Best Financial Resources for Millennial Couples |
Posted: June 13, 2017 |
Financial advice has never been at a more significant premium than today. With the complexity of investment types, taxes, a turbulent employment market and a myriad of potential economic hazards facing young families, couples need relevant, powerful financial advice backed up with real-world examples of practical success. But where does the average couple go to find such advice? Sure, anyone can sit down and start typing questions into Google, but that technique might not produce the results the average millennial is looking for. What they need is not just answers, but advice on how to ask the right questions. The good news is there are options and sources of information for millennial couples. In fact, it can be credibly said that there are better options now than there have been for some time. The housing crisis and the challenging economy have produced at least one and possibly two generations of people who are more than prepared to not only face, but overcome financial adversity. Here are some things to consider. Your Bank Because of the complexity in both investments and financing, banks have been required to recruit and train specialized advisors including insurance brokers, certified financial planners and in some cases, both brokers and brokerage principals. No longer is your local bank only staffed by tellers and the occasional manager. With these new sources of advice have come some rather impressive new products and services. You may find this combination of considerable help, as specialists will be able to tailor their advice to your specific needs and show you the pros and cons of alternatives in the process. Financial Companies Believe it or not, there are more than a few large-scale financial services companies that are taking their message to the streets. It has always been possible for clients and potential clients to consult with qualified financial advisors and brokers at various fund companies, but now, big firms are sponsoring meet-ups, parties and paid speakers to attract young people and couples to social events where they can discuss their needs. This new approach follows closely on the heels of the flash mob and meet-up culture spawned by internet communities in the late 1990s and early 2000s. The social potential can be a powerful lure, and the financial advice can be more credible when an audience has an opportunity to interact with the advisors in a social setting. Apps There are hundreds of financial apps ranging from budgeting assistants to full blown electronic banking platforms. While most don't offer full-fledged financial "advice" per se, they do have a rather efficient platform for guiding individuals and couples towards resources they may find helpful. One of the biggest advantages of a financial app as opposed to a general purpose reference or financial advice book is the ability for the app to tailor advice and resources to the needs of the person using it. If someone is having trouble with student debt, for example, the app can direct them to services and resources that exactly match their financial situation right down to the amounts owed, employment and budget. If they are saddled with high expenses, the app can direct them to more efficient alternatives like cheap car insurance online, refinancing options or alternative grocery outlets. In an age where it seems everyone has some kind of financial advice to offer, it is often refreshing, for couples especially, to learn that there is help for them that isn't off-the-rack "save more money" slogans or one-size-fits-all truisms from days gone by. While some sources of help might be a little harder to find than others, they are out there, and some of them can be both powerful and timely if utilized properly.
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