Eventually, I was able to get my first credit card, which had a very low balance and a very high interest rate, and I built my credit history from there. Now, as the mom of a teenager, I want to understand the best ways for her to establish her own credit, so she doesn’t come across the same challenges.

I connected with a few experts and got the following great advice.

Teach teens why building a credit history is so important

Good credit history and a strong credit score can open financial doors that help people get a house, a car or even a cellphone.

“Credit history can play a part in getting the cellphone you want and having the service [plan] you think you need,” says Rod Griffin, senior director of consumer education and advocacy for Experian. “It can play a part in leasing an apartment. It can play a part in signing up for the utilities for that apartment… Your credit history could play a part in the job you get, especially [if you’re] managing a company’s money in some way. [Strong credit history] is going to be really important in establishing your life and being financially successful.”

The sooner teens understand that the responsible use of credit can benefit them and help them reach their financial goals in life, the better.

Start your child’s credit history while they’re young

Building a solid credit foundation early in your child’s life is crucial, and there are several ways to achieve this. For example, if a teen is responsible, parents can add their children as authorized users on one of their credit cards, says Jeanne Kelly, credit coach and founder of The Kelly Group Credit Coaching, who used this strategy with her own daughter when she was 16, had a job at the local library and was paying for gas to drive herself there. She added her daughter as an authorized user on a credit card Kelly didn’t use often.

“The bill would come in, and I was able to teach her [to] look at the receipts,” says Kelly. “Does this match? Is everything looking right? OK, let’s pay it in full. She would give me the money.”

Keep in mind that a debit card isn’t going to act like a credit card, she says. You need to make sure the charges and payments show up on your teen’s credit history.

Some companies offer starter cards, explains Griffin. The interest rate won’t be great, and the limit will be low, but they are easier to get when someone doesn’t have established credit. “[In the beginning], it’s good to have one or two [credit cards] and then to use them to make a small purchase and pay them in full.”

Another option is to use Experian’s credit match program. Your odds of getting approved for the credit cards they recommend are greater because they match your credit profile to qualifying criteria, explains Kelly.

Teach teens key credit terms

Teach teens to pay off their balance in full every month so they know to charge only what they can afford. Only paying the minimum balance due will keep the credit card in good standing, but you will still accrue interest, which can get colossally expensive.

Maintaining a high credit utilization rate can negatively impact a credit score. “High balances on that card are going to wreck your credit scores because the closer you are to the credit limit, the more risk there is that you won’t repay it, which causes your scores to go down,” explains Griffin.

Be patient

Keep in mind that, in most cases, it typically takes anywhere from three to six months for a new card to be included in credit scores, says Griffin. Staying patient is important, as is understanding that there are no quick fixes when it comes to the health of your credit.

“It’s about your history… and the way you manage credit.… [Credit history] scores are looking at behavior over time, not just what you do today,” says Griffin.

At the end of the day, starting early and slowly helping your teen build a solid credit history is key. Teach them why it’s essential to be responsible and always pay off their debt in full. Explain the end goal and the importance of being patient, which will help them build strong credit for a lifetime of financial success.

Photo by Miljan Zivkovic/Shutterstock

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Hardly anyone questions the practice of conducting business on a personal cellphone, a ubiquitous telecom development that in 2010 became known as Bring Your Own Device.—or BOYD. Consider that according to research by Samsung, 61% of companies expect remote availability from employees—even those who are not provided a company phone. But the often-overlooked question here is, who pays for that business usage?

The average cell phone bill for a single person is $141 a month, according to J.D. Power (includes phone cost, line fees, insurance and extra data charges). If you use your phone for work 50% of the time, you’re looking at about $840 annually paid from your hard-earned salary. Unfortunately, employees cannot claim it as a federal tax deduction, either.

Where you can recoup at least some of the cost is through BYOD reimbursement. In the Samsung survey, 31% of companies with a formal or informal BYOD policy paid the entire cost of their employees’ phone usage, and 40% paid at least a portion. Even so, many employees still have no clue if they are eligible for reimbursement. Worse, there are still companies whose BYOD policy does not include employee compensation at all—6% in Samsung’s survey. 

That means you might have to take matters into your own hands. Here are some strategies to try depending on your company’s BYOD policy:

If Your Company Has a BYOD Policy with Reimbursement…

1. The best time to take advantage of cellphone reimbursement is when you get your job offer. Read your offer paperwork carefully and jot down any unanswered questions for HR.
2. Here are some sample questions to ask: Is a personal phone required? Will I be reimbursed and if so, how and how much? What are my options if I do not want to (or cannot) use my own phone for business? Do BYOD benefits cover loss or damage while on company business?
3. Larger companies typically either provide you with company cellphones or they will allow you to use your own. Remember to ask if you still get reimbursed even if you decide not to take the company-provided phone.
4. Stipends vary from company to company, usually based on their size. The base range is $30 to $50, although that can increase to $75 or even $100 if you are in a sales or travel-intensive position. 
5. Know whether you’re getting a reimbursement or a stipend. Reimbursement pays you for specified phone expenses you have already incurred. You must submit a form and proof of expenditure before getting reimbursed. A reimbursement is usually capped at a certain amount, too. Stipends are a fixed amount you receive every month or every paycheck, regardless of any variation in your phone bill.

If you are already a year or two into your job, it is still entirely reasonable to ask about reimbursement. Go to your employee dashboard and look up your benefits–BYOD details should be listed there. If not, request them from your HR manager or your supervisor.

If Your Company Doesn’t Have a BYOD Reimbursement Policy …

1. Document your phone usage carefully for a few months (or compile the previous few months if you have records). Include time spent on business calls, insurance and any cost overages you incurred during that time (such as additional data needed or an international plan for business travel).
2. If you live in one of these states or cities, you’re entitled by law to compensation for using your phone for business. Your employer should be made aware of this.
3. Companies without a formal policy may still have an informal one. Ask your supervisor for details and how to apply for BYOD compensation.
4. Your company may tell you that they do not reimburse or provide stipends. You can negotiate this when it comes time for a raise. Bring your prepared documents and ask for a sum to be added to your raise that covers reasonable phone usage. Repeat at every salary review.
5. What about a tax write-off? The bad news is that many miscellaneous deductions have been eliminated from the IRS tax code, including phone usage for business. The good news is that your state may allow it. Ask your tax preparer.
6. If nothing works and you still want to stay with the company but hate giving out your personal number, consider setting up an alternative phone number, such as through Google Voice. A business subscription would need to be discussed with your employer, to see if they would be willing to pay for it and if it satisfies their IT and security priorities.

The consensus on BYOD is that it is reasonable for employees to request fair compensation for conducting business on their personal phones. Should you take the initiative and ask, or maybe campaign for your company to create a fair BYOD policy? That’s entirely your call.

Erika Kotite is a freelance writer with a small business background. She enjoys exploring the issues where business and personal worlds converge.

Photo from TippaPatt/Shutterstock.com

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Whether you’re an individual, family or business, learning to weigh and manage risk is an integral part of making prudent financial decisions. In fact, if you’re going to try and build wealth in any way, you’re going to take on financial risk. This might be the risk of investing in public companies, which could fail. Or it may be the risk of getting a business loan to buy additional assets so you can expand your business operations—that could ultimately go under. 

If you’re going to succeed financially, you need to know how to assess and manage financial risk both as a consumer and a business owner. In this article, we’ll explain financial risk, how you can assess it and strategies you can use to mitigate it. 

What Is Financial Risk?

Financial risk is roughly defined as the potential for a person or business to lose money from an investment or business venture.

For individuals, financial risk is commonly seen in the stock market when investing in public companies. Any company you invest in has the potential to have its stock value drop in price, whether due to internal or external factors. 

For businesses, financial risk is usually seen in the form of cash flow issues. If they have problems making enough money, they may not have enough funds to cover their financial obligations. These could include credit card payments or business loan installments. 

Financial risk does clearly pose a challenge for individuals and businesses via loss of capital, but it also comes with substantial benefits. For example, riskier investments such as stocks or private equity come with a higher potential for losing money compared to a certificate of deposit. From another angle, a business that takes out a loan (a form of financial risk) has the ability to purchase more equipment or hire additional staff to increase their production—thus increasing its overall profit. 

In many ways, the old adage rings true: “No risk, no reward.” That said, not all financial risk is created equal. Let’s take a look at the types of financial risks you can face. 

Common Types of Financial Risk

There are multiple types of financial risks both businesses and consumers should be aware of. Here’s a brief explanation of some of the most common types. 

Market Risk

Market risk for individual investors refers to the potential for price decreases in investments. This can be due to external factors, such as interest rates being increased by the Federal government. It could also be due to internal factors, like a company that has a bad earnings report. 

An easy example for an investor would be the stock market dropping after Donald Trump announced tariffs on imports from the U.S.’s trading partners. 

From a business standpoint, market risk refers to how the environment your business operates in is subject to changes that could threaten your profits. A prime example of this is ecommerce businesses like Amazon reducing brick-and-mortar shopping stores’ clientele. 

Credit Risk

Credit risk refers to the potential for a business partner or loanee to not meet their financial obligation to repay money. For individuals, an example of this would be loaning money to a friend that is never repaid. 

For businesses, especially banks, credit risk is the chance that a borrower does not pay back their loan. This is also known as defaulting. 

Liquidity Risk

Liquidity refers to how quickly—or easily—an investment can be sold (i.e. converted into cash) without affecting its price. Liquidity risk, broadly speaking, is the potential for a business or individual to not be able to sell an investment or asset and have their cash flow interrupted. 

From a business standpoint, an example of liquidity risk would be a company holding assets that are difficult to be sold, such as obsolete equipment or technology. If this company needed cash quickly to pay off debts, they could be at risk of not being able to access cash due to a failure to liquidate or sell its assets. 

Individuals face liquidity risk when they purchase investments that do not have a high transaction volume or are difficult to sell. A simple example is purchasing a certificate of deposit. While you get a guaranteed return, you lock your money in (unless you pay a penalty or forfeit earned interest). This means that you increase your liquidity risk should you need that money in the short-term.

Operational Risk

Operational risk is only present with businesses. It refers to the potential for a business venture to fail or have its operations hampered. This could be due to a number of factors such as fraud, mismanagement, poor business design or the success of competing businesses in the area. 

Inflation Risk

The increase of prices for goods and services affects both businesses and consumers alike, and its risk can be felt in many different ways. 

For consumers, inflation can erode your purchasing power with cash. It can also reduce investment returns. There’s a risk that comes with having cash and investments simply due to the fact that prices can increase. 

For businesses, rising costs can affect their ability to purchase essential goods or services necessary to keep their business functioning. This can bottleneck a business’ ability to generate cash and potentially increase operational risk as well.

Financial Risk Assessment: How to Evaluate Your Risks

Often it’s easy to identify certain financial risks. If you hold a large amount of credit card debt, that’s a clear risk. Or, if your business only has two clients, that’s an obvious risk to your profits. But evaluating financial risk to prioritize which ones to mitigate it is a bit more difficult. 

Scenario Analysis 

One method is to ask a series of questions to determine the impact of a financial risk. If the impact of a risk is great and it is difficult to deal with once it occurs, it should probably be labelled as a priority. This risk assessment tool is known as scenario analysis. Here are some questions you can use to brainstorm. 

1. What are the chances of this financial risk occurring?
2. If it occurs, how much of an impact would it have on the business (or my personal finances)?
3. If this risk impacts the business or my personal finances, what steps can we/I take to recover from  it?
4. What can the I or the business do to prevent this risk or prepare in advance of the risk occurring?

Value-at-Risk (VaR) Assessment

Another common risk assessment tool used to evaluate financial risks is the value-at-risk (VaR) metric. This tool measures the potential loss in an investment position over a period of time. 

For example, let’s say you were thinking of buying stocks in a public company. One way of determining the VaR of that stock is to look at its historical returns and losses over a specific time period that matches your investment timeline. You would then measure how often that stock performed poorly in that timeline and if you are comfortable with that potential “worst case scenario.” Keep in mind that is a simplification of one way to calculate VaR. 

Variance Analysis 

Variance analysis is another method that is commonly used by businesses to see areas that are higher risk based on gaps and past performance. It might include revenue, materials, production, labor and overhead. This type of can help protect against a future lack of cash flow. 

Regression Analysis 

The regression analysis model can help determine the relationship between variables and help predict future financial relationships. This is a more advanced method that involves more complex statistical data sets. It might be used for financial forecasting or assessing the volatility of stocks. 

Financial Risk Assessment Software Tools 

For businesses or more advanced financial risk analysis needs, there are also a number of software programs that can help measure financial risk. These are especially pertinent to finance industries and investors. These tools can often provide analysis, reporting, monitoring and even audits  

Regardless of what type of risk assessment tool or financial risk analysis methods you use, understanding the type and number of risks you face before making a financial decision is critical. 

Financial Risk Management: Key Strategies for Individuals and Businesses

Seeing all the different types of financial risks can feel overwhelming. How can you avoid all of those different financial pitfalls? The key is to find strategies that mitigate or reduce your risk exposure. 

Mitigating Financial Risk for Individuals 

Some key risk management strategies for individuals include: 

• Proper budgeting: Keeping track of your expenses and ensuring you have enough cash flow to cover them is a simple way to reduce your liquidity risk. It can also help you repay your debts so you can focus on using your money for more lucrative opportunities, such as investing in stocks or bonds. 
• Managing debt: Learning how to manage and repay your debts can give you more access to cash in the long run: instead of paying into an overdue credit card, you can have access to that money in your account. In some cases, such as when you start a debt management plan, you can reduce your debts and lower your corresponding credit risk in the eyes of banks and other lenders. 
• Increase savings: Building up your emergency savings to around three- to six-months worth of expenses can significantly decrease your financial risk. If you face unexpected expenses, rather than taking out an emergency loan you can pull the money from your nest-egg. 
• Adding insurance: Whether it’s health, life, disability or property insurance, having a plan in place to protect you and your loved ones is always a prudent risk-reduction technique. This can ensure your assets are protected in the event of a tragedy and that your family can continue to financially operate. 

Reducing Financial Risk for Businesses

Business risk management strategies are similar to those for individuals, but they can be more complex. Some common strategies include: 

• Diversify investments/income: Creating additional streams of income or investment types in a corporate portfolio can reduce financial risk that comes with offering only one type of good or service. Diversification also applies to clients. Where possible, do not rely on a small number of clients to generate profits, as market changes or negative economic developments can quickly disrupt your profits if one or two clients leave.
• Create a risk management plan: Writing up a risk management plan is a clear step to aim to reduce risks—it helps your organization become more aware of them. A financial risk management plan would include how your company assesses, identifies and reduces financial risks. 
• Create a contingency plan: Sometimes financial risk cannot be avoided and consequences follow. Creating a contingency plan for if a financial risk occurs can help you navigate a risk and reduce its effect. This could be having a list of potential vendors to contact in case a supplier falls through, for example. 
• Purchase insurance: Insurance is a cornerstone of proper financial risk mitigation. While professional and general liability insurance are typically enough for some businesses, it’s important you review your company’s individual risks to see if additional coverage would be beneficial. 

Why Identifying Financial Risk Is Essential

Identifying risks is a normal part of living wisely, and the same principle should be applied to financial decisions. Whether you’re an individual investor or a business owner with hundreds of employees and thousands of decisions to make, understanding and controlling financial risk will lead to better financial outcomes time and time again. 

Photo by insta_photos/Shutterstock.

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Kim, a first-generation Korean immigrant who graduated from the University of California, Berkeley, applied for an auto loan at a Lexus dealership and was rejected right away. After struggling to figure out why and where to go for answers, Kim eventually realized it was because she had no credit history in the United States.

“I am well educated, worked hard to get a job and got a job, and I was making a six-figure income,” she says. “I did all the right things as an immigrant I was told to do. And then here I am not having [any] credit history in the U.S., so I am getting rejected within seconds of applying for an auto loan.”

Kim realized she wasn’t alone: So many students, immigrants, women and other members of marginalized communities struggle to secure leases for apartments, make big purchases such as cars or get approved for mortgages due to their lack of credit history or low credit score. In 2018, she founded TomoCredit in hopes of helping others understand and improve their financial wellness.

TomoCredit offers a credit card that’s designed to help users build their credit score as quickly as possible and receives a small fee from merchants for every purchase made with the card. To apply for it, all individuals need is a valid Social Security number or individual taxpayer identification number. TomoCredit uses alternative data sources such as bank account information to process card applications (so a traditional credit score isn’t necessary) and helps users build their scores using a weekly autopay option.

The credit card is built on Kim’s realization that a wealth of transaction records detailing spending habits exists in individuals’ bank account summaries—data that might make them credit-worthy. To launch TomoCredit, Kim found an engineer to analyze the formatting of bank account data and eventually zero in on patterns related to account balances with the goal of training an underwriting model, a structured process used by lenders, insurers and investors to evaluate and assess the risk associated with providing financing and determining the terms and conditions of transactions.

Once it gained momentum and knew how to approach the datasets, Kim shared the findings with risk managers at banks such as Citibank and Wells Fargo and asked if it was valuable for helping individuals gain access to credit even if they don’t have any credit history. Because many big banks are set in their ways and have processes that benefit the broader population, she knew starting her own company would be the only way to provide the best service to the overlooked communities she wanted to serve.

“I have a best shot at being the A-plus service for the segment of consumers who don’t have good credit or a good credit score but good cash flow and want to get help on how to improve their credit,” she says.

Since the company started, it has evolved to offer memberships that consumers can choose based on their needs and also has an AI-powered credit assistant that provides TomoScores. The cash flow-based credit score helps businesses evaluate the creditworthiness of borrowers who lack a traditional credit score.

“Whether it is paying off your credit card or researching your auto loan interest rate, come to us because we can offer you more personalized advice…. Unlike other companies, we’ve been training our underwriting model over the past six years with 6 billion-plus transaction data,” Kim says. “We’ve been training our model to give you personalized [financial] advice based on your own income level and own spending patterns.”

Every week, the TomoCredit team chats with about 50 customers over the phone to gather feedback about what other features it can add to help them reach financial goals. (For example, a user might request to dispute credit report errors via their online dashboard.) In the future, Kim hopes to continuously provide more tools and resources for customers and become their long-term “financial co-pilots”—rather than just a short-term solution.

While TomoCredit continues to innovate, Kim says the company still follows the same mission it started with, which her staff is happy to remind her of when things get stressful. “It’s not about one single feature or one single business model, one unhappy customer, one happy customer,” she says. “Eventually, we are doing this because we believe that the market and the credit system will eventually change in the way that we desire.”

Even though change to the credit system is slow, it is happening, Kim says. The evidence is in more acknowledgment of better underwriting or the need to use more AI and datasets. “My team is like, ‘Kristy, you know what? Maybe you don’t feel it every day, but definitely things are moving in the right direction.’”

Kim thinks that increasing credit access will remain a benefit to America’s economy despite any changes in the political system, thanks to capitalism and lenders’ appetite for expanding their businesses. “No matter who’s in the White House or where we are in the political environment, increasing credit access to consumers is always important and then it benefits everybody,” she says. “It not just benefits the consumers, it benefits lenders, too.” 

Have bad credit?

Here’s Kim’s advice.

Don’t be afraid to know where you stand. Everyone has to start somewhere! “Sometimes people get scared or overwhelmed to even start because they feel like, ‘Oh, my stuff is terrible,’” she says. “So, it doesn’t give them joy to look at it.”

Find the right financial partner. Kim says some customers are more comfortable sharing their data with a company that uses an AI model like TomoCredit, which they find less judgmental. “We really want to be a place [where] there’s no stigma,” she says.

Be patient. Your credit score won’t improve overnight. She says that while many times it feels like you’re not making progress, there’s beauty in continuing to move forward.

“Then later, you see that you made a big difference,” she says.

Photo courtesy of Kristy Kim. This article originally appeared in the September/October 2025 issue of SUCCESS® magazine.

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In his forthcoming book, The Art of Spending Money, Housel again uses narrative storytelling to offer tangible lessons on how the way we spend money can focus on enriching our lives instead of our bank accounts. 

We spoke with Housel about how the way we spend our money directly impacts our happiness and how to spend for a richer life. 

This interview has been edited for length and clarity. 

SUCCESS: In the introduction of the book, you differentiate between being good at making money and the ability to turn it into a meaningful, better life. What do you mean by that? 

Morgan Housel: One of the things that I wrote about in the book is that some people who I’ve met—and I’m sure you’ve met—and other people who don’t make a lot of money, they might make very little money, and they’re totally happy. They’re content. They love going for walks and playing Legos with their kids and gardening and watching the sunset. 

And then some very, very monstrously wealthy people who I’ve met who are, by every metric, less happy. I think that’s just biology that the majority of very wealthy people have to work 100 hours a week for their entire life. They cannot stop. They cannot retire. It’s completely antithetical to how their brain works. 

But this isn’t to say that money can’t make you happier. It absolutely can, but I think we massively overestimate in society the impact that it’s going to have. The people who use money wisely are the ones who use it as a tool to leverage things that will actually make them happier, like friends and family and health.

I use the idea in the book: Can a big house make you happier? And the answer is yes, if that house makes it easier for you to spend time with friends and family, and the friends and family in that situation are actually what’s making you happier. So it’s an indirect path toward happiness. 

S: You mentioned the role of subjectivity in how we assess the worth of things. For example, drinking a glass of water when you’re thirsty is going to be better than a cocktail from a Michelin-starred restaurant. Tell me about that. 

MH: If you’re eating Michelin-starred food three meals a day, compare that to going on a long hike. Let’s say you hike 10 miles, you’re done with the hike and you’re famished. You’re so hungry, and then you go to Taco Bell. That Taco Bell burrito tastes better than the Michelin-starred meal. 

S: You gave the example of a couple who was being evicted and their comment that they did not have the luxury of thinking about the future. Tell me how readers can use empathy to spend their own money with purpose. 

MH: In The Psychology of Money, the phrase that I used was “no one’s crazy.” People make very bad decisions. People make regrettable decisions; people make uninformed decisions. But every financial decision that people make makes sense to them in that given moment. 

It’s very easy for me and you, and a lot of other people, to look at someone who is being evicted because they couldn’t save or spent all their money on lottery tickets or blew their money gambling, like whatever it might be, and say, “You idiot. What were you thinking? How could you have possibly done that?” 

And I think the vast majority of the time, you might have done the same thing or I might have done the same thing if we were in their shoes. If you’re paycheck to paycheck you might believe anything if that gives you a little bit of hope.

S: You talk about how saving for the future instead of spending money creates independence. Give me a brief summary of the levels of independence and why small saving does actually matter. 

MH: I think independence is the greatest financial goal. The greatest use of money is to achieve independence. And so many people, if you tell them that, will say, “I’m not independent. Financial independence means I don’t have to work anymore.” 

If you think of independence as black and white, like either you have to work or you don’t, then it seems completely out of reach for 99% of people. But all independence is on a spectrum, and every dollar that you save is a piece of your future that you now own. 

Let’s just say you’re able to save $1,000, and then you get laid off from your job. If having that $1,000 in savings means you can spend one week looking for a new job instead of having to take the first job that you can find tomorrow because you have no savings, that’s a level of independence that you had that you didn’t have before. 

S: You talk about how spending has an impact on kids. As a father, what are the top three things you would like to leave for your kids?

Like any parent, I just want them to be happy. It doesn’t matter to me if they’re successful. I just want them to be happy. And I would say, try to use money as a tool to make you happier, rather than as a yardstick to measure your social progress.

Photo by Ground Picture/Shutterstock

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For instance, when I first attended the University of Kansas in 2011, my tuition was over $8,000. If I were to enroll this fall? It would cost a whopping $11,236 for tuition alone. (That doesn’t include other costs like textbooks, meal plans or living arrangements.) It’s no wonder that nearly 43 million Americans currently owe a collective $1.6 trillion in student loan debt.

While there are systematic changes needed to fully address the ever-increasing costs, that doesn’t mean that there aren’t things students and parents can do to help ease the burden. Scholarships are an often-untapped way to help pay what you can upfront and avoid the high interest rates of loans later on. Scholarships are considered gifts, and unlike loans, are not paid back. 

As someone who managed to pay for the majority of their college education with scholarships, I became an accidental expert on this often-confusing process. I spent a year and a half applying to as many scholarships as I could (more than 100!), and by the time I graduated high school, I had accumulated more scholarships than any other student in my graduating class. Here’s what I learned. 

When to start looking for scholarships

Fall to early spring: A lot of scholarships have award ceremonies that coincide with graduations and other end-of-year celebrations, so the decisions must be made before this. There are some scholarships with application deadlines that occur over the summer between junior and senior year, but they aren’t as common in my experience. 

Junior/Senior year of high school: While there are scholarships available that apply to any student, incoming college freshmen are especially encouraged to apply. This means you should be applying during your junior and senior year of high school to maximize your options. 

Where to find scholarships

When looking for scholarships, start with the Federal Student Aid’s resources, reach out to the financial aid office of the schools where you applied, and talk to your high school counselor. These avenues will help you identify any obvious or well-known scholarships that you’re qualified for. 

Check your local community

Some towns, cities, counties and states will have scholarships set aside specifically for applicants who live there. They can usually be found by searching the websites for the local government. School boards, school districts, board of regents and more can also offer their own scholarships. 

If you or your family are a part of any clubs, volunteer organizations, religious groups, sports or other community-based activities, there’s a good chance there are scholarships specific to members of these groups. 

Look for identity-based scholarships

Some scholarships are created specifically to provide opportunities to those who have historically had greater barriers to attending a university. 

For example, some are set aside for those with marginalized identities (such as women, LGBTQ+, people of color, disabled or neurodiverse people, etc). Others are held for nontraditional students and those who are the first to attend college within their family.  

Scholarships based on profession or major

Some scholarships are provided to help encourage students to pursue specific career paths (for instance, for technology, teaching or journalism). If you’re anything like me, this might feel like a lot of pressure. After all, what if you change your mind? 

The good news is, many of these scholarships are awarded with the knowledge that there’s a distinct possibility recipients may change their course of study. Many students change their major once they’re attending college, and it’s not ungrateful to do so even with a major or profession-based scholarship. Just be sure that you’re serious about the course of study to begin with, and make sure to double check you won’t lose your scholarship if you do decide to switch.  

Scholarship websites

There are a ton of resources online for scholarships these days, so it can be overwhelming to know where to start looking. There are plenty of free resources available, so don’t feel like you need to pay for any premium services. Be sure to vet a site thoroughly before providing any personal information, and as with most things on the internet, if it sounds too good to be true, it probably is.  

The U.S. Department of Labor and College Board are both good places to start. You can also find a lot of lists of other databases to keep your momentum going. 

Your time is finite—make it count

During my junior year of high school, my mother made me a binder full of every scholarship she came across that I might be vaguely qualified for. She organized the whole thing by due date and left it sitting on my desk to go through between activities. It was immensely helpful, but also served as a visual reminder that no matter how hard or long I worked on applications, I’d never be able to apply to everything. 

Your time matters, and the end of high school can be incredibly busy already. It’s vital to prioritize which scholarships you apply for and ensure they’re worth the minutes (or hours) you spend doing so. 

When picking which scholarships are most worth your time, consider these three factors: 

1. How much time does it take to apply? 
2. How many applicants are they likely to get? 
3. How much money would you get if you won? 

It might feel intuitive to apply for only the biggest scholarship prizes, but the reality is, those will also be the most competitive. Despite my months of practice applying—and even getting close a few times by becoming a finalist in the running for certain scholarships—I never won any truly lucrative scholarships. Instead, I paid for school with a broader collection of smaller scholarships. 

Remember, even if you don’t manage to secure enough scholarships to cover your college tuition and expenses entirely, every scholarship you get means paying back that much less in student loans later on. 

Photo by PeopleImages.com – Yuri A/Shutterstock

The post I Graduated College Debt-Free Thanks to Scholarships—Here’s How I Did It appeared first on SUCCESS.

Whether you’re a rising team lead or a seasoned account manager, traveling for work demands more than a solid itinerary; it requires a clear-eyed strategy for managing stress, finances and unexpected expenses. Here’s how to take control of your travel budget and stay focused on your goals, no matter where work takes you.

1. Lock in your currency before you land

You wouldn’t wing it with a client pitch, so why leave your travel cash to chance? Pre-ordering foreign currency before you fly is a smart first step that saves both money and hassle. Airport ATMs can hit you with steep fees, and currency exchange kiosks often have inflated rates. Worse, you might land after hours or in a smaller airport with limited cash access.

By locking in a competitive exchange rate in advance—through your bank or a trusted online service—you protect your budget and set a calm tone for the trip. Bonus: You’ll skip the airport line and head straight to your hotel, café or meeting, stress-free.

Pro tip: Use currency-tracking apps to monitor exchange rates before your trip. A little timing can stretch your budget further and free up funds for more meaningful experiences.

2. Set a realistic daily budget (then pad it)

Business travel can be unpredictable. One extra meeting might lead to a client dinner, a late flight might mean an overnight hotel stay. That’s why building in a 20% buffer on top of your daily spending estimate is one of the easiest ways to stay in control of your finances without feeling anxious every time the check comes.

Think in categories: meals, rideshares, coffee runs, tips and minor supplies. Don’t forget about Wi-Fi fees, printing costs or last-minute wardrobe fixes. (They add up quickly!) Knowing your daily limit and sticking to it gives you peace of mind and keeps your financial goals on track.

And here’s a motivation hack: Use cash for small purchases. Studies show people spend less when using physical currency. It’s a small habit that can strengthen your money mindset and help you stay grounded during a busy schedule.

3. Choose credit cards that work for you (not against you)

Not all cards are created equal, especially when you’re traveling abroad. If your current go-to still charges foreign transaction fees, it’s time to level up. Look for a travel-friendly credit card that offers no foreign fees, built-in travel insurance and perks like lounge access or cash back on business purchases.

Before you go, notify your bank of your travel plans. Yes, most cards now have solid fraud protection, but it only takes one flagged transaction to lock your account and sideline your trip. A quick heads-up keeps your payments smooth and your productivity flowing.

Apps like TripIt and Expensify also make it easy to track spending in real time, helping you stick to your budget and reduce post-trip expense report stress.

4. Build an emergency fund just for travel

You don’t need a financial crisis to understand the value of an emergency fund. Travel comes with its own set of stressors—delayed flights, canceled bookings, lost luggage. Having a dedicated stash just for travel-related hiccups means you won’t need to dip into savings or max out a credit card to deal with the unexpected.

Set this fund up separately from your main checking or business account, ideally in a prepaid travel card or digital wallet. Not only does this simplify reimbursement later, but it also helps you maintain clear boundaries between planned expenses and last-minute needs.

Think of it as your personal safety net, keeping you calm, focused and adaptable no matter what the airport throws at you.

5. Budget for connection, culture and conversation

The best professional breakthroughs often happen over coffee, cocktails or cultural experiences. If you’re only budgeting for taxis and hotel rooms, you’re missing opportunities to build deeper relationships, boost communication and find moments of happiness in the midst of a packed schedule.

Set aside money for local events, team dinners or spontaneous networking invites. In many parts of the world, deals are made outside boardrooms—and declining an invite for financial reasons might limit more than just your evening plans.

This isn’t just about spending; it’s about goal setting. Budgeting for connection aligns your finances with your professional purpose and creates more space for the kind of experiences that build confidence and community.

6. Use tech to reduce friction and boost focus

When you’re juggling meetings, flights and deadlines, the last thing you need is a clunky expense process. Streamline your travel finances with digital tools that make payments, tracking and reimbursements feel effortless.

Mobile wallets like Apple Pay or Google Pay are widely accepted internationally and reduce the need to carry large amounts of cash. Expense apps like Concur, Zoho Expense or Expensify let you scan receipts on the go, categorize spending and submit reports without scrambling at the airport gate.

These tools save time and support a more focused, intentional mindset. The less you worry about where your money’s going, the more energy you can invest in meaningful work.

7. Reflect and reset after each trip

Before you rush back into the day-to-day, take 10 minutes post-trip to review your spending and spot patterns. Where did you overspend? What worked well? This quick reflection helps you improve future budgets and gives you a sense of progress—not just professionally, but personally.

Ask yourself: Did my spending reflect my values and goals? Did I stay balanced and mindful, or did stress push me into survival mode? These check-ins help build a healthier relationship with money and make every trip a step toward smarter habits and stronger results.

Travel with intention, spend with confidence

Business travel doesn’t have to be chaotic, stressful or financially draining. With a few smart strategies and the right mindset, you can navigate the unpredictable with clarity and confidence. Think of each trip as a chance not just to advance your career, but to practice better financial habits, improve your communication and strengthen your resilience.

You’ve got big goals. Don’t let your money mindset fall behind.

Photo by Gorodenkoff/Shutterstock

The post 7 Smart Money Moves Every Business Traveler Should Know appeared first on SUCCESS.

You’re not alone in this struggle. With so many distractions, it’s easy to lose focus on what really matters for financial stability—sticking to a budget. That’s where the YNAB app comes in.

YNAB (You Need a Budget) helps you break free from that never-ending cycle of overspending. Regardless of your earnings, the YNAB app keeps you on track and makes sure your spending aligns with your financial goals. It helps you look ahead and plan your finances so you can stay in control.

YNAB Is More Than a Budgeting App 

Budgeting isn’t exactly the most exciting topic. It’s tempting to think about all the things you could buy or experiences you could have instead of worrying about numbers. But, budgeting is just part of adult life, and those numbers aren’t going away. As the saying goes, “A penny saved is a penny earned.” So, planning and accounting for your spending is an important part of managing your money wisely.

Here’s the irony: Why pay for a budgeting app when all it promotes is budgeting? Why not just save that subscription money and budget yourself?

YNAB’s Unique Approach to Money Management 

However, the YNAB app is more than a budgeting app. We conducted a YNAB app review to help share the ins and outs of this popular app. While there are a variety of budgeting and finance apps that can work for different people, YNAB has some unique aspects to money management. This app is:

• Customizable to fit your unique financial situation
• A finance planner focused on achieving your financial goals, not just tracking expenses
• Empowering, helping you turn financial challenges into opportunities

A Practical Tool for Zero-Based Budgeting 

One powerful benefit is that the YNAB app uses the zero-based budgeting (ZBB) system. If you’re not familiar with it, don’t worry—it’s easier than it sounds. The app simplifies zero-based budgeting with its first rule: “Give Every Dollar a Job.”

So, how does this work in real life? With zero-based budgeting, you assign every dollar you earn to a specific task. Let’s say you’re paying bills, buying groceries, adding to your savings or treating yourself to dinner. Each dollar is assigned to a particular task or spending bucket. YNAB’s method ensures no money is left sitting around or spent on a whim. Instead, you plan and decide exactly where each dollar will go before spending. This keeps you in control and assures your money is working for you.

This method helps you move from reacting to your expenses to actively managing your money. Instead of being surprised by unexpected costs or wondering where your money went at the end of the month, you’re taking control so your spending aligns with your goals.

What Are YNAB App’s Key Features?

By now, you might be wondering what features really set this tool apart and make it worth the investment. The YNAB app is worth considering for its unique features. Here are some key elements that make YNAB a powerful money management tool. 

Real-Time Syncing

With YNAB, everything you need is at your fingertips wherever you are. You can sync your phone, tablet and computer so they stay updated with your latest transactions and adjustments. If you’re out and about and want to make a quick purchase, you can update your budget on the spot. No more waiting until you get home or worrying about forgetting expenses.

To make managing finances even more enjoyable, YNAB Together lets you team up with your partner or family. Instead of handling everything solo, everyone gets their own secure account to create, plan and tweak budgets. You’ll stay updated in real time, and if you want, you can share your budget with family members. This ensures everyone is on the same page, leading to more open and positive conversations about money.

This feature helps beyond just planning finances. It can also help turn financial management into a collaborative and positive process.

Goal Tracking

Just like a runner needs to stay on course to reach the finish line, tracking your financial goals is key to achieving financial success. The YNAB app’s goal-tracking feature helps you clarify what you want and keeps you focused on making it happen.

You can set clear priorities so you can see precisely how much you need to save and how close you are to achieving your personal budgeting goals. No more guessing or guilt—just a straightforward plan for your money.

Tracking your progress becomes easy with visual cues, like color-coded bars that show how close you are to reaching your goals. Whether saving for a down payment on a house, planning a dream vacation or putting aside money for an emergency fund, this tool lets you adjust your savings targets as needed. And if life throws you a curveball, you can pause your goals without stress and pick up right where you left off. This way, you’re always moving forward, building healthy habits and turning your financial dreams into reality.

Detailed Reporting

Understanding how you spend your money is critical to managing your finances, and YNAB’s detailed reporting feature makes it easy.

Here’s how the YNAB app’s reports help you stay on top of your financial game:

Net Worth Report

Think of this report as a snapshot of your financial health over time. It tracks the balance between what you own (like savings and investments) and what you owe (like credit card debt or loans). For instance, seeing your credit card balance decrease while your savings increase can be incredibly motivating. It shows you’re making progress and that your budgeting efforts are paying off. This report helps you visualize how far you’ve come and encourages you to keep pushing toward your bigger financial goals.

Spending Report

This gives you a detailed breakdown of your expenses. You can see exactly how much you’re spending in different categories (like groceries, dining out, or entertainment), across various accounts (such as your checking account or credit cards), and over different time periods (like this month or the past year). This breakdown helps you identify spending patterns, spot areas where you might be overspending and adjust your budget to save more or better allocate your funds.

Income vs. Expense Report

This report shows how your income stacks up against your spending. It gives you a clear view of whether you’re earning enough to cover your expenses or if you need to make adjustments. This clear comparison shows how your income measures up to your spending and lets you see just how well you’re sticking to your budget.

Age of Money Report

This shows how many days, on average, your money sits in your budget before you spend it. It gives you a clear view of your cash flow and helps you understand your financial stability. For instance, if you see your money sitting around longer, it means you’re getting better at managing your finances and can handle unexpected expenses more comfortably.

These reports help you easily identify areas for improvement. They can pinpoint where to focus your efforts and help you take actionable steps to enhance your financial health. This approach makes it simpler to set clear goals, monitor progress and make adjustments, as needed, to stay on track with financial plans.

The YNAB Method: Four Rules to Financial Success

To fully understand how the YNAB app and its budgeting system work, it’s helpful to understand its method. The approach demonstrates that budgeting doesn’t have to be a rigid, one-size-fits-all system. Instead, YNAB’s rules guide you in creating a personalized budget that fits your unique life situation.

Let’s explore these four essential rules and see how they can reshape your approach to budgeting and lead you to financial success.

Rule 1: Give Every Dollar a Job

It might sound a bit far-fetched, but it’s actually quite simple. Think of your money as players on a sports team. Each player (or dollar) needs a specific position and role to contribute to the overall game plan.

Instead of letting your money drift without purpose, assign each dollar a clear task or category—whether paying the bills, saving for that dream vacation, or treating yourself to something special. This way, when you spend, you’ll know exactly how every dollar is helping you reach your financial goals.

This ensures you’re not just managing your money but aligning your spending with your financial goals. No need for extra funds or surprises—just a clear plan, where every dollar has a purpose.

Rule 2: Embrace Your True Expenses

Life is full of surprises, and it’s important to be ready for the unexpected twists. When you’re budgeting, it’s easy to get caught up in the usual monthly stuff, like streaming services, groceries and your daily coffee runs. But the real challenge is handling those surprise costs, like a sudden home repair or an unforeseen holiday expense. Without any preparation, this surprise can throw your budget off balance.

Rule Two suggests setting aside money each month for these irregular but significant expenses to avoid this. Gradually saving for these expenses prepares you for when they arise, helps to keep your budget on track and sidesteps unexpected financial stress.

Rule 3: Roll With the Punches

Flexibility is key in any budget. Life is unpredictable, and sometimes our priorities shift or unexpected expenses surface. The YNAB method encourages you to adapt your budget as needed. If something unanticipated comes up, like a flash sale at your favorite boutique or a last-minute weekend getaway with friends, don’t stress.

Instead, adjust your budget by reallocating funds from less urgent categories. For example, if you’ve set aside money for dining out but then decide to join your friends for a quick trip out of town, you might trim your dining budget for the month to cover the travel costs. Rolling with the punches means your budget evolves with your life, acting as a flexible tool that adjusts to new priorities and unforeseen events rather than a strict set of rigid rules.

Rule 4: Age Your Money

The goal is to make your money last longer, so you’re not just scraping by from one payday to the next. Imagine getting to a point where you’re spending money that’s been sitting in your account for a while. This means creating a financial cushion so your current income is set aside to cover next month’s expenses, giving it time to “age” before you use it.

Start by saving up and gradually building a buffer of one month’s expenses. As you follow the other YNAB rules, you’ll find yourself spending the money that’s been in your account for a while rather than waiting for your next paycheck to cover your immediate needs. This shift allows you to plan ahead, reduces financial stress and gives you the freedom to make better financial decisions without the pressure of living from one paycheck to the next.

The YNAB Community

YNAB understands the impact of community, which is why it makes it easy for users to connect. They’ve created a vibrant network, where YNAB app enthusiasts can come together, share experiences and support one another on their financial journeys.

With a range of platforms and resources at your fingertips, like YNAB webinars, you can easily find tips, inspiration and friendly advice from fellow users who are just as invested in the YNAB method as you are.

To connect on social media, check out Facebook groups or Reddit’s active subreddits, like r/YNAB. These platforms make it easy to join conversations, find motivation, and get practical advice from fellow budgeters.

To make things even easier, YNAB has its own YouTube channel packed with budgeting tips. You can also find other channels dedicated to YNAB that offer tutorials and personal budgeting stories, giving you both inspiration and practical insights from real users.

And if you’re feeling confident, you might even consider teaching others about YNAB’s rules and how to make the most out of budgeting.

How Can Using the YNAB App Help Financial Growth and Self-Improvement? 

YNAB has shown itself to be a powerful tool for anyone looking to make the most of their financial life, but it goes even further. It’s also great for helping you build a healthier relationship with money by:

• Shifting your perspective on expenses: YNAB changes how you view expenses. Instead of seeing them as burdens, you start seeing them as proactive steps to avoid future debt.
• Changing your financial mindset: The YNAB app takes the stress out of managing every penny. With its four rules, you’ll align spending with your goals and values, allowing you to enjoy your choices without guilt. Budgeting becomes a positive, everyday habit, which helps you feel more in control and less anxious about money.
• Helping you become confident about saving: YNAB boosts your confidence in saving. It lets you set money aside with certainty to focus on what matters most without second-guessing your choices.

Boost Your Budgeting Skills With the YNAB App  

It’s perfectly fine if you don’t have everything figured out right away. That’s exactly how this tool can help. With its four rules, you can tweak your plans and make budgeting work. Progress takes time, and you’ll get there eventually.

Exploring the YNAB app yourself is essential to grasp how it works. The hands-on experience will reveal how easy it is to navigate and how it can aid in achieving financial control. Mastering your finances is crucial for long-term success, and YNAB is designed to help you reach that goal. Sign up today for the free 34-day trial to start diving into your budget.

YNAB App Frequently Asked Questions (FAQs)

How Do I Begin Using YNAB? 

Start by deciding you need a budget. Use YNAB’s resources, such as YouTube videos, live workshops or the Ultimate Getting Started Guide, to get a handle on the basics.

Is the YNAB App Free?

No, the app isn’t free. They offer a free 34-day trial, which gives you enough time to see if it’s a good fit for you. After that, there’s a subscription fee, but many users find the cost is worth it for the budgeting tools and financial insight YNAB provides. You can pay monthly or choose an annual subscription for a discounted cost. 

What Are the Pros and Cons of YNAB?

Pros:

1. YNAB encourages intentional spending by making you actively approve transactions and adjust your budget as needed.

2. The app is highly customizable, which allows you to tailor almost every aspect of your budget to fit your needs.

3. YNAB offers strong educational support with tutorials, live sessions and a helpful community to guide you.

Cons:

1. The YNAB app has a steep learning curve, especially for users new to its unique budgeting approach.

2. The app is not free and requires a subscription, which might be a drawback compared to other free budgeting tools.

3. It lacks features like detailed investment tracking and bill paying, so you might need additional tools for complete money management.

How Much Does YNAB Cost?

YNAB is $14.99 per month, with the flexibility to cancel anytime. If you prefer an annual plan, it’s available for $109 per year.

What Does the YNAB App Do?

YNAB gives you control over your money. It’s designed to help you plan ahead, so you’re not just reacting to financial surprises. YNAB helps you be more intentional with every dollar you earn, so you can break free from the paycheck-to-paycheck cycle and start making progress toward your financial goals.

This article was updated August 2025. Photo by Olha Povozniuk/Shutterstock.com

The post YNAB App Review: How This Tool Helps You Take Control of Your Budget appeared first on SUCCESS.

Hiring a financial advisor is a prudent way to have an expert look over your financial situation and make recommendations, balance your stock portfolio or simply guide your financial actions towards better decisions. 

If you’re thinking of hiring a financial advisor, understanding their role is the first step in deciding to work with one. We’ll detail what a personal financial advisor does, questions to ask, how to pick one and much more below.

What Is a Financial Advisor?

A financial advisor is a professional who is trained to help individuals, families and/or businesses make the best financial choices they can given their situation. This typically means offering advice on investments, mortgages, financial planning, risk tolerance levels and big financial decisions. 

A financial advisor also recommends certain investments based on your life goals, familial (e.g. married, single) and financial situations. They can also help with estate planning and budgeting. In short, a financial planner is a financial educator, guide and accountability partner. 

Although the term financial advisor may sound like a catch-all phrase, some specialize in different areas such as financial risk management or retirement strategies. Financial advisors typically work with businesses, individuals and families and may have asset requirements for you to work with them. 

Financial Advisor vs. Financial Planner: What’s the Difference?

All financial planners are financial advisors, but not all financial advisors are financial planners. 

A financial advisor is someone who, broadly speaking, helps you manage your money. This is done by buying and selling investments for you, offering advice on your financial health or creating estate or tax plans. Someone can only be called a financial advisor if they have passed the Series 65 Exam administered by FINRA. Though a financial advisor is a broad role, individual advisors may come from different backgrounds or have different specialties, such as insurance or mortgage advice. 

A financial planner, however, is someone who helps consumers and businesses create and follow through on financial strategies to help them accomplish their goals. These could be goals focused on saving, education, retirement, or tax planning, among others. It’s important to note that FINRA states that almost anyone can call themselves a financial planner, and they come from a variety of backgrounds. That said, a common designation to watch out for is the Certified Financial Planner (CFP) marker. Someone with this designation has passed the CFP Exam and meets other rigorous qualifications. 

When choosing between the two, keep in mind that there are instances where a financial planner or a financial advisor would be the better hire. Generally, if you need assistance with creating financial goals and coming up with a financial plan, use a financial planner. If you want advice on investments, to have someone manage your portfolio or to advise you on insurance or mortgage decisions and the like, a financial advisor may be a better fit. 

Key Financial Advisor Duties and Services

What can financial advisors do for you? Now that we’ve outlined the role of a financial advisor, let’s review their core responsibilities and duties. 

Manage Your Investments 

A financial advisor can help you manage your investments from start to finish. They will typically ask questions about your risk tolerance level to get an idea of what types of investments (e.g. stocks, bonds, mutual funds) fit your profile. They’ll also compare these investment types to your overall goals to make sure they line up. 

Once they’ve created a portfolio for you, they will continually manage it to meet your goals and give you advice during turbulent market periods. An advisor also rebalances your portfolio so you don’t incur too much—or not enough—risk based on your risk profile. 

Help Minimize Your Tax Liabilities

Because an advisor has a detailed picture of your entire financial life, they can provide tax advice to help you or your business reduce your tax bill. Some advisors may also file your tax returns for you, too. Note that financial advisors who offer tax-related services typically have tax professional designations such as Certified Public Accountant or Enrolled Agent. 

Provide Retirement Planning Advice 

By analyzing your income levels, retirement goals, spending patterns, savings and other financial markets, an advisor can help you plan for retirement in a way that suits your needs. They’ll also regularly meet with you to update your retirement plan as your life goes on or if your priorities change. 

Help With Estate Planning

Usually working with an estate attorney, a financial advisor can help you create an estate plan that fulfills your wishes and takes care of those you love most when you’re gone. In practice, this could mean assisting with the creation of a living trust, preparing payable on death forms for insurance or updating your beneficiaries on your insurance plans. 

Assist You in Paying off Debt

In addition to helping you save or invest, a financial planner can also help you pay off and manage your debt. This is done by creating a debt payment plan and potentially restructuring the debts you currently have. In some cases, they may advise you to start a debt management plan. 

Help Create a Budget

While you can create a budget on your own, an advisor can help you see patterns in your spending habits, allowing you to focus on reducing unnecessary costs. They’ll also create a budget that matches your overall financial goals and objectives. 

How Much Does a Financial Advisor Cost?

When it comes to choosing a financial advisor, cost should be one of the factors you take into account. Financial advisors are paid in multiple ways, which can seem confusing at first. Here’s a breakdown of how a financial advisor may charge you and their general costs. 

• Assets under management (AUM) fee: An AUM fee is a percentage of the total value of the investments your advisor manages for you, charged on an annual basis. A typical AUM fee is anywhere from 0.6% to 1.2% and may be higher depending on your situation. For example, if you have $100,000 of investments with an advisor that charges a 1% AUM fee, you would pay $1,000 per year. 
• Hourly rates: Advisors may charge an hourly rate of $100 to $400 an hour depending on the type of work required. 
• Flat fees: For work that is easier for an advisor to estimate, they may use flat fees to charge clients. For example, an advisor might charge $1,000 for a simple budgeting plan or savings plan. But a comprehensive retirement and estate plan could be closer to $2,400. 
• Commission-based fees: Some advisors may not have any fees upfront, but instead earn a commission on the types of products they sell (e.g. insurance, certain mutual funds). 

It’s important to note that advisors usually operate under two different fee structures: fee-only and fee-based. Fee-only advisors do not charge commissions on any products they recommend as part of their services, but they do charge fees like other ones we noted above.

Fee-based advisors do earn a commission on the investments or products they recommend to you, potentially in addition to other fees such as their AUM or hourly rate. 

How to Find a Financial Advisor

When picking a financial advisor, it’s important you find someone you can trust first and foremost. After all, you don’t talk to just anyone about your finances, especially in great detail. 

Finding a trustworthy advisor can be done in many different ways, but asking those around you who have used an advisor is usually a good first step. They can give you insights that online reviews and research sometimes cannot (e.g. how an advisor treats their clients). 

You can also easily find an advisor online by searching through various associations, such as: 

• The National Association of Personal Financial Advisors (NAPFA) 
• Garrett Planning Network
• XY Planning Network
• Alliance of Comprehensive Planners (ACP) 

Once you have an advisor in mind, make sure to check their background, history and any potential disciplinary actions with FINRA’s BrokerCheck. This service can give you a quick peek into a broker’s practice. 

Fiduciary vs. non-fiduciary advisors

When deciding on an advisor to work with, make sure to ask them if they are a fiduciary advisor. A fiduciary is someone who is legally obligated to act in your best interests. While a non-fiduciary advisor may still recommend plans and investments that are a good choice, they are not bound to do so. In some cases, it’s better to go with a fiduciary as trust is baked into the relationship by a legal duty. 

Questions to Ask a Financial Advisor

A key part of finding the best financial advisor for your situation is the interview process. Here are some questions you can use to help steer you in the right direction. Remember, trust is critical when hiring anyone who advises you. If you have some reason not to trust a potential advisor before you hire them, that’s a red flag. 

• What services do you offer and how can they help me with my financial goals?
• How do you charge for your services (fee-only or fee-based)?
• Can you provide references or case studies of clients you’ve worked with?
• What is your approach to financial planning and how do you make decisions?
• Are you a fiduciary? 
• What are my total costs if I work with you? 
• What is your educational background?
• Do you work with other experts, such as accountants, lawyers, etc.? 
• How often do you meet with your clients? 

Are Financial Advisors Worth It?

If you’re wanting to level up your personal finances without doing the research, portfolio rebalancing, financial goal setting and retirement planning on your own, a financial advisor could be a good fit. While financial advisors do come with a cost, having professional guidance for the long term can pay dividends for years to come. 

Photo by PeopleImages.com – Yuri A/Shutterstock.

The post What Does a Financial Advisor Do and How Can They Help You Manage Your Finances? appeared first on SUCCESS.

The obsession with elite schools has hit a fever pitch. Ivy League institutions, for example, receive exceptionally high numbers of applications each year—even from students who may not have any intention of attending them. Why? Because prestige sells. It sells to our parents, to our peers, and most sneakily, to ourselves.

But if you’re helping someone in your life, whether a younger sibling, a mentee, or even yourself, navigate the college decision process, it’s worth asking: Is the goal to pick the right education, or just the right logo?

Prestige Is Psychological

Brands don’t exist by accident. They’re a psychological shortcut—our brain’s way of saying, “This must be good, because it’s familiar and admired.” That same mechanism that makes you reach for the well-known tech brand or athletic shoe applies just as strongly to educational institutions.

We’re wired for social validation. Attending a prestigious school delivers that quick dopamine hit when someone reacts with, “Wow, you got in there?” But the power of that validation often masks deeper considerations: actual program quality, learning environment and long-term compatibility. Family pressure, peer influence and social media only intensify this bias. A school’s perceived status can quickly become more important than its actual fit for your goals.

What Actually Makes a College Right for You?

Let’s refocus. Forget for a moment about rankings, prestige, or how impressive the school looks in your Instagram bio. Ask instead: What do I need from a college experience to thrive?

Start with program relevance. A school’s name won’t land you a job if it didn’t prepare you for the field you want to enter. Whether it’s business analytics, nursing or design, the curriculum should match your career interests and offer hands-on opportunities.

Then consider the learning environment. Do you benefit from small class sizes where professors know your name? Is mentorship available? Will you get real-world experience before graduation?

And don’t ignore cultural fit. College isn’t just an academic choice; it’s a four-year environment that shapes your habits, values and identity. Are you building a life that feels authentic, or just one that looks good on paper?

Prestige Doesn’t Guarantee ROI

It’s time to get honest about return on investment. That shiny diploma from a brand-name school might come with six figures of student loan debt. Is that sustainable for you or your family?

Some of the most successful professionals you admire likely graduated from schools you’ve never heard of. Why? Because success has more to do with what you do during college than where you do it. Initiative, internships, connections and hustle all outweigh the logo on your sweatshirt.

Ask yourself this: If no one ever knew where I went to school, would I still want to go there?

Cutting Through the Hype

To make a decision based on value instead of vanity, challenge yourself with better questions. There are many things to consider when choosing a college that go beyond name recognition.

1. Would I attend this school if no one else knew I went there?
2. Does this program prepare me for the job I actually want—not just a vague idea of success?
3. Do I feel comfortable and energized by the campus and community?
4. Will I have access to support systems like mentorship, tutoring or counseling?
5. Can I graduate without being buried in debt?

Use these questions to create your own value-driven checklist. Tour campuses not just for their brochures and buildings, but to observe interactions, sit in on classes, and talk with real students. Look beyond the marketing and into the experience itself.

Redefining What Success Looks Like

Choosing a college shouldn’t feel like picking a designer label. Rather, it should feel like choosing a launchpad. And launchpads come in all shapes and sizes. While some are big-name institutions, others are quietly powerful programs at schools that put student outcomes first.

If you define success for yourself, you’re already ahead of the game. When prestige fades and real life begins, it’s your growth, skills, and values that carry you — not the brand you once wore.

So make the choice that’s right for you. Own your path. And don’t worry if the name on your diploma doesn’t make anyone’s jaw drop. Your work, your mindset and your vision for your life will speak louder.

Josh Kruk is the Director of Digital Marketing at Canisius University. With extensive experience in content strategy, website optimization and user experience (UX), he specializes in driving digital growth through data-driven marketing and SEO. Josh has led large-scale digital initiatives that enhance engagement, improve search visibility, and optimize user journeys. Passionate about innovation, he continuously refines digital experiences to maximize impact.

Photo from Prostock-studio/Shutterstock.com

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