We can all use a little advice when it comes to money. But who can afford to hire a financial adviser to tell us what we need to know? Well, you don’t have to. Instead, you can ask Bill Stanley, aka The Money Coach. His advice is free.
Stanley, a registered investment advisor and College of Financial Planning grad, says he wants to “educate, encourage, and empower families to run their own financial race.” He does not prepare budgets or invest money for you, and he doesn’t sell products. He just answers your questions.
He started his website, MoneyCoachBill.org, in July 2012 and appears regularly on a local morning show in Colorado Springs (some segments are now on YouTube). He also writes personal finance articles on what is now Yahoo! Voices. Those articles, on every conceivable financial topic, can be found on his site.
He says the topic of most concern to visitors to his site usually involves debt and credit problems. “I would rather give advice that prevents debt issues from occurring rather than trying to pick up the pieces of someone’s financial life,” Stanley says. What’s he telling them?
About credit card debt: “When in a hole (debt), stop digging (spending),” he says.
About retirement: “The biggest secret to retirement is to save early and save a lot. For every day you work, you need to make enough money to pay for that day and a day in the future when you will be retired.”
On credit scores: “The biggest component of your credit score is paying your bills on time.”
On home buying: “Want to buy a house? Make more than you spend, have saved enough for a down payment, have a substantial emergency fund, and make sure your credit score is in the 700s.”
On debt: “Don’t despair if you are in a mess. Read my story of the guy who paid off his $65,000 debt.”
On savings: “I also do budget counseling for the almost homeless. First thing I do it make them track every dollar they spend. Wish more people would do that.”
To get your questions answered free, visit MoneyCoachBill.org.