Dealing With Money Doesn’t Have to Be Lonely—These Are the People Who Will Help

Managing your money is very personal process, but no one should do it alone. We all need company on this path, especially considering it’s one of the most crucial parts of our lives. That could mean connecting with an expert who walks you through tough topics, or a family member whose finances—and financial health—affect your own.

Here, some of the experts to seek out, and conversations you should have.

Expert 1: A Financial Planner

Every single person should have a Certified Financial Planner. As a CFP myself, I even have a CFP. Why? Because two heads are better than one. Money is often emotional, even when it shouldn’t be. Maybe you’re making big purchasing decisions like buying a new home or going through complicated things like juggling a job loss, ailing parents, or having a new baby. A financial expert should be by your side to give you an extra head in the game and make sure that good financial logic, not emotions, drive your decisions.

A good financial planner is literally a doctor (plus therapist!) for your money: an independent third party who can provide you the latest and greatest advice, act as a sounding board for big decisions and, most importantly, help guide your family to making better-informed decisions and potentially even resolve a dispute.

I work with my CFP at least monthly, to check in on key financial decisions. To source a good one, go with a credible firm, find someone who’s Better Business Bureau-documented, or stick with someone affiliated with a sizable brand name where you can trust that you’re getting great advice.

When to get one: if you think you don’t have enough money to have an advisor, think again. In fact, when you have less money it’s more critical to manage it, because you can’t afford to make mistakes.

Expert 2: A Tax Specialist

If your taxes are extremely simple, resources like Turbo Tax and H&R block are great. But as you get into higher income brackets, a tax expert can help you improve your finances by, for example, identifying deductions (think: contributing to 529 plans, making capital improvements to your home, contributing to a 401(K) and Roth IRA, etc.). Not having a professional sort your taxes means you could be leaving money on the table.

When to get one: If you’re a small business owner, a tax expert is non-negotiable. For everyone else, get one as soon as your taxes gain complexity.

Expert 3: An Estate Planner

But do I even have an estate? You may ask. Even if your only assets are two pieces of jewelry and a pile of Zara, there are still benefits to having certain documents in place. Your financial life might be relatively simple, but I still want you to have a basic will and health proxy (the person who makes all decisions if, god forbid, something happens to you).

When to get one: If you don’t have dependents, you don’t need an extremely complicated will. It could be as simple as, so-and-so gets everything, or divide my assets in thirds. That on a single piece of paper is better than nothing.

But as your financial life gets more complicated, it really matters to have an estate planner to help you think about setting up trusts, avoid probate (a legal process that costs you money), and consider carefully how you want to make really hard decisions. If the topic’s overwhelming for you, you’re not alone. I now have two children; making it really clear who would be the guardian of our kids is not something I like to think about, but I don’t want our families to have to wrestle with that decision without us.

Once your expert team is in place, here are five tough conversations you should have:

Convo 1: With Your Parents

Ask yourself: Are my parents financially stable through retirement and beyond? What do I need to do to prepare them so that they are financially buttoned up?

Convo 2: With Your Partner’s Parents

What questions do I need answered to ensure that my spouse or significant other’s parents are financially stable?

Convo 3: With Your Life Partner

If you’re married, and something happens to you or your spouse tomorrow, have you both left clear directions? If you’re not yet married, then have a basic financial conversation. Does he have credit card debt? Is her credit score bad? If we break up, what happens to the house we bought together? These scenarios play out every single day, and it’s better to know the answer before your honeymoon evaporates, not after.

Convo 4: With Your Business Partner

If you’re in a business partnership, please don’t define it on the back of a napkin. Recently, someone I know established a business and went quite far with it without determining all the terms of agreement. It was a mess. It’s harder to make those decisions when you actually have real assets than when you have nothing.

Establishing these relationships sooner rather than later can help you get in good financial state, avoiding any sticky situations that you may not even know you’re in for. Once these partnerships are established, you and your money are free to have some fun.