When it comes to managing your finances for the future, you don't want to be too shy to ask for help.
Whether your plans involve saving for retirement, investing in stocks or purchasing life insurance, combing through the possible investments and understanding the complex terms can be difficult. However, having a grasp on your options is key for making the most informed choices about how to manage your money.
To help with these challenges, many people turn to a financial planner. Although some investors may assume these experts are only sought by high net worth individuals, anyone can talk to an advisor for money management guidance.
Do you need a financial advisor?
The answer to this question is based on your finances and goals. Some people have the time and skills necessary to successfully manage their 401(k), stock market investments and living trusts without any assistance. However, if you're not up to the task, there's no harm is seeking professional advice.
There are several reasons you could need a financial advisor. Here are a few:
- You don't have an in-depth understanding of investing. When it comes to watching your money grow in the stock market or through other vehicles, there are many options. But how do you know which ones are best for your goals? Talk to a financial planner to find out.
- Your financial situation changes. If you receive a large inheritance or land a new career with a sizeable salary bump, you may need some help managing larger amounts of money.
- You are unsure of your financial goals. What do you want to do with your money this year? What about the next five or 30 years? Financial advisors can help you answer these questions.
Keeping up with your financial plan
If you decide you want some advice, remember that financial planning is not a one-time commitment. Your goals, family size, financial standing and career could change over the years. Having regular meetings with your advisor ensures your strategy is updated to best align with what you want for the future.
One key example is estate planning. If you wrote a will a year ago and have had any additions to your family since then, you may want to update your list of beneficiaries.
For more information on effective wealth management strategies, contact Landmark Bank.
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