Seeking Financial Advice

How did you decide where to open your first bank account? Where did you learn to budget or pay bills? If you have a money question now, what do you do? Who do you turn to? 

Your answers to the above questions are likely some combination of “my parents” and “the Internet”. Most young adults do not receive any kind of formal financial education. So, it is likely that you will need to seek guidance when it comes to money management. 

That guidance can come from any combination of sources: family, friends, apps, blogs, classes, forums, financial institutions, articles, books—the list goes on. No source is inherently better than the others if it empowers you financially. 

Recent studies have found that 49% of Millennials turn to their parents for financial advice and it is not hard to see why. They are familiar and accessible and, since they have guided you through most aspects of life, it makes sense that they guide you through your finances too. Some parents are fully involved in teaching their children about money; others get stressed out even thinking about it. If your parents are not comfortable discussing money than you might want to look for other sources of financial information before consulting with them. 

Whether you consult with an advisor at your financial institution or hire an advisor independently, it is hard to top the results you get from working with a dedicated professional. Having an expert assess your financial situation and design a plan for you is an extremely powerful tool because they can recommend products, services and strategies that you might never have come across on your own. Reaching out to an advisor can be intimidating if you are used to your finances being a private matter or you feel embarrassed about your current level of financial understanding. Using some other sources on this list to gather information before meeting with a planner can help you feel in control and better prepared. 

The Internet can be great for financial guidance as it is private and specific. Some helpful online resources include your credit union’s website, personal finance blogs, personal finance sections on news sites, and FAQ sections or forums on popular financial websites. As with all online content, you need to have a critical eye when gathering data. Who is the author of the content? Is that research trustworthy? Be careful with sharing your personal information online even with websites that seem popular and trustworthy. 

Friends and other peers can be a good place to get financial advice—they are typically in the same age range, they may be facing some of the same financial challenges as you, and they might be easier to talk to than your family. Everyone has a unique set of financial priorities and circumstances. Getting general financial advice from your friends is great, but when it comes to more specific advice, it is a good idea to look elsewhere. 

Personal finance apps are wonderful resources because they are often better at slotting into our busy schedules. Convenient and well-designed apps can lead you to pay more attention to how you manage your money. Personal finance apps are usually geared more towards actions than they are to education. Apps are awesome tools that tend to work best when combined with a broader understanding of financial topics. 

As a member-owner, your credit union has your best interest in mind. Sunrise Credit Union can provide you with current, professional advice and can give you access to a broad selection of additional resources. If your current combination of financial resources is not cutting it, this may be the solution for you.