One day, we all will retire from our jobs. It is a prospect that older workers look forwards to and younger ones think is a lifetime away. For both, it is important to have a financial plan in place so that retirement is not a curse but a happy time to enjoy the rest of one’s life.
There are people who can help us plan for that financial future. They are called financial planners. According to the needs of the individual, they make recommendations that will help us reach those goals. Planners can be accountants, stockbrokers, investment counselors, estate planning attorneys, or general financial planners. Each can help you with an important aspect of your finances.
Financial help comes with its benefits. A financial expert is able to do more for us than we could do on our own. Here are a few of the advantages of using these experts.
1. Saves time. A financial planner has studied financial matters. Depending on his title, he will be well acquainted with stocks, bonds, mutual funds, and investments. There is a steep learning curve involved when it comes to knowing where to place your hard-earned money. The expert knowledge of a financial planner can cut through the technical jargon and give you a layman’s answer to your questions.
2. Expert advice. As I touched on above, each financial planner has knowledge of a certain area. Stockbrokers know the stock market. They can tell you what constitutes a risky investment and what is safer. An estate attorney can advise on wills and trusts. Years of dealing with many scenarios makes these people uniquely qualified to advise you.
3. Sound opinion. We can be caught off guard by the changes that life can bring. A death of a loved one, a child preparing for college, a job loss — all can send our finances into a downward spiral. No one can plan for every eventuality in life, but a financial planner will have seen his or her share of life-changing events in the lives of their clients. While we react emotionally, they react logically. The advantage of this is that they see what is coming down the road and can help us plan for it. Now, when we are less emotionally charged, we see the rationale behind their thinking. Without them, we may have made financial choices that would have set us back instead of moving us steadily forward.
4. A bird-dog on the case. We don’t have time to think about finances twenty-four hours a day. There are other things going on in our lives. But for financial planners this is what they do every day. While you are at work or out with the kids, they are working on your financial picture. Granted, you will be paying them to do so, but you will have the peace of mind that goes along with that.
A financial planner can benefit everyone. Whether you know how to save or not, they can shed light on possibilities you may not have considered – thereby enhancing your financial picture.