As a CFP(R) professional, I can tell you that, in my experience, most people who need help with their budget don't have much money or willingness to spend money on someone to help them with their budget...if that makes sense.

If you can make a small profit out of it, that's great, but I highly doubt it would ever generate enough income to be anything more than beer money.

My experience is completely anecdotal, admittedly. So if you can find a niche market that will pay you consistently for this service, more power to you.

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Posted by UpstairsComputer

Prairieville

Member since Jan 2017

1588 posts

Posted on 1/6/22 at 2:02 pm to Niner

quote:
most people who need help with their budget don't have much money or willingness to spend money on someone to help them with their budget

Subtle CFP brag. I especially like the registered trademark part =P But you're dead on. Most people that *need* to use this service are broke. I know more than one person who has tried to do something similar and eventually realized it's a losing proposition. You just can't get enough people drowning in financial misbehavior to pay you enough to make it work.

I even have a hard time charging people a fee that would be better off putting it towards a credit card at 30% or something. I wouldn't call it an ethical issue, but I don't feel right saying pay me $500 or whatever knowing that's going to cost them $150 in additional interest payments...

On the other hand, I've never seen anyone try to do it for businesses, though it seems you'd run into the same situation of strong businesses not seeing the need to pay someone and struggling businesses won't want to pay...

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