People often think of hiring a financial advisor as something only the rich do. But actually, a financial advisor can be helpful regardless of your income bracket. Also, you don't need to hire one permanently or visit them on a regular basis. A lot of people benefit from just having a session or two with a financial advisor. The following are a few of the major signs you should make such an appointment.
You have been operating without a money plan
Do you have a budget and an overall plan for your money over the next 5 to 10 years? If not, you should really start working on such a plan, and it's wise to seek the assistance of a financial advisor in doing so. Many people who don't have a plan for their money face a rude awakening when they are suddenly faced with a big bill or lose their job. Meeting with a financial advisor now, before any of these things happens, will ensure you develop a healthy plan for your money so you can properly prepare in advance and avoid undue hardships.
You just came into a lot of money
Did you just inherit a large sum of money, win a big award, or sell something expensive? However you obtained your windfall of cash, it's important that you invest and spend it wisely. The best way to invest or spend it, though, will depend on your own, unique financial circumstances. A financial advisor can ensure you allocate these funds in the way that is most beneficial to you in the long run.
You don't know when you can retire
Maybe you have money set aside for retirement and you're nearing retirement age, but you're not certain when, exactly, it will be safe for you to stop working. A financial advisor can help you run the numbers and, if needed, make some changes to your retirement plans so you can live as comfortably as possible and do what you wish during your retirement. This may involve having you move your money into different, more tax-advantaged accounts, asking you to increase your savings rate for a while, or even just telling you that you can quit your job any time.
If you're in any of the above situations, make an appointment with a financial advisor. It's not a huge commitment, and it is bound to be an educational experience.
