Everyone has a time in life when they need a little financial advice. More Americans than ever before are seeking advice from financial advisors. Recent research shows that Americans who choose a financial advisor to help them make wise choices in money matters feel more secure in their financial goals.
1. Getting Married/Change in Marital Status
Each newly married couple is blissful in the beginning of their marriage. It is a wonderful time full of new beginnings but it is also a time of many financial decisions such as decisions about separate or joint financial accounts/investments. Combining the finances of two people can be a confusing aspect and the help of a financial advisor can make the transition go smoothly.
Likewise, if you've recently been divorced or widowed, you may feel overwhelmed at the changes you are experiencing including financial upheaval when going from two incomes to one. An advisor can help you get back on track with your financial goals.
2. Having Children
Starting a family changes everything when it comes to family finances. You will need more income just to meet your day-to-day living expenses. Of course, you will want your child to have the best college education possible. College tuition costs are increasing each year, so you need to begin saving for a college education as soon as possible.
3. Purchasing/Selling a Home
Purchasing a new home is one of the most important financial decisions you will ever make. You will need a professional to look over your financial situation when considering taking on a new financial obligation such as a home purchase. Your financial advisor will also be able to give you tips on getting pre-approved for your first home mortgage. If you're selling a home, there are also important financial considerations such as taxes on any profit you may make from the sale.
4. Starting a new business
If you are starting a new business, it is an exciting time but it can also be a time full of financial doubt. You need the best source of funding to get your business started and revenue to keep you going in the early days until your business can begin earning a profit. A financial advisor will be able to help you develop a business plan to give your new company the best chance of success.
Taxes and other legal aspects of an inheritance can be confusing. You may want to know how to invest the money to produce the most profit. A financial advisor can give you the best advice when receiving an inheritance to help you realize the biggest financial return on investment.
6. Saving for Retirement
Saving for your retirement years is a very big reason to hire a financial advisor. People are living longer than in past generations and you may need 20 plus years of income available to pay for living expenses. No one wants to outlive his retirement savings. Even if you have a retirement savings plan through your employer, it may not be enough to allow you to live comfortably through retirement. A professional advisor can help you make wise retirement investment decisions to keep you financially secure during your retirement years.
Financial advice is not one size fits all. A financial advisor is trained to help you in making wise financial decisions customized to your unique situation and goals. If you have any of these six milestones coming up, we'd love to help you with any questions you may have. The financial experts at Caldwell Trust Company are ready and willing to help you on the road to financial success. Contact us to schedule a consultation.