Anyone do any debt/financial consulting?

**bjl584** · 03-01-2012, 11:11 AM

Originally posted by riverwed070707 View Post

With the one common interest we all have around here, I don't recall anyone mentioning doing any financial consulting FT or as a side job. At one point in time I looked into teaching a debt class at a local community college but ultimately decided not to.

I'm not an expert and don't have any certifications, but as someone who paid $30k in debt in 3 years I certainly have some knowledge of how to become debt free. Just like I love to help and critique finances and spending here, I think it would be fun to help others locally get their finances on track -- bonus if I can make some cash along they way but I truly might consider doing it for free just because I enjoy it. Sure its nothing that any dedicated person couldn't do on their own but I do think some people function better when they have someone to be accountable to and to help get them started on the right path.

Guess my biggest question is, are there laws/restrictions on offering financial advice without some sort of certification? I wouldn't be interested in dealing with investing, etc. Just basics like setting up a budget, tracking spending, setting goals, understanding debt and the like.

Interested to hear experiences of others.

Jimohio does financial advising now and he had to stop posting on this forum due to company restrictions. There aren't laws to give your friends advice, but if you publish some article recommending stocks or funds then you need to make a disclaimer and/or wait a certain time period (72 hours?) before buying or selling a position. You could write a book like Dave Ramsey and give advice on being debt free, and there are no laws against that. It's more of when you start getting into specifics that regulation comes into play.

**riverwed070707** · 03-01-2012, 11:55 AM

Originally posted by artwest

I have led a few of Dave Ramsey's Financial Peace classes at church and am currently helping to lead a class at work.

It's pretty easy, Dave Ramsey has 13 videos, each about 1 hour long. You get a workbook that will guide you through what questions to ask. You also have an open discussion after the video so if anyone needs help with anything or has questions, they can ask. You don't need any certification, you just need to know where to find an answer if you don't have it yourself. It costs about $250 for the DVD's and coordinator workbooks. Usually the church (or place of employment) buys this. Once you get the DVD's and workbooks, they will last for several years. The DVD's we are currently using were purchased in 2008.

I've looked into this as well and I'm just not into Dave enough to preach is stuff. But this is the kind of thing I would like to do! Not sure I'd be brave enough to do it with coworkers though

Guess the starting place is finding interest and go from there.

**kv968** · 03-01-2012, 02:25 PM

I don't know if you could consider it "financial consulting", but I've helped many friends and co-workers set up and allocate their 401k's and IRA's. I really enjoyed explaining the investment options available, how they work, what they do and why they should or shouldn't be investing in them.

One thing that kinda scares me at times though is I've found out just how many people have NO idea about investing whatsoever. I mean I don't expect everyone to enjoy finance and investing as much as I do, but the lack of knowledge out there can be quite frightening. But then I guess that's why we have financial advisors and the like.

**MonkeyMama** · 03-01-2012, 06:49 PM

I think there are a few problems, as mentioned.

#1 - You need to find people who *want* help.

***#2 - People who need help generally have no money to pay you.

***

#3 - So the money comes on the investment side where you do need certification, and also would want adequate insurance.

I channel my energies into my job as an accountant. Very similar stuff, but the pay is much better.

On the flip side, I mostly avoid moonlighting and pro bono work outside of the umbrella of my employer, for legal reasons. So, I may tend to avoid that kind of thing more than average, though I am sure I would be happy to do that kind of thing on a pro bono basis, otherwise.

**Angio333** · 03-02-2012, 04:10 AM

Crown Financial also has classes that will help you teach classes at church, work, etc. You can also become listed as a volunteer money coach with them.

**disneysteve** · 03-02-2012, 04:25 AM

Originally posted by MonkeyMama View Post

***#2 - People who need help generally have no money to pay you.

***

If this were true, Dave Ramsey wouldn't be such a wealthy guy. Yes, I know he made a lot of money in real estate, but he's got to be making a ton selling his books and classes, too. I don't think he'd be doing it just for the heck of it.

**riverwed070707** · 03-02-2012, 05:18 AM

Originally posted by disneysteve View Post

If this were true, Dave Ramsey wouldn't be such a wealthy guy. Yes, I know he made a lot of money in real estate, but he's got to be making a ton selling his books and classes, too. I don't think he'd be doing it just for the heck of it.

My thought exactly. Many people who are in a financial mess are there because they don't know how to balance spending and saving, not because they don't have money. I know because I was one of them.

Anyone do any debt/financial consulting?