Where can I find a Suze Orman type?

[bank5]

I have a relative who is in pretty bad financial shape. She's in her 50's and her relatives and friends have tried to help without much success. How can I find a financial planner who is an expert on helping people in tough financial shape?

 

[crazy connie]

Financial Peace University is put on by Dave Ramsey trained folks all over the country. They train the trainer and then work the program thru churches, schools and any organization that wants to provide a gathering place. I have seen them in the public libraries a couple of times. He promotes the snowball approach to pay down debt and beans and rice principals. He has a tv show on Fox Business and I think has a very good program.

Remember your relative has to be willing to change or it is all for naught.

 

[bank5]

Financial Peace University is put on by Dave Ramsey trained folks all over the country. They train the trainer and then work the program thru churches, schools and any organization that wants to provide a gathering place. I have seen them in the public libraries a couple of times. He promotes the snowball approach to pay down debt and beans and rice principals. He has a tv show on Fox Business and I think has a very good program.

Thanks! I'll definitely look into this. It could be extremely helpful.

Remember your relative has to be willing to change or it is all for naught.

That's my biggest concern. She doesn't spend a lot on wasteful things, she just makes poor financial and job related decisions.

 

[Leonidas]

Ramsey is great for people who are so deeply in debt that they can't see the light anymore. Most of his callers are in horrible straits and don't have a clue about personal finance. He offers some simple and effective advice for how to stop digging the hole deeper. If that is where your relative is, Ramsey might fit the bill.

His teachings do rely heavily on a biblical philosophy and some folks might have a difficult time with that.

His post-disaster recovery advice (i.e., making simple investments after you've resolved the debt disaster and established an EF) is not very sophisticated. But most of his callers don't have the slightest clue about anything financial other than how to run up debt, so that's probably not a problem. But it's not the kind of stuff most of us here would do, and there have been times when I've winced when he starts talking to a caller about how to invest in mutual funds.

 

[Sarah in SC]

I'll second (or third) on the Financial Peace University. One of the best things about these courses is that they are held in small groups (albeit usually in churches) so there is a lot of community support during the 13 weeks.
There is also a military program available. It is basic common sense stuff to those of us on the forum, but for millions of others--it is miraculous.

 

[freebird5825]

Here is a possibility
http://www.nfcc.org/CreditCounseling/faq.cfm#d
Halfway down the page...
"What do NFCC Members charge for counseling services?
It varies depending on the support for each member and state laws, but the majority of these services are provided at no or low cost to clients."

 

[Sarah in SC]

See pages 4-12 here
http://www.cfp.net/Downloads/2009Standards.pdf
to see if this fits her needs.

As if I don't know this by heart, eh? Good stuff, isn't it?

But I will say in fairness, that if she needs a basic financial education, she probably could get one cheaper than time with a CFP, not that I don't want to line the pockets of my fellow CFPs!

However, a fee only planner that she could pay by the hour could help her get a plan together for her finances if she needs a lot of hand-holding.

 

[freebird5825]

As if I don't know this by heart, eh? Good stuff, isn't it?

But I will say in fairness, that if she needs a basic financial education, she probably could get one cheaper than time with a CFP, not that I don't want to line the pockets of my fellow CFPs!

However, a fee only planner that she could pay by the hour could help her get a plan together for her finances if she needs a lot of hand-holding.

I just re-read the OP and realized a CFP's fees might be out of her reach right now.
See my updated post #6 for info about NFCC.

 

[Payin-the-Toll]

My fault, I thought the OP was gay and wanting a partner!

 

[Walt34]

She has to first recognize that she has a problem.

She then has to acknowledge that her behavior is the problem.

She then has to want to make the changes in her behavior to solve the problem.

Not everyone can do that.

I have a distant relative who wanted me to "loan" her $5k for a bankruptcy attorney as her house was about to be foreclosed on. When I declined (she has borrowed from others in the past and never repaid) her response was "Well, when one door closes another opens". That, to me, is a denial of responsibility.

When last heard from she and her daughter were applying for food stamps. This is someone who at one time owned a home free and clear that even in the current market would still sell for $400k+.

She just doesn't get it. Her past behavior is the reason she's in the jam she's in now, and unless and until she acknowledges that I see little hope for her. This is not very likely since she's now in her 80's.