5 Signs You Need A Financial Planner

Asking for help is a sign of strength, not weakness.

Sometimes it’s hard to ask for help and you think you can – or should – handle things yourself. Whether it’s taking care of a nagging injury, fixing the sink, changing the oil in your car or doing your own taxes. The same questions often arise about finances and financial planning.

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:

  1. 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 management of the household, deciding whether to maintain separate bank accounts and more.
  2. 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.
  3. 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 looms 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?
  4. 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.
  5. 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. And remember:

 “The greatest mistake you can make is to believe that you have to do everything on your own power.”  ~Catherine Pulsifer, Author

Copyright © 2018 RSW Publishing. All rights reserved. Distributed by Financial Media Exchange

__

Disclaimer

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by LFC), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from LFC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. LFC is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of the LFC’s current written disclosure statement discussing our advisory services and fees is available upon request. If you are an LFC client, please remember to contact LFC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.

2018-11-20T03:56:59+00:00