For many people, the thought of discussing their finances with anyone is taboo. Many people don’t even discuss finances with their spouses, which is the leading cause of arguments in couples today. But there are certain times in your life when you need to branch out and get an outside opinion.
Companies like Bogart Wealth, a comprehensive wealth management company, exist to help you make the financial changes and decisions that are best for you in your life. They take into consideration what your goals are and they help you get there, advising you every step of the way.
Deciding to see a financial advisor can be overwhelming, but most definitely worth it. Here are five signs you need a financial advisor.
- You are making a life change.
Life changes are one of the most important times to seek help from a financial advisor. Getting married and having a baby can completely change your relationship with your finances. You may be used to spending your money freely, but now realize it’s time to reel it in and be more responsible with your hard-earned pay check.
This is also the time to discuss how much money you are setting aside for the future. If you are just getting married, there are many decisions on how to spend and save your money that need to be made. A financial advisor can help you determine what the best way to go about that is for your situation.
When starting a family, you will need to know how much you can afford to contribute to savings, a college plan, and what kind of daycare you can send your child to, if necessary. All of these big and sometimes scary life and money changes can be easily walked through by your financial advisor.
- Making a Big Purchase
When you are making a big purchase, like buying a new home, having a financial advisor there to help you can take the guesswork out of your buying process. Meeting with them before you meet with a realtor can help you determine exactly what you can afford before you go out. It can be very easy to fall in love with a home that is over your budget and also easy to rationalize how you can afford it.
If you’ve already discussed with your financial advisor the budget that will keep you comfortable, you are less likely to overspend and it is easier to walk away from something you know you can’t afford.
The same goes for buying things like RVs and boats. Knowing exactly what you can afford to spend on these luxuries will help you with your buying experience.
- Planning for Retirement
Planning for retirement really should start on your first day of work with investing in a pension or 401K plan. Regardless of what you did then, meeting with your financial advisor to discuss your plan for retirement is essential in deciding exactly when it is the right time to retire and what your retirement will look like.
This is the time you can see in black and white exactly what you will be able to afford once you are officially done working, and what you need to do to get there. They are someone who will hold you accountable as you work toward retirement so that you can fully realize your dreams.
- Starting a Business
Many people think of financial advisors as just someone who can help with your personal finances, but what about when you want to put your personal finances into a business? The good news is that financial advisors can help with that too!
They can help you assess the viability of your business venture and also discuss how your capital would best be used to make your business work, leading you down a path of prosperity.
- Get out of Debt
Probably the most common reason to use a financial advisor, and often the one that people dread the most, is the ability to help you get out of debt. They will help you take a hard look at your income and all of your creditors and work out a plan to get you to become debt free.
Many people avoid this because they are either embarrassed or not ready to take on the harsh reality of the work it will take to repay the debt and become debt-free. But your financial advisor is not there to judge. They are there to help you and champion you to succeed.
No matter what step you are in life, using a financial advisor can help you plan for the future, and also set you up for success in your financial life now. Whether you are paying off debt, or ready to buy that dream vacation home, a good financial advisor will make sure all of your I’s are dotted and T’s are crossed before you move forward financially.