Financial Temperature

Financial Planners?

I have really bad credit. I'm only in debt 5K, but I'm having a really hard time paying everything. I want to go to a financial planner to help me get my money, bills and bad credit on track. I'm just really lost and I need to professional direction (I think) What are people's experiences with financial planners? Do they cost a lot? Are they worth it? Are they really helpful? And finally, how can I find a good, experience and knowledgable financial planner? Don't tell me the yellow pages either. Anyone can do that, doesn't mean the person they call is any good.

Public Comments

1. Most financial planners deal with how to invest your money. Some a fee-based (charge a fee). It sounds like you need help in budgeting and personal financial planning. Many community colleges offer courses in personal financial planning. The government has free booklets (government printing office) on budgeting and basic finances.
2. Find someone with a CFP designation. Due to money concerns, find one who also sells auto insurance, State Farm, Allstate, and Nationwide are the best to speak with. If you move your autos to them they will probably be more than willing to work with you for free. The easiest way to find a CFP in your area is to get on cfp.net. They are definitely worth it, they can help you budget and know the where you can cut corners and where you shouldn't. As long as you follow their lead you should be back on track in no time.
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4. You can get free financial planning & budget advice from World Financial Group, Primerica & New York Life. They all sell products, too (which is how they can get paid) but you have to have positive cash flow before you can buy. Living Free & Clear has a program for budgeting & a strategy for paying your mortgage off (if you have one). I have friends at World Financial Group, Primerica & New York Life. If you would like contact information for them, you can respond to this email & l'll put you in touch. Here's a link for Living Free & Clear: http://www.livingfreeandclear.com/cmd.php?af=619338 They have a fee but you can check it out.