that regulations that are in place to protect consumers like you. Don’t be afraid to reach out to collectors to ask them to stop calling if it’s interfering with your happiness or day-to-day affairs. 

If you have unpaid debt and want to improve your credit situation, ExtraCredit can give you the tools to help you make positive changes. The service lets you track your credit score. It also offers a discount on credit repair services from one of the leaders in credit repair if that’s something you decide to pursue.

Sign up for ExtraCredit today!

The post Can Debt Collectors Call on Holidays? appeared first on Credit.com.

Source: credit.com