With the onset of the New Year and tax season quickly approaching, you may be wondering to yourself whether you can handle your finances on your own this year. You may feel like you are in a precarious financial situation, or perhaps you just want to reap the most benefit out of your finances this year. No matter the position you are in there is a financial advisor can offer services that can turn your life around. With the help of a financial advisor, you may find yourself reaching goals you never dreamed you could achieve. Here are a few reasons you may want to hire a financial advisor:
You Need Help Establishing Goals
If you have difficulty establishing and keeping goals for yourself, you are not alone. A financial advisor is essentially a coach who is schooled in helping reach your goals. If you have an idea in mind, such as lowering your debt, a financial advisor can collect data on our accounts and create a feasible plan to help you get through it. Likewise, if you are looking to create your own business or buy a house in the foreseeable future, an advisor will create a plan for you to make that happen. Financial advisors see the “big picture.” They are able to project what you can achieve based on factors like your current status and even the state of the local or national market.
You Need Someone to Hold You Accountable
Let’s face it: some of us get a little more spend-happy than others. Not everyone is money-minded, and that is okay. If this sounds like you, using a financial advisor as a resource can help you with your monthly and yearly expenditure. They will show you how to budget, how much you can and need to save, how to set up an emergency fund, and a whole host of other useful bits of knowledge that can keep your spending in check. Some people may find that the presence of a financial advisor in their life is enough motivation to stay within spending boundaries and help with personal budgeting.
You’ve Experienced a Life-Changing Event
Whether you have lost your job, experienced the death of a spouse, have taken on elderly parents, or you or someone depends on you experiences health issues, there are times in your life where you will experience change. Ease the burden of anxiety, depression, and frustration, by hiring an advisor to keep your budget in check. No matter how complicated the situation, an advisor will be with you every step of the way to keep you motivated to push through to the other side in good financial shape.
You Can’t Navigate a Low Market
Markets rise and fall—for better or worse, it is a fact of life. Do not feel overwhelmed that you do not understand the green and red numbers that tick across the New York Stock Exchange queue every day, a lot of people are right there with you! Fortunately, a financial advisor’s forward-thinking skills can help devise a strategy to put you in a secure position should something happen.
Basic Education in Stocks, Bonds, and Investment
Maybe you are looking to expand and strengthen your assets. You can go about it alone and educate yourself on the way, but some find it useful to consult with an expert. As mentioned before, financial advisors are trained to see the big picture. They can look beyond your budget and see big investment opportunities that you may be in the position to take advantage of. If you are interested in buying real estate, owning stocks, or researching other investment opportunities, speak with an advisor to get expert advice on the topic to reap the most out of your endeavor. On the other hand, you may not know all about the investments you already have. For instance, you may not believe you pay into a 401(k) plan, but you certainly pay for the cost of the investments. Sound confusing? An advisor can put you at ease and lay everything out on the table for you so that you can understand.
Determine Your Needs
Before hiring a financial advisor, consider whether you need an analyst or accountant’s help. Financial advisors are well-suited for situations of investment options and money analysis. If you’re looking for help with tax resolution, a CPA might be the best bet. These individuals are well-versed in accounting practices and record keeping; they’ve taken rigorous CPA prep courses, passed the difficult CPA exam, and received their designation to practice accounting for the general public. Consider your needs before investing in financial assistance to ensure you make the right selection.
You need not feel at a loss to secure your finances, so invest in assistance to give you the confidence to move forward.