{"id":8275,"date":"2020-05-10T15:43:01","date_gmt":"2020-05-10T19:43:01","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=8275"},"modified":"2020-05-10T15:43:11","modified_gmt":"2020-05-10T19:43:11","slug":"get-good-free-financial-advice-right-now","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=8275","title":{"rendered":"Get Good, Free Financial Advice Right Now"},"content":{"rendered":"
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\"\"<\/a>\u201cWhen I was a boy and I would see scary things in the news, my mother would say to me, \u2018Look for the helpers. You will always find people who are helping.\u2019\u201d This quote by Fred Rogers, the soft-voiced creator of PBS\u2019 Mister Rogers\u2019 Neighborhood,<\/em> couldn\u2019t be more apropos today. Thankfully, personal finance helpers are stepping up to lend a guiding hand gratis<\/em> to those who need it due to the pandemic.<\/p>\n

The need is great.<\/p>\n

Millions of Americans have lost their jobs, had to shutter their small businesses (possibly forever) or seen their retirement accounts shrink<\/a> drastically. An April 2020 online MassMutual poll of 1,000 Americans revealed that nearly a third of boomers and Gen Xers (29% and 32% respectively) say they\u2019re stressed about their personal finances<\/a>. And a recent Gallup Poll found that half of Americans surveyed age 50 to 64 are worried about maintaining their standard of living<\/a>.<\/p>\n

\u201cI looked at where I could help, and financial planning is one of the most impactful ways to change people\u2019s lives.\u201d<\/p><\/blockquote>\n

Recent history suggests a potentially frightening financial future for older adults. A look at economic ripple effects of the Great Recession<\/a> of 2008-2009, from the National Council on Aging and LeadingAge LTSS Center @UMass Boston, found a drop in total net wealth and an increase in debt for people 60 and older.<\/p>\n

Struggling With Daily Expenses<\/h3>\n

\u201cUnfortunately, many Americans have been financially impacted by the COVID-19 pandemic<\/a> and market downturn and are struggling with day-to-day expenses,\u201d says Teresa Hassara, head of workplace solutions at MassMutual.<\/p>\n

Propelled by the rough financial times due to the coronavirus crisis, a smorgasbord of free financial advice and guidance is now available \u2014 ranging from one-on-one virtual financial planning consultations to employers opening up helplines for employees.<\/p>\n

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Our Commitment to Covering the Coronavirus<\/h3>\n

We are committed to reliable reporting on the risks of the coronavirus and steps you can take to benefit you, your loved ones and others in your community. Read Next Avenue\u2019s Coronavirus Coverage<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\u201cI needed a way to give back in a meaningful way,\u201d says Kristen M. Buchanan, a financial planner at Cincinnati Investment Advisors. \u201cI looked at where I could help, and financial planning is one of the most impactful ways to change people\u2019s lives.\u201d<\/p>\n

\"Kristen
Kristen Buchanan<\/figcaption><\/figure>\n

Buchanan signed on to offer free counseling through The Financial Planning Association<\/a>, the principal membership group for Certified Financial Planners (CFPs). It now has a roster of more than 60 volunteer CFPs around the country on its site. They\u2019re providing short-term guidance to those who need it due to the pandemic. You can call or email to set up a meeting.<\/p>\n

Many people want that kind of help.<\/p>\n

Looking for Financial Advice From a Professional<\/h3>\n

In the new 2020 Financial Literacy Survey<\/a> from the National Foundation for Credit Counseling and Discover Financial Services, 75% of U.S. adults ages 55 to 64 and 68% of those 65 or older said they could benefit from advice and answers to everyday financial questions from a professional.<\/p>\n

Buchanan told me that most of her pro bono sessions have revolved around basic budgeting.<\/p>\n

\u201cA lot of the people are worried about \u2018How am I going to get through this pandemic and pay bills?\u2019\u201d she says. \u201cIf I can alleviate some of that stress and get them to have some understanding about their finances and how to live without constantly worrying about money, that\u2019s my reward.\u201d<\/p>\n

Read on Next Avenue<\/a><\/strong><\/p>\n

Maura Griffin, founder of the Blue Spark Financial advisory firm in New York City and Lenox, Mass, has started hosting free, regular 45-minute Zoom calls<\/a> to answer questions. \u201cIt is something I will continue to do, on a monthly or quarterly basis, even after the pandemic,\u201d she says.<\/p>\n

\u201cThe questions are varied,\u201d Griffin notes. \u201cMany are about things like what the PPP (the federal Paycheck Protection Program for small businesses) loans cover; how to approach creditors and what to do with the $1,200 stimulus check<\/a>.\u201d<\/p>\n

A Historical Perspective Can Help Ease Nerves<\/h3>\n

Griffin offers perspective, too. \u201cI also talk about history of market turmoils and give solace that we\u2019ve been here before, just a different set of circumstances.\u201d<\/p>\n

\u201cThey are coming with a particular pain point they want to address, and typically have been impacted directly by job loss.\u201d<\/p><\/blockquote>\n

The National Association of Personal Financial Advisors<\/strong> also has on its site a growing list of more than 50 fee-only planners (they don\u2019t charge commissions) offering pro-bono services<\/a>.<\/p>\n

And The Association for Financial Counseling & Planning Education<\/strong> (AFCPE), along with the Wells Fargo Foundation and the nonprofit military assistance group Yellow Ribbon Network, is now offering free virtual counseling and coaching sessions <\/a>to people who\u2019ve experienced a negative change in income and\/or budget due to the coronavirus outbreak.<\/p>\n

\u201cOur counselors are fielding a lot of questions about the stimulus checks, how to navigate through job loss and unemployment, and how to get out of debt, improve credit and create a budget and spending plan to navigate through this uncertain time,\u201d says Rebecca Wiggins, AFCPE\u2019s executive director.<\/p>\n

\u2018No Question Is Too Big or Small\u2019<\/h3>\n

\u201cNo question or issue is too big or too small,\u201d Wiggins says. \u201cPeople can come if they just have questions, want to finally get some assistance to make a realistic budget or if they are really struggling and don\u2019t know where to even start.\u201d<\/p>\n

\"Rebecca
Rebecca Wiggins<\/figcaption><\/figure>\n

AFCPE also offers links to free COVID-19 financial resources<\/a> on its site.<\/p>\n

More than 90 members of the XY Planning Network<\/strong> (XYPN), an organization of fee-only financial advisers, are now available to help people with free emergency financial planning virtual consultations<\/a>.<\/p>\n

\u201cWe recognized the impact COVID was going to have on the economy and our advisers (who usually charge $200 to $300 an hour) stepped up and said this is something we\u2019d like to offer,\u201d says XYPN co-founder and CEO Alan Moore. \u201cSo far, there have been a lot of cash flow questions, queries on how to apply for unemployment and \u2018Should I be taking money out of my 401 (k)?\u2019 They are coming with a particular pain point they want to address, and typically have been impacted directly by job loss.\u201d<\/p>\n

Free credit counseling agencies can also assist with problems ranging from bankruptcy to student loan debt to an evaluation of your budget and financial picture. A good place to start is The National Foundation for Credit Counseling<\/strong> website<\/a>.<\/p>\n

Employees can also see if their employers are offering free financial counseling, perhaps through their Employee Assistance Plans.<\/p>\n

Potential Government Benefits<\/h3>\n
\"Dawn
Dawn Santoriello<\/figcaption><\/figure>\n

Finally, on Benefits.gov<\/strong>, a federal agency partnership site, you can find government benefits<\/a> related to unemployment assistance, health care and food and nutrition. Its Benefit Finder tool <\/a>will let you see if there are government benefits you may be eligible to receive.<\/p>\n

If you\u2019re feeling shaky about your finances, don\u2019t be too proud to ask for help. Your future financial security is at stake.<\/p>\n

\u201cMany people really need guidance right now on setting up a budget and managing credit card debt. And that\u2019s why I am a financial planner,\u201d says Dawn Santoriello, president of DS Financial Strategies in King of Prussia, Pa.<\/p>\n

She\u2019s offering free sessions to those in need, too. \u201cMy goal is to give someone peace of mind, make sure he or she is on track. It\u2019s the right thing to do.\u201d<\/p>\n

Mister Rogers would approve.<\/p>\n

By Kerry Hannon<\/a>, Entrepreneurship and Personal Finance Expert<\/span><\/p>\n

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\"Kerry<\/div>\n

 Kerry Hannon <\/a><\/span> is the author of <\/span>Never Too Old to Get Rich: The Entrepreneur’s Guide to Starting a Business Mid-Life<\/em><\/a>. She  has covered personal finance, retirement and careers for The New York Times, Forbes, Money, U.S. News & World Report and USA Today, among other publications. She is the author of a dozen books including <\/span>Money Confidence: Really Smart Financial Moves for Newly Single Women<\/em><\/a> and <\/span>What’s Next? Finding Your Passion and Your Dream Job in Your Forties, Fifties and Beyond<\/em><\/a>. Her website is <\/span>kerryhannon.com<\/a>. Follow her on Twitter <\/span>@kerryhannon<\/a>.<\/span><\/p>\n<\/div>\n<\/div>\n

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