Have a question about hiring a financial adviser or have an issue with your current adviser? Email [email protected].
As student debt payments resume in October, this question, which someone posted on Reddit, felt particularly timely to us. Furthermore, we hear this type of issue from our own readers a lot, saying they don’t know enough about money and wondering if they can learn it on their own or if they should hire a pro to help get them on the right track . So we asked several pros their thoughts on the below question— and whether it was worth forking out cash for a financial adviser.
In other words, start with a budget, write down all your debts and interest rates, and try to get a real handle on what you’ll earn vs. what you spend. Then, find ways to cut that spending. Some of the sacrifices you might have to make to lower your expenses include living at home, taking a roommate or not buying a new car. “You might also consider foregoing contributions to your employer retirement plan or company stock while paying down the debt.
You also should work on savings for an emergency fund and retirement. You’re still young and thinking about retirement probably hasn’t crossed your mind, but starting the saving process early can be incredibly advantageous.
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