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Should you be managing your money?

That’s the question posed this week by Lindsay Gellman of The Wall Street Journal, who wrote that the answer is often split.
Herb Scribner, Deseret News Modified: May 8, 2014 at 1:52 pm •  Published: May 9, 2014

So, should you manage your money?

That’s the question posed this week by Lindsay Gellman of The Wall Street Journal, who wrote that the answer is often split. Some analysts recommend that people get a financial adviser, while others say it’s better to learn about managing money so you’re better off in the future.

“Whether you need an adviser depends largely on your financial situation,” Gellman wrote. “Are you nearing retirement, puzzling over when to take Social Security benefits or tap your 401(k)? Call an adviser. Need to beef up your emergency fund? Track your spending with an app or old-fashioned notebook — you'll probably be able to spot on your own instances where you could spend less and save more.”

Advisors aren’t just for the uber-wealthy, so the everyday American could easily hire one to help them, Gellman wrote. And with experts saying that financial situations are going to get more complex, an adviser may make things a little easier, Gellman noted.

But then there’s the flip side. Understanding economics isn’t necessarily hard, and sometimes people won’t take financial advice anyway, according to Gellman. And, on top of that, there are new ways to manage your money — like apps and automation tools — that can help you save money.