Financial burdens can be heavy. Managing your finances successfully requires a lot of careful thought, time, and skill that you may not possess. If one of your New Year's resolutions is to gain greater control over your financial situation, it may be time to seek out a financial advisor for help.
A financial advisor can offer assistance to people in all stages of life. Consider your financial needs, and then learn more about how a financial advisor can help you meet your money goals in the future.
1. You are Starting a Family
Bringing children into the world is exciting, but it also comes with some significant financial responsibilities. A financial advisor can help you prepare for the birth of a child by ensuring that your finances are on track.
You will need to set up a special savings account that can help fund your child's college education. You will also need to invest more in savings and the stock market to ensure you have enough funds available to cover future medical expenses, extracurricular sports and clubs, and other things that might arise as your child grows.
Meeting with a financial advisor as you start to plan for a family will allow you to better prepare for the future of your child.
2. You are Getting Divorced
Many marriages end in divorce. Unfortunately, the termination of a marriage can take a significant toll on your financial health. It's important that you are prepared to face your new financial situation as you move forward in life alone.
A financial advisor will be able to help you shift your investments or withdraw money strategically to help cover any unexpected expenses associated with your divorce. You will be able to create a plan that will allow you to continue growing your personal wealth, even without the financial contributions of a spouse.
3. You Secured Your First Job
It's never too early to meet with a financial advisor to start planning for your future wealth. As soon as you secure your first job (regardless of your age), you should meet with a financial advisor to set up a retirement plan.
The earlier you start contributing to your retirement accounts, the more financially secure you will be when you reach retirement age. You may even be able to retire much sooner than you think if you let a fee based financial planning professional guide your investment decisions from the time you begin working.