You have questions that you consider silly or stupid and feel that you should handle alone so you don’t seek help. This is not necessarily the best course. As happens often in life generally, not reaching out to a professional can delay you reaching your goals and cause you to incur more out-of-pocket expenses.
With respect to your financial future, there are no stupid questions. Don’t sit on the sidelines and fear asking a question or think you’re unqualified to go to a financial planner. Solid and respectable planners let you know if they can’t help you and refer a professional who can. They also let you know if they think you can plan your finances yourself.
Here are signs you may need a financial planner:
You recently married
To merge or not to merge finances is a huge question: emotions to contend with, forms to update, cash flow to track, debts to pay down, goals to lay out and spending habits and needs to reorganize and prioritize.
Communication during this transition helps you navigate possible questions about taxes, investment allocation updates, selecting benefits, joint roles in the management of the household, deciding whether to maintain separate bank accounts and more.
You own a business
Whether considering starting your own business or a long-term entrepreneur, you likely need to know how to prioritize goals, pay yourself while keeping the operation running and the best way to manage cash flow on an income that fluctuates monthly.
Not to mention saving for retirement, obtaining health insurance and protecting you and your family against a loss in income from death or disability.
You want to make a big purchase
Simple budgeting often enables you to handle large purchases. If you are looking to buy a first home or make another sizeable investment, understanding the overall effect on your cash flow, lifestyle and future goals loom large.
How much home can you afford? What’s your budget for home maintenance? What other goals go on the back burner? What about your future savings?
You make a career change
Job or career transitions also bring changes in income and benefits. Make sure you maximize your company benefits, leave no retirement accounts behind and ignored, plan appropriately for income fluctuations, consider future job growth or career prospects and consider the transition’s overall influence on your lifestyle.
Your family is growing
A baby comes with a slew of considerations: ensuring you have an emergency fund of three to six months’ expenses adjusting your spending for child care, groceries, and medical costs and updating your estate plan and insurance coverage in case something happens to you, among many other needed updates.
The first step in asking for help always seems the hardest. The assistance and feedback may surprise you when you are open to the idea that you need not handle all financial questions solo.
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