A financial adviser is someone who advises individuals and companies on how to spend their money, especially if they have certain savings goals they are trying to meet. Although most financial advisers use applications nowadays, mathematics is heavily involved in understanding how to align quotas and meet expectations. Just because you consult a financial adviser does not mean you are financially in trouble, but most people who do are not likely to be disappointed in their choice of a consultation.
There are a variety of different companies that employ financial advisers from assets under $100,000 to companies who won't even deal with anything under $1,000,000 in assets. Many celebrities, who are paid millions of dollars, hire financial advisers to ensure they make the best decisions as there have also been celebrities who have overspent and misunderstood how many they actually had. For example, if you buy a mansion and a garage full of cars, all of those assets need to be insured, and this is often what causes many people to go bankrupt, especially lottery winners.
I am not a professional financial adviser but I have a friend who works as a financial advisor. We'll call him George, who I did consult one time to understand my own finances and he gave me advice and told me what his clients were like. He had asked if i wanted to come work with for his company and although it was a very appealing offer, I love the company I work for and enjoy what I do. He recognized that I was just as good at calculating and understanding my own finances. There are times where I've had to consult him or ask him if it was a good idea.
Such was a case where I began a project during COVID-19 in 2020, referred to as the My Life As A Woman Project Initiative which started out as a blog project and turned into a book which you can read more about at https://mylifeasawomanproject.com. The opportunity presented itself when I realized, for a very brief moment, less than one month, nearly every person, or more specifically, every woman in the world was home, likely not working, and desperate to make some money. This was the only time I could have ever made this happen and to this day, I am surprised I took advantage of the situation, but I have no regrets for doing it. I hired at least one woman from every country in the world to share her story.
I offered every woman I hired an average of $20 to write a short story about her life, about who is she, how she came to be, and her aspirations for the future. There were some women I had to pay more because of the economy, or they were from more rare places. At times, I had to hire a translator or a mediator to actually get their story, especially the women who were located in refugee camps, who had escaped their communist country. This project cost me between $25,000 to $30,000 which includes the cost of illustrations and multiple additional projects, such as having women, especially those from China, provide me with as much information as possible about COVID-19.
I also hired a team of about 34 men and women, most of the women had been hired to share their stories, and then rehired to help by contacting women in surrounding countries that I could never reach, such as the Saharan Desert. One man knew a refugee living in The Vatican and gave me a price tag of $200, while another woman knew the Princess of Monaco and referred her to me. I would put out rewards to my freelancers who were also looking for work and it was based on a "first-come first-serve" system on what they could find. Once the place was received, it was removed from the list, pending that I could verify the woman was real, and the story was not faked. I firmly believe that at least 95% to 99% of the stories within The My Life As A Woman Project Initiative are authentic and real. Many people were paid what I paid the women to write their stories. So they had to do the work in finding the women and pay them $20 while they also got to keep $20 plus a tip. Sometimes the amount was larger.
My biggest reward was finding women from North Korea, in which I offered $250, for which two women had been found, one living in South Korea, and the other was living in the United States, both are considered defectors. In the early days of the project, I called George up and asked him if doing this project was a good idea, and his advise to me was this:
You get one life to live. In our world, money is time and allows you to buy freedom with that time. Some people choose to buy multiple houses, others buy cars, but you... you chose to spend your money writing a book, an expensive book, but if you feel good about it and you're still where you are when we discussed your finances a few years ago, in which I analyzed you would have $2 million to $3 million in assets by the time you retired, then you should feel good about what you've done.
George was absolutely right. i have no regrets and no one else would've financed such a project and actually got it done as well. Within two or three years, I've paid back the $25,000 that I put on credit to finance the project. I look back on it with amazement and wonder of how I even accomplished something that big. I spent four months talking to people from every part of the world and working in every time zone. it was a crazy time, but work was slow, and I had the time and finances to do it as well as the opportunity which presented itself. So I made it happen and it has sold over 250 copies between Kindle and hardbook as of today.
When I asked George what his clients were like, he said he had a variety of different clients coming to him with different situations. For example, there are many people who go through midlife crises who hit a certain age and go out and buy Corvettes or Lamborghini or Porches and that is what they chose to spend their money on. Many of them are still in good standing to have enough money for a good retirement. There are also other people that have $50,000 in credit card debt, are renting an apartment, and are in their mid-40s to early 50s looking to him for the answers of how they can comfortably retire. People are in many different situations, some good, some bad... but retirement is often on everyone's mind at some point in life.
Consulting a financial advisor allows you to understand your financial situation and what you afford to spend. They will look at your finances, all of your assets, bank accounts, etc., and you could ask them if you can afford to purchase a new home at this stage in your life, or send your kid to college, or even retire early. Financial advisers are not usually lawyers nor are they the ones to really tell you how to divide your assets in the event of divorce, but they can help you build or rebuild your life and give you solid advice that actually works. They may be able to help you find an extra $100 or $200 that you are throwing away every month and get you on a path to a good savings and retirement.
There are many companies out there that help with financial advising. There are many automated programs to do it as well. While these automated systems work great, it is sometimes best to get the opinion of a real live human being who can sit down with you, look at you, sit across from you, and tell you, "Spending that much on that is not the best idea, but here's a solution on how you can achieve your goals." There is so much to learn from a financial adviser. They are not there to tell you what to do with your money, only advise you on how to spend or save it, especially if you are an impulse buyer.
I'm not going to say I'm innocent of my impulse buying, as I just dropped about $1,125 on just over 100 steaks from Omaha Steaks, so i could stock up my freezer and have meat for the entire year. I will also walk into my medical cannabis shop and drop $200 on my medicine for my PTSD and anxiety. I'm sure my financial adviser would tell me that was probably not the best idea, but I'm happy with my decision. No regrets! Sometimes, you can afford to spend money on those things, especially for the fact that I don't have kids, and my debt is less than $8,000. I'll get through this just like I got through paying off my project!
Do your own research and if you could do anything for yourself, see if you can at least get a free consultation from a company and decide if a financial adviser is right for you!