Pay Dirt is Slate’s money advice column. Have a question? Send it to Kristin and Ilyce here. (It’s anonymous!)

Dear Pay Dirt,

Is there a threshold or a minimum amount of money that a person should generally have before seeking a financial planner (as opposed to maybe consulting a fee based advisor just once or intermittently)? Also, does it matter where the person’s money is currently located, such as in CDs, savings account, retirement account/deferred compensation? Apologies if I’ve misused any terms. Thank you!

—Thresholds? 

Dear Thresholds,

There’s no hard and fast rule, but people typically start considering regular financial planning help when they have around $100,000 to $250,000 in investable assets. In other words, when they’ve got savings outside of emergency funds and home equity that could be strategically managed. But again, it varies. Some advisors work with less, and many folks simply manage their accounts on their own. It’s less about hitting a magic number and more about whether you’d feel more confident — or feel like you’d make better decisions — with someone helping you think through the big picture.

Yes, where your money sits matters, too. If most of your wealth is tied up in your home, 401(k), or basic savings, then a one-time consultation with a professional might be fine. But if you have substantial savings in taxable accounts, CDs, stock options, inheritance, or if you’re dealing with complicated tax situations (like a freelance career or independent contracting position) then ongoing planning might be more valuable.

Certain life milestones are also a good time to talk to a financial planner, even if you’re not sitting on a huge pile of assets. Getting married, having a child, receiving an inheritance, changing careers, buying a home, or approaching retirement…these are all moments where financial decisions can be important and you might benefit from the help of an expert. A planner can help you think through the long-term questions, avoid costly mistakes, and make sure your money is working for you the best way it can.

For what it’s worth, I would be cautious with a fee-based advisor, which usually means they charge fees but can also earn commissions from selling financial products, which can create conflicts of interest. Instead, look for a fee-only Certified Financial Planner (CFP). That means they’re compensated only by the fees you pay for their advice, not by selling you anything, and they’re held to a fiduciary standard — legally obligated to act in your best interest. Start by checking out NAPFA or CFP.net — both let you search for fee-only advisors who are held to those standards. You can also ask potential planners how they’re compensated, whether they sell financial products, and what kind of clients they typically work with. A good advisor will help you clarify your financial goals, explain your options clearly, and work with you to make confident financial decisions.

The bottom line is, if your money is starting to feel like more than just a small pile of savings, and your financial questions are getting trickier, it might be time to call in a pro.

Please keep questions short (

Dear Pay Dirt,

We recently made the decision to move our elementary-aged child from public school to private school. I know very little about having a child in private school and never saw us doing this. We can afford it, but of course it’s a substantial chunk of money. There’s tuition, but there are also expected donations at different times throughout the year (absolutely not willing to ask friends and family to donate money to fundraisers; we’ll be paying the expected family contributions ourselves). Are there any tax savings available when paying for private school? Is it ethical to take them, if so?

—This Is Weird

Dear This Is Weird,

Yes, there are ways to save. Private school tuition isn’t tax-deductible, but several states offer tax credits or deductions for approved educational expenses, which can include private school tuition. These programs vary widely, so it’s worth checking your state’s department of revenue or talking to a tax professional to see what applies to your situation.

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529 plans are another option. These are tax-advantaged savings accounts designed to help families pay for education. You save money in the plan, that money grows, and you can use up to $10,000 per year from it to pay for qualified education expenses, which includes private school tuition. The money you contribute to the account grows tax-free, which means you won’t owe taxes on any investment gains, and qualified withdrawals aren’t taxed either.

Coverdell Education Savings Accounts are another way to help cover private school costs, and they work a lot like 529 plans—the money grows tax-free and you don’t pay taxes when you use it for things like tuition, books, supplies, tutoring, or even tech. The catch is that you can only put in up to $2,000 a year per kid, and there are income limits. The IRS has some detailed information about these accounts here, but some people use them alongside 529s.

As for ethics, these aren’t some kind of loophole. You’re participating in a system designed to support your exact situation. Taking advantage of the relief available to you doesn’t make you greedy or dishonest—these tools and plans are designed to help families like yours manage education costs. Keep in mind that tax laws change often, so verify the latest rules. And if you can swing it, it’s a good idea to talk to a tax professional to maximize your benefits.

—Kristin

More Money Advice From Slate

We are a gay couple updating our wills. Over the years, we’ve had some nieces and nephews on both sides of the family who we have helped out financially; always sent gifts to for Christmas, birthdays, and life events; and (most importantly) enjoyed their company when they came to visit us or vice versa. There are 13 nieces and nephews altogether, all of them in their late teens or 20s. The issue is that seven of them have always acknowledged us, thanked us for our gifts, invited us to events, etc., while with the other six it’s radio silence.

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