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When people think of financial advisors, they might not realize just how accessible they are to everyday folks like them! You don’t have to be a multi-millionaire or a reality star to trust someone else with your finances.
In fact, everyone could benefit from the help of a brilliant mind who knows a lot about managing money and setting financial goals. However, there are a few types of people that could really use the help. Here are five signs that you should call a financial advisor ASAP.
Sign #1: You’ve struggled before.
If you’ve had multiple failed attempts at budgeting, struggled with debt repayment, or see tax season as a recurring nightmare, then maybe it’s time you pause, take a breath, and seek out a professional. This is especially pertinent if you owe back taxes or have little to no savings.
Sign #2: You have no idea if you’re on track for retirement.
If you think you’re too young to start planning for retirement, think again. The earlier you plan for retirement, the smoother your later years will be, and the more you can take advantage of savings account interest rates.
However, this only works if you know what you’re doing. A financial advisor can help you put together a retirement plan that aligns with your job, income bracket, and goals.
Sign #3: You only have short-term financial goals.
If you find yourself living paycheck to paycheck with only next month’s bills on your mind, then there’s a chance you haven’t even begun to think about saving for your kid’s college fund or your first home. If that’s the case for you, a financial advisor can sit down with you and craft a comfortable savings roadmap for you to follow.
Sign #4: You’re stepping into unknown territory.
Planning any big purchases? Or, let’s rephrase that: do you have any purchases you’d like to make but don’t have a plan for? Then you need… you guessed it: a financial advisor! These experts aren’t just here to help take you out of a bank-account bind, they’re also useful for strategizing around big, life-changing expenses like:
- Refurbishing your space
- Starting a family (adorable baby clothes, here you come!)
- Getting a loan to purchase your first home
- Inviting a new pet into the family
- Buying one of those really big, high-maintenance plants
The best come equipped with top-notch financial advisor software that helps them customize their services to your specific needs and interests.
Sign #5: You just don’t feel like doing it yourself.
Okay, so maybe you’re not looking to expand your nest anytime soon, and your bank account is sitting pretty. However, that doesn’t mean you’re completely off the hook.
Everyone with a wallet and a pulse should be keeping track of their finances. You never know when you’ll be faced with an emergency, a surprise bun in the oven, or the sudden whim to Eat-Pray-Love yourself to India.
No matter what these sudden events may be, it helps to be prepared. And if you have zero patience for budgeting and looking at spreadsheets gives you an instant migraine, then it doesn’t hurt to invest in the help of a wealth management expert (plus, they actually love this stuff!).
Trust the experts: They’re here for you.
Financial advisors are here to help. Don’t worry about what hiring one “means,” as long as you know you’ll be coming out of your meetings with a better idea of your finances and a brighter path ahead of you. It’s okay to struggle, and it’s okay to doubt yourself, so long as you find solutions to get you out of your funk. And if that means getting an expert on board, then more power to you! Good luck with your journey—you got this.