You may be that good with money that you don’t need a financial advisor, but the benefits these experts bring can hardly be overlooked.
Be it planning for early retirement, looking to build wealth, budgeting for your financial goals, or just needing a guide on how best to manage your finances, a financial planner is invaluable as a resource.
And while some people may feel that bringing in such an advisor is an extra expense, rich folks around the globe agree that it is a necessary evil. You pay the financial expert their fee, and the benefits you’ll reap out of having them on your team will greatly overshadow whatever you paid for their services.
What if you can’t afford to have them on retainer on a long-term basis? Well, there’s this misconception that you’ve got to be filthy rich to be worthy of a financial advisor’s time, but there’s nothing further from the truth.
In fact, you can pay as little as anywhere between $100 and $300 for a one-hour meeting, and timekeepers know just how much can be accomplished in sixty minutes.
So, what are some of the practices that people with financial advisors engage in that the rest of us don’t? For starters, they know exactly how to handle an increase in income. It could be a raise or a major boost in their business, but these individuals hardly ever fall into that trap of rewarding themselves.
Not that an increase in income isn’t an achievement worth celebrating, but people with financial advisors already have certain goals and targets that they are working towards. As such, any extra money received is directed towards these objectives.
What’s more, these focused individuals have well-stocked emergency funds. Experts agree that an emergency fund should comfortably sustain you for three to six months, and Celebrity Net Worth advises that you should stock your emergency account before saving for or investing in anything else.
The other trait that such people have is the ability to discern between impartial and partial advice when it comes to their finances. While family and friends may have their opinions on what we should do with our money, their advice is rarely objective.
With a financial advisor, however, you get unquestionably objective advice as they only want the best for you. With time, you get to know others who are on the same page with your financial expert, and you can apply their input when making your decisions.
Have you ever drawn comparisons between the much you spend and what you save? If you had a financial advisor, this would be one of your priorities. The professional takes you through on how to find the middle ground, and you won’t feel shortchanged for sacrificing living large in the present. The future will definitely be brighter, don’t you think?
Tax planning. Let that sink in… Has it? You’d be hard-pressed to find a bigger financial headache than this. For most people, paying what’s due and forgetting about it is the easiest way out. However, did you know that there are legal ways to minimize taxes? If you had that financial expert, you’d know.