Help With Money – We all Need it

Have you ever felt like you needed help with money? Feeling like you don’t know how to manage your finances or make your first investment can be a difficult thing. Without the time to learn, or someone to unload their financial advice, it is hard to know what to do with your money. While I am a financial blogger and people would expect me to have all of the answers (more and more people are asking me for “financial advice” – which excites me), the truth of the matter is that I don’t have all the answers (yet). If we are honest with ourselves, I think we can all agree that we need help with money in at least one point in our lives.

Admitting You Need Help with Money Can be Difficult

When it comes down to it, we all know the pressures that western civilization puts on us. The capitalist-driven society prides itself on pulling yourself up by your boot-straps. There is an ever-present notion that you have to go it alone. What is even more depressing, it seems that financial education between family generations is significantly lacking. If you have been to college, whether you have already graduated from it or are still in it, I would suspect that you have experienced first hand the transition phase from childhood to adulthood. This is often the period where young adults are forced to take charge of their finances.

I know from my personal experience that I had to learn by myself. I was given the task of paying for college by myself. While I was able to graduate without school loans, I was forced to learn many things on my own. While I did have parents that would have answered questions had I asked them, for some reason it didn’t seem natural. I think my experience relates to what other young adults experience in this lack of financial advice.

Asking for Help with Money Is Beneficial

Whether you feel natural doing it or not, asking for help with money can be quite beneficial. As it turns out, over the past couple of years I have learned this very lesson. After my wife and I got married, it was more natural for me to ask my father-in-law for help. I’m not sure exactly what this happened, but the social norm was probably broken easier because he’s an accountant. As a result of my willingness to ask for his advice, I have learned many things that would have taken my years to realize, including the benefits of a Roth IRA.

I think you will realize that if you stop to ask for help with money, the experience you will gain will speed up your success with money. It may not be a popular thing to ask for help these days since we can google everything in a matter of seconds, but there still is value in knowledge being transferred from generation to generation. The bottom line is the knowledge comes with experience. Maybe not exclusively so, but why not take advantage of the resources available to us.

photocredit: via Flickr

14 Responses to Help With Money – We all Need it

  1. I think you’re right. A lot of people (myself included sometimes) are too proud to ask for help, or embarrassed to ask for help with their finances. I think there’s a big aspect of not wanting to feel judged. “You spent how much on that?” “That’s all you have saved for retirement?”. The older I’ve gotten the more I realize I want/need help with certain things. My mom always says, “You don’t have to know everything, you just have to know who to ask to find the right answers”.

  2. We bloggers definitely need help with money, regardless of how much reading and research we do on the topic. For the first time, I’m going to roll over my retirement with a former employer to a new account. Honestly? I haven’t a clue what I’m doing. I plan on sucking up my pride and asking for help. And then blogging about it. :)

  3. Marianne says:

    I have a hard time asking for help with anything and I am aware that it is detrimental. I look at people that have no problem asking others questions because they learn so much from those around us whereas I am so proud and don’t like to feel like I look stupid. It doesn’t make sense though because I don’t look at people that ask me questions as though they’re stupid so why would I feel that others would think this about me? I have been trying to change this but it is hard. When I was a kid I was always the head of the class etc. and after awhile your peers expect you to ‘know everything’ in a way and make a big deal about it if there is something that you don’t know or get wrong. I am sure that I am the way that I am today because of this.

  4. For awhile, I suffered from this. I realized that part of the reason was that money was never discussed while I was growing up. I didn’t know what a mutual fund was until I was an adult. My solution was to buy a lot of books and read to learn the basics. Then I as able to have an intelligent conversation.

  5. Totally agree. Asking for a help is always a good thing and might lead to a discovery.

    I am always actively seeking for feedback and it is main reason for blogging.

  6. you are right! Its difficult to ask for help esp help for money. You need to put aside your ego and get ready to face different kinds of responses and queries from people

  7. Jai Catalano says:

    This post is the perfect time for me. I asked my step dad for help with my portfolio which had little life to it. Already in 1 day I have made changes after our first meeting. Having another one with him today.

  8. […] Help With Money — We All Need It at 20s Finance. […]

  9. When I was in credit card debt I found it extremely helpful to tell some friends and family members about it. It wasn’t easy to tell them because I felt ashamed. But after telling them, it motivated me even more to pay the debt off quickly. They never judged me but were there for support. It may be difficult, but it is worth it to ask for help or tell others about your situation.

  10. I readily admit I still need help & education. There’s always something new to learn and understand about finances.

    Lucky for me, there are lots of people who know about the things I don’t yet. Chances are I probably know something they want to learn.

    When I ask for their help, I immediately offer mine in return. Reciprocation is the fuel I use to improve my skills…and, hopefully, theirs too.

  11. Hi,

    I found your post very helpful. I have updated your post at my website weekly roundup

  12. When asking for financial advice, you have to be sure the person you are asking is (1) level-headed and knowledgeable, (2) has no conflicts of interest in giving financial advice.

    Majority of professional financial advisors may be reasonably level-headed and knowledgeable but they most certainly have huge conflicts of interest. Most are affiliated with some larger financial institution and steer their clients towards investing with that institution, usually at unreasonably high expenses. On top of that many will charge a fee as percentage of assets they manage for you.

    I would consider exclusively independent and fee-only advisors that charge a fixed, nominal fee for the services they provide and are not in any sort of partnership or affiliation with any other financial institution, mutual fund family, etc.

    Sad thing is very few people who need advice know what to look for in an advisor and fewer still would be able to correctly evaluate whether the given advisor passes the criteria above. So most people inevitably get lured by smooth sales talk and false promises that dominate the world of financial planners and advisors.

  13. […] to help others take control of their finances. This is probably because we know that everyone needs help with money, but it also implies that our readers have the ability to change how they manage their […]

  14. ImpulseSave says:

    Excellent advice! Asking for help doesn’t make you a weak person, it actually makes you a stronger person because you can learn something important. The other day I was figuring out my student loans for grad school, and I pretty much had everything figured out, but I wanted to ask my dad to look it over one last time before I finalized everything. He was able to help me put together a budget and he thought of things I never would have. Asking for help really paid off!

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