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Building wealth is a journey, and there are times when we need a little support along the way. Just like a therapist can help you work through your emotions, or a personal trainer can push you to new fitness heights, a financial planner can help you zero in on your financial goals.

But where do you start? These 10 questions can help you maximize your financial planning sessions and prepare for whatever comes next in your life.

(And don’t forget: If you subscribe to SoFi Plus — or have an eligible direct deposit with SoFi — you’ll get unlimited access to virtual financial planning sessions. All SoFi members get an initial 30-minute consultation at no cost too. Just download the SoFi app and register.)

1. Why should I work with you?

It may sound blunt, but it’s the most important question. Get a feel for their working style and priorities, and (if possible) get recommendations from other clients. You should also properly vet them. Find out:

•   How they are paid: The National Association of Personal Financial Advisors (NAPFA) recommends a “fee only” method of compensation (meaning no commissions) in order to reduce conflicts of interest and increase transparency.

•   What licenses they hold: Are they a Certified Financial Planner® or Chartered Financial Analyst?

•   Whether they’ve had any disciplinary actions taken against them: Checking the CFP Board’s database and FINRA’s Broker Check is a good start.

2. How does my current financial health look?

Besides meeting all of your monthly obligations, are you on track to achieving your financial goals? A financial planner can give you an honest assessment of your overall financial health and how prepared you are for the future. You should come away knowing where you stand not only with your monthly income and expenses, but retirement and college savings, investments, and debt payments.

3. Am I prepared for an emergency?

Many experts recommend having enough cash to cover at least three to six months’ worth of basic living expenses. And the median (aka typical) emergency savings amount among U.S. workers is just $5,000, according to a recent survey from the Transamerica Center for Retirement Studies. In fact, 40% of Americans surveyed by U.S. News & World Report in January said they didn’t have enough cash or savings to cover a $1,000 emergency expense.

Ask your financial planner how much you should have in your emergency fund (this SoFi calculator can help), and how best to build that savings up so you’re covered when you need it most.

4. What’s the best way to conquer my debt?

Nearly 2 in 3 U.S. credit card holders with debt said they have delayed or avoided financial decisions because of that debt, according to a Bankrate survey. If your credit card bills are stifling your plans, loop your financial planner in ASAP to discuss payoff strategies (like the debt snowball method). You can also ask if debt consolidation or credit counseling might be warranted.

5. How much should I be saving for retirement?

There are lots of different ways to estimate what you’ll need in retirement, including having a certain multiple of your annual salary saved by the time you’re 30, 40, etc.

Your financial planner can show you what you’re projected to have by your target retirement date at your current savings rate, based on benchmarks, as well as explore whether there are opportunities to adjust your investment strategy or sock more money away. (For example, by using a Health Savings Account in addition to a 401(k) and/or IRA.)

What’s key is sharing your vision for your retirement. Will you travel a lot? Do you plan to downsize your home? Will you continue to work part-time? Those insights can help them help you.

6. Am I taking on the right amount of risk with my investments?

This past April had some of the biggest one-day stock market swings in decades, so it’s natural to wonder about risk — and feel a little skittish.

And a lot depends on your own risk tolerance, which you’ll want to assess with your financial planner. But as a rule of thumb, the younger you are, the more risk you can generally take on with your investment portfolio — assuming you’re playing the long game. In other words, if you’re saving for retirement and have decades to go, you’ve got more time to recover from downturns and weather the market’s ups-and-downs.

If you’re nearing retirement age, however, you have a shorter horizon, which could lower your risk tolerance. Your financial planner can weigh the risks and your time horizon to help you determine how much to keep invested in stocks vs. bonds, and how much cash to hold.

7. Is my money working hard enough for me?

You’ve worked hard for your money, but is it working for you? Cash tends to lose value over time because of inflation. If you have a lot of idle cash, you may be losing out on opportunities to earn passive interest or investment income. One survey suggested that 82% of Americans aren’t even using a high-yield savings account. Talk to your financial planner about how you can leverage the markets (and the power of compound returns) to maximize growth potential in a way that suits your risk tolerance.

8. How should I plan for major life events, such as buying a home, having children, or sending my kids to college?

The average cost of college has more than doubled since 2000. Mortgage rates and property prices have made it increasingly unaffordable to buy a house. And childcare and healthcare costs can feel prohibitive. Ask your financial planner how you can best prepare for the financial milestones you have ahead of you, including by using tax-advantaged accounts.

9. How can I protect my family in case something happens to me?

A will and a life insurance policy can help safeguard your loved ones’ financial future, but only if you’ve planned ahead. Just 31% of U.S. adults have a will, according to Trust & Will. And choosing the best type of life insurance for your situation (like term vs whole life policies) can feel complicated. Ask a financial planner to help you strategize the best approach to make sure your family is taken care of.

10. What’s next?

End every session by asking about next steps. What should be on your to-do list? When should the next check-in be? How (and how often) can you reach out with questions?

Finances can be stressful, but talking things out with an expert can help ease your mind and prepare you for whatever economic headwinds come next. And whether you choose to work with a financial planner or not, remember: Knowledge is power. The more you educate yourself, the more control you’ll have over your financial future.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

After a month of Congressional back-and-forth and a dizzying number of incremental updates in the news, you probably just want to know what made it into the final version of the “One Big Beautiful Bill” — and why it matters for you.

In short, the sweeping tax and spending package could have a significant impact on household finances. Let’s dive into five ways it could affect your wallet:

1)    Cemented tax cuts: The legislation extends many of the temporary tax cuts and standard deduction changes that were passed in 2017, including reduced individual income tax rates that would have expired at the end of this year. According to the nonpartisan Tax Foundation, the legislation prevents tax increases on an estimated 62% of taxpayers. The child tax credit — which was set to return to $1,000 from $2,000 per child next year — has been permanently hiked to $2,200.

2)    Temporary tax break on qualifying tips and overtime: While there are several caveats, up to $25,000 of tips and $12,500 in OT pay (the portion earned in excess of the regular rate) per year will be tax deductible from 2025 to 2028. Both breaks are phased out for workers who earn over $150,000 in adjusted gross income, and the income would still be subject to Social Security and Medicare taxes.

   Not everyone will be allowed to deduct tips — just people in roles that customarily receive tips — though the list of permissible occupations is expected to include most service workers, like waiters. That said, anyone who doesn’t earn enough to pay federal taxes in the first place (think college students working part-time) won’t benefit. In 2022, for example, 37% of tipped workers didn’t incur any federal income taxes, according to the Budget Lab at Yale.

3)    Scaled-back student loan program: The legislation reduces payment plan options on federal student loans and imposes new borrowing limits for graduate students and parent borrowers.

   Notably, it eliminates the Grad PLUS Program beginning in July 2026, meaning graduate students can no longer rely on federal loans to cover the full cost of a graduate program: Instead, they can borrow up to $20,500 per year (and $100,000 in total) unless they’re pursuing a professional degree in something like law or medicine. Then the cap is $50,000 per year (and $200,000 in total.)

   It also phases out several income-driven payment plans, including the newest SAVE plan, in favor of a new option called the Repayment Assistance Plan. To see how monthly payments could change, here’s a new calculator from The College Investor.

4)    Cuts to social services: The legislation cuts federal spending on programs like Medicaid and SNAP, which provide health coverage and food assistance to lower-income Americans. Over the next 10 years, new work-related requirements could reduce the number of SNAP recipients by 3.2 million and leave 7.8 million more people without health insurance, according to previous Congressional Budget Office estimates. The changes in the bill — also intended to reduce fraud and abuse — shift more of the funding burden onto the states, though it remains to be seen how individual states will respond.

5)    A bigger deficit: When the government spends more than it collects in taxes, it creates a national budget deficit. While deficits are common, a growing deficit can potentially raise consumer interest rates, hurt bond portfolios, or lead to an economic downturn. The legislation raises the federal debt ceiling by $5 trillion, and could add $3.4 trillion to the deficit over the next decade, according to CBO estimates.

Related Reading

Tax Changes Under Trump’s ‘Big Beautiful Bill’ — in One Chart (CNBC)

How Trump’s Big Spending Bill Will Overhaul Repayment for Millions of Student-Loan Borrowers (Business Insider via MSN)

When Will U.S. Workers See ‘No Tax on Overtime, Tips’ Policies in Place? (NBC)

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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