(InvestigateTV) — Community fundraising platforms can provide critical help when the unexpected happens. But one financial expert says they shouldn’t be seen as a substitute for long-term financial planning.
Stoy Hall, the founder and CEO of Black Mammoth, a financial planning and wealth management firm, said GoFundMe and similar platforms serve an important purpose in times of tragedy.
At the same time, Hall noted that he often sees campaigns created for expenses that could be anticipated, like covering home repairs or preparing for end-of-life costs.
“Saving for a car, you name it, those traditional type ones. I wanted to put it out there and let people know we can’t rely on GoFundMes,” he said. “We can’t rely on the heart strings of the rest of society to take care of us when we’re in control of our own ability to do so.”
Hall recommended practical steps people can take to prepare for major expenses, from buying life insurance to steadily building an emergency fund.
“You need to plan for these unexpected events to happen, which means putting money aside for it,” Hall explained. “The easiest one is life insurance for deaths, because it’s the cheapest with the biggest benefit it. Whether it’s 20 bucks a month, saving up for a car, right? Everyone saves up for a car and purchases it and then stops putting money away. Well, you need to keep putting money away for maintenance or for the next vehicle.”
He added that once people reach a savings goal, it’s important to continue the habit instead of stopping altogether.
Hall said maintaining consistent savings can help families better navigate the next big purchase or life event that comes their way.
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