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Amidst the chaos of the pandemic, various respected organizations have stepped up to offer free financial advice. These groups understand the strain that individuals are under and are providing tools and one-on-one consultations to help people make informed financial decisions during this challenging period.
A number of trustworthy financial institutions are offering resources at no cost, including the chance to consult with financial professionals for free. These services are aimed at those who are struggling financially or dealing with the personal consequences of the pandemic.
The Financial Planning Association is providing short-term, pro bono financial advice to individuals and families in need. The FPA focuses on underserved groups, including low-income households, veterans, survivors of domestic violence, and those affected by natural disasters or serious health issues. All pro bono advisors are CERTIFIED FINANCIAL PLANNER (TM) professionals with the expertise to guide clients through these tough times.
If you’re not eligible for pro bono support but still seek financial advice, the FPA has put together a helpful resource called Navigating the New Reality. This free guide offers tips on budgeting, investing, and includes practical suggestions like ‘Practice Financial Distancing,’ designed to help individuals maintain financial balance during challenging times.
These days, it’s easy to be swayed by confident individuals who share bad ideas with assurance. We tend to trust people who speak with certainty, regardless of the merit of their ideas. When these individuals introduce complex thoughts, our minds often stop questioning and simply accept their viewpoints. If you find yourself convinced, take a step back, challenge their assumptions, and don’t just believe they are correct.
The XY Planning Network, a collective of fee-only financial advisors focusing on Generation X and Millennials, is offering pro bono financial advice for those impacted by the loss of income due to the coronavirus. Additionally, they maintain a blog that includes a post on how Millennials can navigate a recession, offering valuable insights.
Keep contributing to your retirement savings during a recession. The only exception is if you require extra income to cover living costs (and ideally, if you have an emergency fund, this shouldn’t be necessary). As stock and bond prices decline, your regular contributions will buy more at lower prices (see this article onDollar Cost Averaging
). Think of it as an opportunity to purchase at a discount, which allows for greater growth potential in the long run.
The Foundation for Financial Planning, National Foundation for Credit Counseling, and the Consumer Financial Protection Bureau have created free resources to assist individuals during the pandemic, covering everything from payment options for small business owners to financial caregiver tips for those managing the finances of older family members. Be mindful that while the NFCC offers the chance to connect with nonprofit counselors, it doesn’t necessarily mean their services are free of charge.
If the COVID-19 pandemic has altered the way you’re handling your finances, feel free to reach out to us. And if you find that you need mental health support more than financial advice at this moment, we also have a collection of free mental health resources available for you.
