You have a job and financial responsibilities and have come so far in life without needing any professional financial direction. You may be in a very good place right now, and that’s great! However, one myth we’re going to bust is that you don’t need a financial advisor if you’re doing well financially.
In fact, it’s the folks who are doing well and have money to spare with no plan on how to stretch their dollars further that are in often most in need of an advisor’s direction. The following are just a few common reasons to stop handling everything on your own, and put your faith in a professional certified financial planner.
1. Marriage: When you and your significant other are just starting life out together, creating new goals as a couple and putting your resources together to handle your financial responsibilities should be done as a team. Your financial advisor will help you find ways to invest additional resources to fit the needs of both you and your spouse.
2. Children: If you plan on beginning a family, it’s important to make sure you’ve planned far enough ahead that your financial situation will continue to be stable while providing for your brand new family member. If you intend to send your children to college, or provide them with a savings account to get them started when they’re older, consulting an advisor may be just what you need.
3. Home Ownership: New home owners tend to need some direction when it comes to saving up for the initial down payment. Savings is certainly a big part of financial discussion when it comes to preparing to own a new home. But if this is your first home, you may also require some guidance in selecting appropriate insurances, too.
4. Job Promotion: You’ve moved up the ranks and are now a high earner, congratulations! This is a great opportunity for you to take a look at your financial priorities and make a plan with a wealth manager on how to invest your additional resources to best suit your needs.
5. Self-Employment: If you’re new to self-employment, you may not know how different handling a business’s finances is to handling your own. You most likely have questions specific to owning your own business and want recommendations on larger investments that you have not had to deal with before. Remember, there’s no need to trudge through alone!
6. Downsizing: Are you and your family downsizing? If you’re selling your house, land, or vehicle and haven’t yet decided how best to invest the money you receive from sales, the best thing you could do is to get a professional opinion.
7. Retirement: If you’re preparing to go into retirement soon, then it’s about time you took a look at your hard-earned savings. You’ve spent a third of your life preparing, now let your advisor help you to access and manage those resources to help avoid common retirement planning mistakes.
If you’ve been handling your finances on your own all your life you may be hesitant to ask for help when a new chapter in your life opens up. But keep in mind, there are certain chapters that require a little extra care in every aspect, such as when you’ve decided it’s time to start a family of your own. Don’t take financial risks trying to juggle your life, your family, and your finances alone. Call Vault today for wealth management in Palm Beach Gardens, serving South Florida, at (561) 223-3252.