face-to-face financial support group

glewis

Thinking of target markets you guys reading this forum thread are the intelligent (know to can learn from books) and savvy as you are here on this website.

Have you come across a 'financial support group' a 'financial weight watchers' if you like? Meeting ideally face-to-face but may virtually with the technology of the web and phone, I think it would have to be specific to the country and money laws and jargon differ so much. I know there are places like - 'Where to seek professional impartial advice about your debts' in the UK which is usually a savvy set of charities [https://forums.moneysavingexpert.com/discussion/2077631 and also where not to go for help. There are course run by churches CAP money management https://www.capmoney.org but these almost seem targeted at those already in the the money doo doo of big debt.

I feel like the bank is the last place you should go for advice as they to are out to make money out of there customers like Natwest 'helpful banking' thats' website tag line 'Helpful Banking' is not so helpful (it's not a link to the customer charter on how to be helpful!)

Is there already a forum/meetings like this that motivates people (me & you) to go to help get money 'slim and fit'?

Something like:-

MoneyMonitors (financial support group)
- financial weight watchers
- get money 'slim and fit'

Kind regards
Giles

ellie101

I think it's a nice idea in theory, but in reality it's difficult. I once gave a friend advice on something, that she wasn't happy about at a later date (my advice wasn't wrong, however she blamed me as they'd gone on to invest in something else that did go wrong).

Another friend was about to buy lots of Lloyds shares, I was thinking at the time "I really wouldn't risk putting 10 grand as you're putting all your eggs into one basket" but I didn't say that much as remembered what had happened previously.

Because of this, I think money groups work better when very focused on one financial aspect, ideally that's less risk adverse. Maybe I'm too cautious.

glewis

A money group that is focused on learning/teaching rather than advice, and you are right to be caution (need lean money to friends or family that you won't mind if you don't get it back :-) if that makes sense. An I assume there is lots of IFA regs and qualifications that allow people to give advice, BUT they (and you) can't see into the future and so must understand the risks, associated with a particular strategy, like put £10K in to some of the banks at there lowest share price in the financial crisis or BP during the biggest (on going) oil disater in history. i.e you can loss it ALL!

So I should add to the poll, Nice idea in threoy but to risky in practice.

Kind regards
Giles

barbiedoll

I think that, for many people, talking about money is like talking about their sex life. It just isn't done!

My "financial support group" is the good people over on the "Debt Free Wanabee" board. Many of the folks on there are knowledgeable, helpful and non-judgemental (unlike some of the posters on other boards!) and you don't need to be in deep financial trouble to post, many just want advice on how to stay out of debt. And of course, the beauty of the internet is complete anonymity, we can all post without fear of being identified!

I totally agree with not speaking to the banks for financial advice though. Half of the bank employees wouldn't know the first thing about debt advice, how to manage a bank account or what to do when things go wrong. But then again, they're not employed to provide this information, they're employed to sell products. Sadly, they're still allowed to imply that they have our best interests at heart in their advertisements. And it seems as though a good many people still believe this. :mad: