How to apply general financial advice to your own money situation - Business Insider

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Placing too much weight on rules of thumb that don't match up with your goals could drive you in the wrong direction

"If you grew up in a very low-income household and money had a very negative connotation to you, then there has to be growth and healing in that area first to even get into a good relationship with your money thoughts and how you think, and you have not been exposed to conversations I talk about," Garner Scott said. Her financial firm focuses on helping women of color overcome the scarcity mindset and cultivate generational wealth.

"A better way of empowering is to figure out truly where you are, and not necessarily in comparison to those around you or in an aspirational way, but figure out truly where you are and what your numbers truly are, what are the variables in your life, what are the things that you're dealing with that no one else is dealing with," said Garner Scott.

"Assess that, really write that down, really plan that out, and then surround yourself with someone who could just help you get to the next level," she added. If you're lost when it comes to making sense of your behaviors, mapping out your current situation, or finding a path forward, you might consider turning to an expert for one-on-one help.

"I place a really high value on finding that trusted adviser relationship that fits," Fry said. "There are different advisers that work with different groups, so you don't have to have a million dollars to work with a planner. You know, there's not one-size-fits-all on cost, either."SmartAsset's free tool matches you with a financial planner in your area in 5 minutes.Disclosure: This post is brought to you by the Personal Finance Insider team.

 

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