Multiplying money is an art. We are often so consumed by our main hustle that it is difficult to think about whether or not we’re on the correct path to financial independence. Aren’t we quick to call an expert when we have a maintenance issue at home? Don’t we get our car serviced before it breaks down? Then why do we hesitate when it comes to taking outside help to manage our money and to start investing? If you’re wondering when you need to hire a financial advisor, read this guide to find out.
1. You have inherited a large sum
It could be a piece of property or a family home; inheritance is tricky, and you may wonder what to do with your sudden wealth. In addition, o manage your legacy, you will require the services of a fee-based financial advisor. The advisor will work through your tax ramifications and also take care of your business needs.
2. You are unsure if you have enough for retirement
Retirement should be a consideration throughout your working life. Planning for the future is as important as living your best life right now. Besides, as years pass by, it gets difficult to know whether one has enough set aside for the future. Also, a financial advisor will help you get to your goals faster.
3. You feel mentally ready to start investing
You have the extra savings, or your friend invested recently, and you’re inspired to do the same. With many investment options available, things can get a bit confusing. There’s real estate, stock, mutual funds, annuities, ETFs, and many other different kinds of investment avenues. In addition, a sound financial advisor can check your lifestyle, goals, and appetite for risks and help you invest correctly.
4. You have a financial goal
Everyone has goals, but any sizeable investment will have a big impact on your finances and lifestyle. Big goals typically require some professional help. One also needs to know whether they are making the right choices with such broad investments.
5. You get a fat tax refund every year
You may be happy to get that tax refund check every April, but a tax advisor will tell you that it’s not fitting to leave your hard-earned money in the hands of uncle Sam, with no interest.
6. You just tied the knot
Responsibility for two lives is quite different from just one. There are some complex questions to think about. What happens to individual debts? Should you combine accounts? What’s the best manner to file taxes? A financial advisor will help you navigate through the best solutions for you and your beau.
7. You’ve started a new business
It could be very risky to start a business without professional advice. You’ll be busy focusing on the company, so consider outsourcing other important elements such as budgeting, cash flow, capital sourcing and taxes.
8. You are struggling to stick to your repayment
When you’re struggling with multiple debts or faltering with your savings plan, it is time to make an appointment with a financial advisor. Finance is tough work; did you know even financial advisors often have advisors of their own?
9. You are unsure about investing
It can be intimidating to start investing at first. Since there is no one-size-fits-all in investing, a good financial planner can help you create an investment that matches your goals. Investments also depend on your life stage, and investments can be subjective.
10. You want to feel more confident about your money
30% of Americans get stressed continuously about their money. Having a financial planner with you should ease that worry off your face. Sometimes our outlook on wealth completely changes for the better when you work with right advisors.
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