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When Should You Consult a Financial Advisor?

When Should You Consult a Financial Advisor?

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• Updated: July 13, 2018

Just landed your dream job? Bought your first home? Had a baby? Planning for retirement? All of these scenarios can be difficult to navigate on your own, but the good news is, you don't have too. Many people believe that only rich people have financial advisors, but that is false. You cannot procure more wealth if you do not start making smarter financial decisions. Related: Smart financial habits to build wealth

You get your First Job

If you have just landed your first job and it does not pay as much as you would have hoped. As a result, everything from buying the monthly groceries to paying your utility bills might seem overwhelming at first. Don’t worry; you are not alone. Millions of people face the same ordeal at some point. A financial planner can help you make the most of your salary and any benefits packages that you receive from your workplace. He may also be able to help you set up your 401K, and begin planning for retirement. 

Address Pressing Financial Matters

It is easy to push financial responsibilities such as retirement and mortgage debt under the carpet. However, this can come back to bite you especially if your debt becomes too much for you to handle. A financial planner will compel you to address pressing matters such as how you plan to care for your aging parents in the future or if you have a plan B to fall back on in the event of a job loss. These are uncomfortable concerns to address, but they must be acknowledged. A financial planner can help you spend more wisely and save now. Keep Reading: 6 life events that can affect your credit score

Your Investment Portfolio Leaves a Lot to be Desired

Is your investment portfolio nothing but a collection of holdings and accounts that have no meaning whatsoever? A lack of a comprehensive financial planning can lead to financial clutter. It is easy to amass financial clutter if you have a habit of changing jobs. A financial planner can help you make sense of the mess by making it possible for you to prioritize. This, in turn, will help your planner to work with you to create a cohesive financial strategy that is based on your salary as well as expenses for both current and future expenditures. Not only will this make it possible for you to know where your finances stand it will also make you realize how much you need to save or spend now.

You Never Get Around to Planning your Finances

Priorities such as your day job, kids, little league games, meetings, overtime and others take up most of your time. While such priorities are important they usually prevent you from planning your finances when you need to the most. Even if you are perfectly capable of handling your own finances your responsibilities might be preventing you from giving them the attention that is needed.

Your financial priorities are just too important to ignore. A financial planner can help you map out your finances which will help you cut through the clutter, resolve any discrepancies and plan for your future faster. Keep Reading: Top 5 personal finance tips for managing your money

Your Financial Goals Don’t have a Timeframe

Aspirations such as your kid’s college fund and a retirement plan are admirable, but they are useless if you don’t know the time it will take for you to achieve them. In other words, each future expense should have its own timeframe. This is the time that it will take for you to resolve them. You might also need to initiate investment strategies or savings that will help you achieve these goals.

This can be hard to achieve if you are unfamiliar with concepts such as property investments or have never opened a savings account in your life. A professional financial planner will help you track your progress and make more informed decisions regarding investment strategies that will make you capable of achieving these goals.

Tutor you about Market Volatility

The housing bubble might have burst in 2009 but it still serves as a reminder of how the market can take a turn for the worst at any moment. Most important of all, it taught people that they can’t expect their homes to be worth more than they paid for when they are ready to sell. A financial planner will help you keep market conditions and financial forecasts in mind especially if you do not know how to navigate the market.

If you can hire professional help you plan your finances, do it. Yes, a financial planner will cost you money; but think of the thousands of dollars you will save after you implement the financial strategies that you and your planner devise. Your planner will help you make more educated decisions about your financial future. In addition, he will also draw on his own experiences and expertise to help you track your progress over these goals or make you capable of doing so yourself.  Keep Reading: The fastest way to payoff debt is a credit card comparison site. We have been providing our customers with the best credit card offers available since 2010. If you are looking for a new credit card, visit us here

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