One of the biggest differences between those who have a high net worth and those who are struggling to get by is undoubtedly the fact that upper middle class and wealthy individuals make use of financial professionals to help guide their financial decisions. While many people feel that they do not have a substantial enough income or assets to warrant hiring a financial planner, this assumption may be unfounded. In a recent article, Forbes magazine listed five signs that you need a financial adviser. Here we will take a look at these signs.<!- mfunc feat_school ->
Recent marriage – According to the article financial planners can help newlyweds determine how to best manage their finances after the wedding. Considerations include whether or not to merge various financial assets, and how to chart the path to a bright financial future together.
You own a business – For those who currently own a business, or are looking to start one, Forbes recommends hiring a financial adviser to help prioritize personal goals versus business goals, and learn how to pay yourself without eating into the business’ operating income.
Before making a big purchase – Forbes says that a financial adviser can help you plan to make a large purchase or sizable investment. They will be uniquely qualified to help you decide how much you can afford to spend or invest, and how the large expenditure may affect your other goals.
You want to make a career change – A financial planner can help you transition to a new career more smoothly than doing it on your own. Their job is to help you maximize your retirement and plan for any income fluctuations.<!- mfunc search_btn -> <!- /mfunc search_btn ->
Your family is growing – A qualified financial planner can help you plan for your children’s educations, save for an emergency, and still have enough left over for monthly expenses, insurance, and vacations.