REGIONAL federal credit union Tip of the Month: Financial Planning Month

October is Financial Planning Month, and there are many different places to get financial advice. Here is a small overview of some, as well as the pros and cons:

Parents & Family Members:

• Pros: Trusted and familiar, with 49% of Millennials seeking their financial advice. They know you well and have your best interests at heart.
• Cons: Family dynamics vary; some are comfortable discussing money, others aren’t. If your family isn’t money-savvy or open about finances, consider other sources.

Financial Advisor/Planner:

• Pros: Professionals provide expert advice and personalized financial plans, offering insights and strategies you might not discover on your own.
• Cons: Can be intimidating and expensive. If you're not comfortable discussing your finances, start with other sources to build confidence before consulting an advisor.

Personal Finance Blogs/Online Forums:

• Pros: Provides quick, private information and a wide range of perspectives. Good for research and general guidance.
• Cons: Information quality varies. Requires careful evaluation of sources and may need validation from professionals for more detailed advice.

Friends/Peers:

• Pros: Similar age and situations, making their experiences relatable and their advice easy to discuss.
• Cons: Financial situations differ greatly; following peers’ advice blindly can be misleading. For specific advice, consult other sources.

Apps:

• Pros: Convenient and integrated into daily life, helping you manage finances more efficiently.
• Cons: Often focuses on action rather than education. Best used alongside a solid understanding of financial principles.