Would You Hire A Professional/advise To Manage Your Money?

Discussion in Personal Finance started by Denis Hard • May 26, 2016.

  1. Denis Hard

    Denis HardWell-Known Member

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    I was thinking that this would be a waste of money but apparently they are people who have no clue how they would manage their money. So instead to get help so they don't spend all their money they decide to seek help. And pay for it of course.

    Do any of you hire financial advisers or have you ever done it in the past? Would you say the money spent on these services is wasted?
     
  2. Destiny

    DestinyActive Member

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    Well, I don't have enough money to hire someone to manage my money! Haha! But, I guess it's a great luxury for those who have enough money to hire someone to manage it.
     
  3. xTinx

    xTinxWell-Known Member

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    For the meantime, while I'm still in the process of saving up more money to little by little become financially free, I cannot afford to hire a professional to advise me on money matters unless it's someone I personally know so I could get advice free of charge. If I do get the hang of money marketing, then perhaps I'd opt to self-manage my finances and if there's something that leaves me baffled, I'd seek affordable professional help (at a price within my means).
     
  4. Corzhens

    CorzhensWell-Known Member

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    I think financial advisers are appropriate for those who suddenly have big money like lotto jackpot winners. But for ordinary people like us, especially those with fixed salaries, that's not a good idea since you will be spending for the fees. Besides, you can get some tips in handling your finances in the internet. This site is one good example of that.
     
  5. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    It depends on your goals for your money to hire money financial people. Like most people they do alright managing their own money. If I would hire people to manage my money I would like to know where every penny went and make more money in investments they recommend than what I pay my money managers. To be able to hire professionals to manage my money I'd have to be rich and I wouldn't hire professionals to manage my money otherwise. I'd study and research things on my onw and make my own decisions, until I get rich to hire pros to manage my money.
     
  6. GenevB

    GenevBActive Member

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    Depending the level we are talking about, maybe as a business with a specific target, you could hire a professional advisers so you won't go broke from the electricity bill, but for personal finance this is just stupid. I can't believe there are people that stupid that don't know how to manage their personal finance, this is the clear result of all this capitalism, people who have been born rich and always had what they wanted, when they found themselves to be on their own feet and use their own money, they simply don't know how to spend it, because they've never missed anything and never worked an hour before in their lives.
     
  7. davos

    davosActive Member

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    For the average joe, is just a waste of money. But for an entrepeneur whiz kid racking up in a lot of $$ and owner of a successful multimillionaire brand, a professional advicer may help to do well in stock market or some other investments.
     
  8. rz3300

    rz3300Active Member

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    Well I have never really gotten into the habit of paying people for something that with a little effort I can do myself, but I can certainly see where this might be an exemption. I try and try to do my best with my finances, but if something were to come up I would not be afraid to contact a professional. It is expensive though, and as @johnjacobs@johnjacobs maybe most people canot afford it, but that is something that you just have to weigh.
     
  9. DiscountDreams

    DiscountDreamsActive Member

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    No, I'd rather become a professional along the way. I've studied so much financial psychology at this point that I can comfortably manage most of what I do without the need for anyone else to assist me.
     
  10. DrRipley

    DrRipleyExpert

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    It be up for it if I had so much money that I had trouble managing it, but with what I have now I think I can keep an eye on it fairly well enough on my own. I don't think it's such a bad idea for others to do it either because it would hopefully at least give them a bit more direction on what to so with their wealth but just with any other industry or profession it's important to find the right ones who are in the job for the right reasons because otherwise you could just be stepping into the world of someone who is just doing guesswork and just got to that position by luck and not skill.
     
  11. cluckeyo

    cluckeyoActive Member

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    Well, I like to figure it out myself. So I wouldn't hire anyone for regular money. I think a financial advisor would be good for if you were getting into investing. In that case I would need someone to help me learn it.
     
  12. xTinx

    xTinxWell-Known Member

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    That's true. I mean all it takes for you to spend more is to actually have more. If you have a fortune, it'd be difficult for you to manage your own finances. You'd need expert help lest you become overwhelmed and end up mishandling your funds or some cunning people would dupe you into investing in scams.
     
  13. DrRipley

    DrRipleyExpert

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    Yup. I think it's a good problem to have since if you have that much then you at least have more security but at the same time you just have more to worry about and you need to be a bit careful with how you invest it so I can see how a manager can come into play at that point. For some I've also seen managers being helpful when a person or a couple is in too much debt and they are incapable of climbing out of it alone and for this situation I think hiring a manager can also be a very helpful option despite it being an added expense because ultimately you will get professional help to get you out of a sticky situation.
     
  14. filmjunkie08

    filmjunkie08Active Member

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    It I made a million a year, then yes I would hire a professional to help me avoid high taxes and various other worries of the rich. Other wise, it is a waste of hard earned money. With age I have learned what is a wise purchase and what is not. I feel my financial affairs are private and am really not keen on having them analysed by someone who is a stranger.
     
  15. obliviousme

    obliviousmeActive Member

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    If i have millions and millions sitting on my bank account, then I'll definitely hire a financial adviser to help me figure out what to do best with my millions and how to invest/use it wisely.
     
  16. Jamille

    JamilleActive Member

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    I think hiring a financial adviser will be very helpful if you're managing millions or billions of funds and you only know a little about investing or money management. I happen to be an accountant and I would like to practice what I learned in school and the corporate world to my personal finance.
     
  17. tonyb

    tonybActive Member

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    I haven't thought about hiring a professional or accountant to manage my money. This may just be because I haven't make that much money yet. I have the believe I'll be able to manage my money with my basic knowledge in Economics. If the need arises then I may go for professional help
     
  18. ptahm22

    ptahm22Active Member

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    Hiring a professional will depend on how much money you have. But if you have been managing the little you had I don't see how you can't handle the surplus. You should also remember that this advisor is similar to you, just because he is a professional it doesn't mean he can't make mistakes.
     
  19. Decentlady

    DecentladyActive Member

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    I have used financial advice but not exactly on my money management rather on my tax filing.

    Since this concept was new to me in the view of not having enough data in my hand to calculate accurately my returns, I had and have to rely on a professional in this matter. Luckily, he happens to be a family friend and doesn't charge me any free for a once in a year favour.