This Crown Financial Ministries devotion definitely has some applicable truths in society today. A lot of people are talking about money management, getting out of debt and savings, which are all good things. But, with more need and urgency around such issues as debt, we see more and more services advertising help. These services are not always offered in the best interests of customers.
Sometimes it seems there’s too much advice around: your brother-in-law made a fortune investing; your cousin did well with bonds; Aunt Millie prefers the neighborhood bank. Only the foolish would take free advice without looking into it carefully, weighing all the risks, and then making in informed decision.
The naive believes everything, but the prudent man considers his steps. The prudent sees the evil and hides himself, but the naive go on, and are punished for it. (Proverbs 14:15, 22:3 NASB).
This week I wrote a response to an Ask One Money Design question – Should You Work with A Debt Settlement Company? There are a number of for-profit companies out there receiving a lot of money from customers, but don’t really help people get out of debt, or at least not make much progress.
As the devotional mentions, we need to look into advice and offerings for financial services carefully. At the least, you should understand the following:
- How does the company make money off of their services?
- What is their record with the Better Business Bureau? Do they have any bad marks against them?
- If you’re a Christian, are you getting advice from someone who is also a Christian and who has the same values and uses the same guiding principles as yourself?
- What fees are you expected to pay and how often. Read and understand the fine print for any agreement, especially if you’re going to be responsible for making payments.
Overall, the best approach to financial management is conducting research and reading up on subjects yourself. Try to get as educated as possible. Look to the experts to supplement your lack of knowledge and experience in specific areas. As it relates to debt, see what you can do to speak with creditors and build your own debt plan. You don’t need a for-profit company to do this for you. At the same time, know when it’s time to ask for help. Seek the services of a non profit debt counseling organization or free Biblical financial Money Map Coaching services from Crown Ministries.
What financial advice (free or for profit) do you think people should be aware of today? Can you provide some tips for readers who are seeking financial advice for debt, investing or other services?
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