There are stages in life when expert advice is needed. When your car breaks down you take it to a mechanic. When you fall ill you see a doctor. But what happens if your financial health is in jeopardy?
Just as you turn to a medical specialist when you have health concerns, it makes obvious sense that you should consult a financial specialist when a financial crisis looms ahead.
A financial planner is a specialist who can help you set financial priorities that will work in tandem with your plans for your future. Your financial advisor will come up with strategies that can marshal your assets and channel your income and allocate investments to set you on a path to achieve particular goals in the future.
Whether you want to buy a house, or secure your finances after retirement your financial planner will devise a practical plan that works within your means to achieve your goals.
It’s not for everyone though. Someone in their twenties, fresh out of college, can do without a financial planner. They have time to experiment on their own.
But if you are a father of two children with another on the way, odds are you require some expert advice.
There are many similar situations and crossroads in life when not seeking the advice of a financial planner might mean the difference between securing your savings and draining them.
Here are some categories of people who could benefit greatly from the timely advice of a financial planner.
If you are a young couple just stepping into marital life, there are number of financial issues that will require planning.
Should you merge your finances, share your debts or set up joint savings? All questions requiring urgent answers.
Do you own a house? If not, how soon can you afford to buy one given your current income?
A financial planner can help you with all of these issues. By minutely examining both your current monetary standing and your future goals, he or she can come up with a concrete plan that connects the two.
Moreover, a financial planner can bypass the emotional quagmire that ensues when couples argue over money.
If your spouse needs to cut down on spending so that the two of you can meet your future financial goals, it will probably sound much better if they hear it from a professional.
That alone is worth the fees that a planner would charge!
Parents With Young Children
Being a parent comes with a huge set of responsibilities. Not the least of which is to make sure that the lack of money never becomes a hindrance in your child’s upbringing.
Whether you are welcoming your first child in the family or you already have a brood of three, having a clear and set plan that secures the financial requirements of your children is a wise choice.
Are you saving up for their schooling and later on for college? What would happen if, God forbid, tragedy befalls and your children are left without a parent?
These are all serious questions that should be dealt with as soon as possible. The advice of financial planner can prove very useful in making suitable arrangements to ensure that you children’s needs are not impeded by the lack of money.
Entrepreneurs and Business Owners
Entrepreneurs and business owners are often the most consistent seekers of advice from financial planner. And for good reason.
If you are starting a new business or even managing a running operation, expert advice on how to prioritize your financial goals can prove indispensable to you.
Moreover, a financial planner will assess the economic structure of your organization and might be able to single out things that are needlessly draining your finances. Trimming the fat, so to speak, will help you run a more streamlined and profitable operation.
Australia has one of the best retirement savings plans in the world. This means that recent retirees often find themselves with a significant amount of money on reaching retirement age.
If you are a recent retiree and are having trouble managing the substantial funds at your disposal, a financial planner will be able to provide much needed direction.
Whether you wish to make further investments with minimum risks, or allocate money for your grand children s education, a financial planner will help you organize your money and see to it that appropriate funds are assigned to the goals of your choice.
So, if you fall into any of the above categories, you should consider consulting a financial advisory. If you do decide to do it, make proper inquiries, do a little research and choose a reputable professional whom you can trust.