financial advisor for people with no money?

i am concerned for my parents financial future. they really have no direction, no plan, will not be paying their house off anytime soon, not much in retirement or savings. needless to say I'm concerned about them.
how can i go about helping them find some sort of advisor that can put them on the right path?

Re: financial advisor for people with no money?

How old are they? Could you take them in? If they have no pension, veterans benefits, 401k, Roth IRA or any savings, if they have worked and contributed to Ss then they can claim that and get Medicare and or Medicaid when they are old enough. Do they budget? I would have a discussion with them about their finances and what each of you expect. If they can save, they should do so. If they can't, perhaps downsizing into a small apartment may help them.

financial advisor for people with no money?

My sister is the same way, as are my cousins, all are in their 50's. They have made no plan for getting older, no plans for retirement and are unwilling to get serious about it when I try to talk to them.

They will probably just hit up other family members each time they get desperate as that has been their MO in the past. I have had to pay for root canals and dental care, and paid for health insurance so one could get life saving surgery (I got that one on medicaid finally), etc. It's frustrating and will only get worse.

Message edited 3/24/2015 10:56:28 AM.

financial advisor for people with no money?

I am not sure you need a financial advisor Bc you would just have to pay to see one. A lot of companies have catch up 401plans but it seems he problems may go deeper. Is there a way you can take control of finances and put them on a budget and set up an automatic savings that they don't have access too?

financial advisor for people with no money?

What about setting up a Roth IRA?

Re: financial advisor for people with no money?

If they don't have disposable income to invest, there's almost no point in seeing a financial adviser. The ones that don't work on commission (which are generally recommended) would need a fee-for-service. Usually, financial advisers are used to help maximum and diversify investments, which would require money for investment.

Sounds like you need more David Ramsey-like information on stuff like getting out of debt, money management, etc. I'm not sure what person you would see for that, but there are tons of books to help with it. Good luck--it's hard seeing family in that position.

financial advisor for people with no money?

Some people simply will not face reality. My sister just called - see post above from yesterday. Refuses to get health insurance, yet wants money for skin cancer care.

I talked with her, again , about working towards a safe future financially, but she laughed it off assuring me she was working on it. Apparently she quit her job to help a friend part time, so is now paid off the books with nothing towards social security which she still needs to pay into to qualify.

Message edited 3/25/2015 11:46:06 AM.

Re: financial advisor for people with no money?

Maybe start with some of the recourses on AARP.org

Also saw this USA today article

Re: financial advisor for people with no money?

I think a lot of free online resources can help like size or man etc. not sure paying an advisor is needed as seems like the basics should be done first - analyze comin in/going out and set a budget.