I Was Broke — Until a Financial Advisor Helped Me in These 4 Ways
Written by
Vance Cariaga
Edited by
Jenna Klaverweiden
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If you need a financial advisor, there is no shortage of options. More than 330,000 financial advisors are employed around the country, according to the Finance Strategists website. Advisors who must meet industry and regulatory standards include certified financial planners, certified financial analysts and registered investment advisors. But there are also plenty of financial consultants who can include just about anyone.
Although many financial advisors are hired by rich clients to help them amass more wealth, advisors can also prove useful to people who have hit rock bottom financially and want to dig their way out. Even if you have little money to spend, you can use services like the Garrett Planning Network, which Experian describes as a “fee-only fiduciary advisor organization” that aims to lower barriers by charging only on an hourly, as-needed basis.
In some cases, you might even find a financial consultant among your professional or personal contacts who can offer advice at little or no cost, at least until you’re back in a position of financial strength.
This is especially useful if you happen to be broke and need a plan to start earning income, saving money and building wealth. One person who can speak from experience is Ben Grant, founder and CEO of LearnSales, a global sales training platform where he partners with noted author and money expert Grant Cardone.
Ben Grant’s journey from financial hardship to entrepreneurial success is a “powerful testament to the transformative impact of professional financial guidance,” according to correspondence shared with GOBankingRates.
As Grant told GOBankingRates, he had a talent for generating income but found himself “nearly broke” because of poor money management skills.
“Overspending and unwise investments had taken their toll,” he said. “Realizing I needed expert advice, I sought the help of a financial advisor, which proved to be a pivotal decision in my career. My experience illustrates how hiring a financial advisor can play a crucial role in overcoming financial hardship. With expert guidance, individuals can transform their financial status, make smarter decisions and build a more secure future.”
Here are four ways a financial advisor helped Grant when he was in financial trouble.
Budgeting and Expense Management
“My financial advisor helped me establish a comprehensive budgeting plan,” Grant said. “By tracking my expenses meticulously and identifying areas to cut costs, I regained control over my finances and allocated funds more effectively towards my business and personal growth.”
Building an Emergency Fund and Savings
“My advisor also recommended building an emergency fund, providing a cushion against unexpected expenses and ensuring I wouldn’t fall back into financial hardship. Additionally, regular savings habits were instilled, promoting a secure financial future,” he said.
Strategic Investments
“With my advisor’s guidance, I learned to make informed investment decisions,” Grant said. “Adopting a strategic approach and focusing on long-term growth opportunities, I stabilized my financial situation and increased my wealth.”
Debt Management and Financial Discipline
“Addressing my debt was crucial. My advisor devised a plan to manage and eventually eliminate it, which had been a major burden. Through consistent financial discipline and adherence to this plan, I cleared my debts and achieved financial stability,” he said.
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