(host 1) Whether your financial goal is getting out of debt, saving for retirement, or starting your own business, you'll be facing as many pitfalls and obstacles as a dungeon-crawling treasure-seeker.

(host 2) But no hero has to go it alone.

Frodo had the Fellowship.

Harry had Ron and Hermione.

Eleven had the Hawkins Middle AV Club.

So if you want to slay your money monsters, you may want to assemble a financial fellowship of your own.

[light music] Each financial dream team will be a little different, depending on your needs.

But here are some of the most important roles you might want to fill before embarking into the great unknown.

(host 2) Plotting a course through the tax code can be as confusing as charting a path through the Dead Marshes.

A recent study shows that while 34% of tax filers choose to use a digital tool like TurboTax to self-file, 28% use an accountant.

So do you need one?

If your financial situation is uncomplicated, such as a W-2 job with a set salary, you'll probably be just fine with a digital tax filing service.

But if your financial year was full of twists and turns, like running a small business, helping a child with tuition, or owning a rental property, you should probably consider partnering with an enrolled agent or certified public accountant.

An EA can help you file your tax return, while a CPA is required to have a comprehensive knowledge of taxes, auditing, and business law.

If an expert navigator can help you avoid even one wrong turn, it might easily save you thousands of dollars.

(host 2) Nobody likes paying for insurance.

but think of it like stocking up on armor or healing potions you hope to never use.

You'll be thanking your lucky stars if life ends up throwing you a nasty curve ball, like a disability or a house fire.

A licensed insurance agent may specialize in protecting against bodily risks, material damage, or the threat of a lawsuit.

Remember that agents are paid by commission, typically 8 to 16% in the U.S.

So be wary of any upsells.

An independent insurance agent will allow you to shop around for multiple policies and compare prices and benefits.

(host 2) This situation calls for a master of the mystical arts, somebody that speaks the arcane language; legalese.

We need a lawyer.

(host 1) A trusted attorney can help you craft magic scrolls-- I mean, contracts or wills, set up a business entity, and back you up in a tight legal situation.

And knowing just one attorney will often give you access to their database of other attorneys.

Just ask, and odds are you'll get another great specialist for your situation.

Ever wish you had a wise old expert to nudge you in the right direction?

Then maybe it's time you sought out a professional mentor.

You want someone that's been in your shoes before.

It might be somebody that graduated from your master's program or that launched a business like yours.

Let them know how much you admire them, and ask if they'd let you take them to breakfast once per month.

You might be surprised at what people will do for a chance to share their story.

(host 2) Who's going to wrangle all the experts you're recruiting?

That's where the financial planner comes in.

While some financial planners primarily focus on investments and money management, a true captain of your team should take a holistic view of your finances and be able to command all the moving parts.

The CFP is the premier certification for financial advisors.

And it's bearer is often called the master generalist.

Their knowledge often runs more broad than deep, from retirement to investments, estate planning to insurance.

They can help you make sure all the pieces of your party are aiming for the same goals.

Financial planners can be compensated one of three ways: commission for recommending financial products; a fee, flat or percentage of your investments; or a hybrid of both, also known as fee-based.

Whatever you choose, make certain your financial advisor is a sworn fiduciary who will put your financial needs over their own.

(host 1) Unlike Frodo's Fellowship, these companions won't follow you for nothing.

Most of them will need to be paid.

But the shortcuts they'll find and the traps they'll disarm will save you money in the long run.

Best of all, you'll have the peace of mind knowing that somebody's got your back.

And that may be what makes all the difference.

(both) And that's our Two Cents.