How to Find the Right Products for You
Hi, I’m Saundra Davis, financial coach here at SaverLife. Today we’re going to talk about how to find the right financial products and services for your situation.
It is wonderful that we have so many financial products and services to choose from, but it can also be overwhelming. It can be very difficult to make a decision. There are many things that you can choose.
Evaluate Your Needs
The first step you want to consider is: what do you need? What problem are you trying to solve? Or what goal are you trying to reach? Once you know that, you can start to determine what’s going to work best for you.
If someone recommends something and you try it and it doesn’t quite get you what you want, it’s fine to stop it and try something new.
Find a Trusted Source
Keep these things in mind: For financial services, you want to make sure that you’re using a trusted advisor. We call that a fiduciary. A fiduciary puts your interests ahead of their own.
We are all going to have to use financial products to achieve our financial plan. You just want to make sure that any recommendations you get are what’s right for you, and not based on what is the best commission structure for the person who’s selling the product.
Using Financial Apps
When it comes to financial apps, you want to make sure that the app can help you achieve your goal at a cost that you’re willing to pay.
Many apps are free, and that’s fine. Just pay attention to if that changes. There are many apps that start out free, and then begin to charge a fee. You may be willing to pay the fee. It may be worth it. The key here is just know what you’re buying.
If you’re trying an app and it’s not working out for you, go ahead and try something else. Don’t feel bad about it. Remember that “no judgment zone.” But just make sure everything you use is moving you in the direction of what you want to achieve.
Fortunately, there are a lot of apps that can help you set up a budget to keep your saving plan as part of your priority.
So, what are you saving for?
Saundra Davis is a nationally recognized financial coach and educator. Her experience in the U.S. Navy, where she made every money mistake possible, and her 20 years serving community-based organizations led her to the reality that the best way to help people find a path out of poverty is to help them become their own financial expert.