Even for the average individual, managing your finances isn’t something you can do entirely on your own. At a minimum, you may have to work with accountants, insurance agents, and attorneys to help you maintain control over the various aspects of your financial situation. Additionally, there are some financial professionals with whom you should occasionally consult or on a more regular basis.

Financial Planner

There are times in life when it’s prudent and worth the cost to consult a financial planner. These financial professionals charge a minimum of $150 per hour, so this isn’t someone to rely on in your day-to-day life. However, those fees become insignificant when you need professional help to get your finances in order. A financial planner will help you put together a strategy for getting your current finances under control while also helping you plan for the future. Think of them as a doctor for your finances, helping you to diagnose and treat unhealthy financial conditions.

Debt Counselor

If you have tried and failed to eliminate your debt on your own, you may need the services of a debt counselor. For an initial fee of up to $75, they will help you create an effective strategy for paying off your debts. They also charge a monthly service fee for helping you manage your repayment schedule. They will negotiate with your creditors to help you get more time or more favorable repayment terms to earn this fee.

Investment Advisor

Primarily, people use investment advisors to help them grow retirement wealth, but they can be utilized in managing a variety of investments. While some advisors do charge an hourly rate, most charge their clients based on the value of the account. For instance, an advisor might charge a 1% rate on an account valued at $250,000. That comes to a $2,500 annual fee, which is paid in exchange for the advisor helping to manage the client’s investments throughout the year.

While relying on financial professionals is important, you should also learn about personal finance as much as possible. By taking the initiative to learn a little something about credit and debt, investing and savings options, retirement, and taxes, you’ll have the knowledge you need to plan a better future for yourself.