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FOCUS ON HOW FINANCIAL ADVISORS CAN HELP YOU STICK TO YOUR GOALS |
Summer travel season is here! Whether going to the beach, hiking in the mountains, or visiting sights far from home, planning ahead for how you'll afford the vacation — or even paying for much of it in advance — can make the trip much more enjoyable. |
Sharon with her husband, daughter and son at the Great Wall of China in Beijing. |
Last month, I went on an epic adventure in Asia with my family. We enjoyed visiting the Great Wall of China in Beijing, riding to the top of the Shanghai Tower, and standing alongside the Big Buddha in Hong Kong. It was amazing to tour these famous sites and explore these cities with my husband, 19-year-old daughter, and 22-year-old son. A travel agency helped me organize the tours and book our hotel stays, but I was responsible for figuring out how to fund this trip of a lifetime. Making the most of high interest rates, I turbocharged my savings by putting as much extra money as I could in a high-yield savings account earning about 4.25% interest. I also took advantage of a 0% interest credit card where I put part of the travel agency charges and other expenses. Now, I know I have to pay off the balance by the end of the month when the introductory interest-free period ends and the interest rate shoots up to over 20%. |
To ensure that this vacation didn't derail my financial goals for retirement savings and paying for college, I checked in with my financial advisor — my accountability partner — to help me figure out how to make it all work. Having a financial professional in my corner to help me reach long-term and short-term goals has been a game changer in my financial life. Read, watch, and learn how financial advice may help in your financial journey! |
Sharon Epperson CNBC Senior Personal Finance Correspondent |
How to know if you need a financial advisor — and what kind to get |
Whether you're planning for retirement, saving for college, or starting a business, you may decide that you need someone with more expertise to come up with a plan to get there. Watch this video to find out about some of the best options when it comes to having a professional help you with managing your money.
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Factoring in your emotions in money management |
Financial advisors can use behavioral science to understand your emotions and help you make better decisions about your money. The best investment may not have the highest long-term rate of return, but if it's an investment that you will stick with to help you reach your financial goals, then that may be the best investment for you. Tim Maurer, chief advisory officer at Signature FD, explained to me why that "human factor" is so important to financial planning at the CNBC Financial Advisor Summit a few weeks ago. |
Here's why it may be time to break up with your financial advisor |
Judging a financial advisor's performance isn't only based on the returns that they help you achieve on your investments. The No. 1 reason people tend to choose a financial advisor is because they trust them. When that trust falters or is broken, it may be time to break up with your advisor. |
More Personal Finance Tips for 2024 |
For more tips on emergency savings, budgeting, and being able to afford a home, go to cnbc.com/your-money. |
Engage in conversations about money with your family, friends and colleagues. Encourage them to sign up for the free, 8-week Money 101, financial education series by signing up at cnbc.com/money101. The newsletter is also available in Spanish, Dinero 101.
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