It was a question someone asked in a local Facebook group – “Should I get a trust?”
And so many financial questions are like that. “Should I work with a financial planner?” Or, “Should I work with a college financial aid consultant?” Or, “Should I take out a home equity line?” And more.
It’s easy to believe that – generally – people are trying to get to a place where they feel financially comfortable and financially secure. That is a perfectly reasonable goal and it is achievable to some extent for almost everyone.
(Obviously there are tough situations that make that impossible. That’s different, and may be the subject of a future column.)
The thing is, getting the right answers for you to these kinds of questions takes time. It takes thought. It usually requires getting good information and making a decision based on that information.
A lot of important financial questions have answers that sound “dull” or “obvious.”
One example: “Pay yourself first” is an idea that has helped millions who wondered if they could ever start saving steadily. “Pay yourself first” is low-stress. It’s easy to set up. It sounds very dull to some. But people who do it are thrilled when they see their balances start growing. It’s one of those strategies that basically always works.
You also get to take into account How You Are. In fact, you have to take that into account. A customer recently asked if she should be doing her own taxes on TurboTax because that’s what her neighbor said she should do. Her neighbor uses TurboTax. This customer works with a CPA. It turns out that this customer’s financial situation is somewhat more complicated than her neighbor’s seems to be – and, more importantly – working with a CPA gives this woman peace of mind. That’s huge.
Since everyone has finances to deal with, everyone has an opinion on “the best” way to do things. Usually it’s the way they do things. You certainly want to be aware of other ideas and ways to get things done. And you still get to do what works for you and what gives you peace of mind no matter what anyone else says or does – because usually there is not only one right answer.
Ideally you will want to keep things as uncomplicated, reasonable and practical as possible. It helps to have realistic goals and a way to see if you’re making progress. It really helps to know what you’re good at and what you’re just not good at. Everyone is good at some things and just not good at others.
When it comes to exploring your options, you probably have more ways than you might think and it’s never too late to start. Ask other people how they’re handling things. Online searches are another source. Your employer may offer seminars or access to experts as an employee benefit. To name just a few.
Consulting with professionals can also be very helpful. As always, you’re looking for people you feel like you can get to know, like and trust. They are out there.
The first response to the person on Facebook asking about trusts was excellent. “What problem are you trying to solve by getting a trust?,” someone asked. That’s right on target! Clarifying what you’re trying to achieve is always your best first step. Knowing what you want accomplish will make all the difference.
From the “Smart About Money” Canton Citizen column published on August 06 2026.
Nick Maffeo is the President & CEO of Canton Co-operative Bank – right next to the Post Office – in Canton.
Have a question? Email to info@cantoncoopbank.com.