4 Times It’s a Good Idea to Speak to a Financial Advisor

In recent years, DIY money management has become more commonplace. Today, it’s not difficult for anybody to draw up a budget, pay their taxes on their own, or even come up with and follow a plan for investing money for their retirement, thanks to a wide number of money management tools and apps coupled with a vast amount of information freely available online. However, there are some situations where it still makes sense to hire the services of a financial advisor. This is a professional who can provide you with expert guidance in many areas of your finances such as retiring, investing, purchasing property, and much more. Here are some situations where it makes sense to consider hiring a financial advisor.

#1. Getting Your First Job:

Whether you are earning $10,000 or $100,000 per year, getting your first job is a great time to start thinking about speaking to a professional about your finances. A good financial planner can offer guidance on how to best begin saving for your retirement from as early on as possible and help you with putting together your first budget, particularly if you have a large savings goal in mind, such as purchasing your first home. In addition, they may also be able to provide you with valuable advice on how to maximize your employer’s benefits package.

#2. Getting Married or Divorced:

If you are starting a new married life together or ending a marriage, the financial side of things can quickly get messy if you’re not sure where to begin. A financial advisor can help you determine how to best manage your money as a married couple, whether you’re planning to share all or part of your finances or keep your money separate. Or, if you are getting divorced, these Minneapolis financial advisors can help you ensure that you get your share of all finances and assets.

#3. Receiving a Large Sum of Cash:

Have you been lucky enough to receive a windfall of cash, whether it’s a gift or an inheritance? Whether you’ve been left a large amount of money in the will of a relative, have received a gift from a parent, been awarded compensation or have been paid a big bonus at work, a financial advisor can help you put together a sensible plan for what you are going to do with the cash.

#4. When You Have Children:

Finally, it’s good to bear in mind that starting a family often means major financial adjustments. For many couples, this life event also signals the beginning of estate planning, with many feeling it is now time to put together a will or a 529 plan. In addition, expanding your family may mean that you would like further advice on setting up trust funds for your children or on saving now to invest in their college education in the future.

You may also want to consider speaking to a financial planner if you’re thinking about retirement, want to pass on your wealth, or if your financial worth is increasing.