When Should You Hire A Financial Advisor?


Throughout the United States, and likely much of the industrialized world, the number one concern among individuals somehow involves money and finances. Money is a major part of everyday life, and the difference between having enough money and not can be a very fine line that is difficult to navigate. When you are chronically worried about your financial status and well-being, you may find yourself wondering whether or not you should hire a financial advisor to help you manage your money and meet your financial goals. In order to determine whether or not a financial advisor is right for you, you should get to know some of the times when you absolutely should hire a financial advisor.

You Do Not Keep Track Of Where Your Money Goes

When you take a full-time job, they more often than not offer you a company retirement plan to partake in. So, you happily sign up for your 401(k) and start throwing a percentage of your pay into your retirement account without another thought.

However, with company retirement plans, both when you are with the company and then especially if you leave the company, you actually do have some control over how your money is distributed among different funds and investments within your retirement portfolio.

Additionally, if you have an HSA (health savings account), mutual funds, company stocks from current and/or previous employers, or any other investments that you do not keep regular track of, you should absolutely hire a financial advisor. Even if your assets are not particularly large, improper management of your investment can result in you losing money on your investments and being out the money you initially put in. 

Your Financial Goals Never Seem Attainable (Even Though They Should Be)

When you sit down and set financial goals for yourself, you meticulously calculate your living expenses, bills, and the amount of money you intend to put away in savings from each paycheck. But somehow every payday, things just don't add up and you find that you aren't building any savings and may in fact be taking money out of your savings account instead. 

As this happens, you continue to crunch the numbers, but nothing seems to work out as planned. In such circumstances, a financial advisor is a virtual necessity. A financial advisor will sit down with you and go through your estimated expenses, your income, your actual spending, and your goals to help you come up with a fixed and realistic plan of attack to make those goals of yours attainable. 

You Are Too Busy To Track Your Finances

If you are simply too busy in your daily life to keep track of your investments, income, spending, and savings habits, then a financial advisor will be able to take up the reigns for you. Instead of constantly worrying that you still need to tackle your pile of statements, bills, and investment reports, your advisor will do that for you and help ensure that you stay on track.

As you can see, there are definite situations where a financial advisor is an absolute necessity. If you worry about money and feel you are constantly struggling to keep up and keep track, contact a financial advisor right away for a consultation. 


20 February 2015

Learning How To Manage Finances

I still remember the day that my wife and I bought our first home. We were excited about filling the place with new furniture and looking for great area rugs. Unfortunately, before we knew it, we found ourselves deeply in debt. It was difficult to dig our way out, but over the course of the next several years, we were able to make things right. I want to teach other people how to manage finances so that they can avoid the turmoil that we went through. Financial planning might seem impossible, but with a little practice, I know it can become second-nature.