Financial planning is often the last thing on many individual’s minds. There might be several reasons you’re putting off thinking about saving and investing, but you should reconsider this mindset as soon as possible. There are several times and reasons to invest in financial planning. You can either teach yourself the tricks of the trade when it comes to financial planning or hire services from a professional financial advisor. As the average life expectancy increases, more people are finding that they did not save as much for retirement as they should have. Here are some of the top reasons to invest in financial planning services.
To Avoid Being Overwhelmed
For many people, anxiety begets idleness. If you’re nervous or unsure about how to tackle a problem, you might put if off indefinitely. Time has a knack for getting away from us, and before you know it you could be quickly approaching retirement age with no sustainable financial plan. This is disastrous and potentially devastating, so visit a financial advisor who will help assuage your fears about saving for retirement. When you’re armed with guidance and a plan, you will feel much better about saving for your future.
Social Security Might Change In The Future
If you think you’ll be set from receiving Social Security checks, reconsider your thinking. It’s possible that Social Security will be completely different by the time you reach retirement age, and it might not provide enough for you to comfortably live off of. It’s important to meet with a professional to talk about your current plan, and to revise that plan as needed.
You don’t want your entire financial plan to hinge on the idea that Social Security will be there for you only to find out that it’s half of what you were planning for!
Marriage or Divorce
The start of a marriage might not sound like the ideal time to consult with a financial planner or to teach yourself how to invest in the stock market. But, it’s actually an excellent time to consult with a professional about finances or educate yourself on how to invest. Money is one of the biggest causes of tension in a marriage, and putting it all out on the table with an advisor or learning investing together is one of the best things you can do to start your marriage off on an open and honest note.
However, if you’re getting a divorce, it’s a good idea to seek the advice of a professional financial advisor in order to discuss potential losses.
If You Receive a Large Sum of Money
Many lottery winners or people who receive an inheritance are unable to successfully plan financially. They simply come into too much money in a short period of time without the skills necessary to properly invest it all. With a large sum of money suddenly available, safe investments might not be the most appealing thing to think about. In this sort of scenario, it is usually wise to pay an expert to handle your money for you on the outset.
To avoid spending all of your money in ways that won’t help you in the future, speak to someone who will be able to help you make a solid financial plan. There are many local financial advisors that would be happy to sit down with you and develop a custom financial plan for your specific scenario.
For example, Damian Ornani at Fisher Investments manages the financial consulting firm and his experience, along with other Senior Managers, specializing in investments and retirement saving, and how to help you achieve your financial goals. If you are looking for a financial advisor, it is as simple as starting a local google search!
When You Get a New Job
Whether it’s your first job out of college or you’ve just moved companies and secured a significant pay raise, it’s helpful to get your investing habits into gear. Teach yourself the ins and outs of investing or seek out professional financial advice when you start your new job. Your financial plan can’t stay the same when you’ve just had a change in your paycheck. If you don’t have the organizational or planning skills to do it yourself, a financial advisor will help you make a game plan with your new paycheck so you’ll be able to make good decisions that will service you in the future. Whether you’d like to put away more for retirement or invest some of your income, speaking to an advisor can be a very wise choice.
If You Need to Care For a Parent
If your parents are aging and need to be cared for, a financial planner is definitely in order. Care for the elderly is becoming more and more expensive, and it could cause serious familial strain if you’re opting to skip talking to a financial advisor and choosing to work it out with siblings instead. If you want the best care for your parents without devastating your finances, it’s important to start making a plan ahead of time.
Because care of an aging parent can come up unexpectedly (stroke, heart attack, etc.), this can often be pretty difficult to figure out yourself. Many folks do not have the ability to drop everything and learn how to properly invest. So, it is often worth it to hire the services of someone who has years of experience dealing with these sorts of matters.
Reasons to Invest In Financial Planning Services – Think Ahead
There are endless reasons teach yourself more about investing or to invest in the services of a financial planner. If you want your life and your loved ones’ lives to be safely squared away for the future, it’s essential to make smart choices and think ahead. Even if you’ve been putting off saving because you don’t have a lot of extra money or you think you have plenty of time to get your finances in line several years down the road, it’s time to rethink your strategy. There’s no such thing as thinking too far ahead, and getting the investment knowledge your need or contacting a financial planner trust is a great step to securing a prosperous future.