Day: June 22, 2018


financial planning

Finding a Reliable Certified Financial Planner

If you are like most people, you probably assume that financial advice is only for people of a certain age. However, that assumption is wrong. A financial advisor can be of help regardless of where you are in the journey of life. The common misconception is that financial advice is exclusively for the people with significant savings and have settled in their professional lives. The truth is that there’s much more to it than that.

Financial planning is designed to help investors of all types and at all levels achieve their financial goals, whether small or large through planning, setting realistic goals, and smart investment strategies. Expertise in financial planning benefits all demographics, which is why financial advisors can be of help to you irrespective of the stage of life that you are in.

In your 20s

The 20s are ideal time to think about one’s financial situation as well as planning for the future. For most people in their 20s, paying off student loans and finding a job are the top financial priorities. They might actually be living at home with parents to reduce costs.

teens and finance

Proper financial habits are usually set when one is young. What better time for hiring a financial advisor capable of showing you how to manage a budget, invest wisely, and plan for retirement? A person in his/her 20s might not have much to set aside for retirement currently but consulting a financial advisor now can be quite beneficial in the long run.

In your 30s

Once people reach 30, they start transitioning from young adults to financially responsible young professionals. People in their 30s usually have a few years of experience in the workplace, have already established their career trajectory, and have already started growing their savings. A higher and steady income should encourage new financial goals, which is where professional advice is particularly beneficial.

Financial advisors can help people in their 30s achieve various goals, such as saving for vacations and buying a car or house. They even offer advice on navigating employee benefits, including investing in employer-matching retirement plans and buying life insurance.

In your 40s

The 40s can be spent addressing several financial goals. Retirement is still a while away, but it is during this period when one should start setting aside some money for retirement. If you have children, you should be saving money for their post-secondary education. If you own a home, you will need to pay off the mortgage as well as any bank loans and credit card debt that you may have.

middle aged women

A financial advisor helps you allocate money to juggle the various conflicting financial goals. They work together with you and can recommend suitable investment strategies to ensure that you never feel the pinch.

In your 50s and 60s

People typically retire at different ages, but the ones in their 50s and 60s should consider doubling down on their retirement savings efforts. The people that started to save earlier for retirement might have more saved up, but the ones that haven’t started yet still have time to set some money aside.

A financial advisor helps you take a long, hard look at the numbers to help you find out whether the accumulated savings add up to the income you would like to have in retirement. If not, an advisor can help you identify the adjustments that should be made to help you achieve your goals.

After You Retire

If you assumed that you no longer require financial advice because you have retired, think again. During retirement, professional financial advice takes on new significance because you still require income to support your lifestyle. You might even still have goals to achieve, which is why you need a financial advisor to help with your estate planning.

Transitioning from savings accumulation to living on savings isn’t always easy. A financial advisor helps you identify tax-efficient investment strategies, ensure that you have enough savings to last you through retirement, and discusses with you plans for income splitting with your spouse.

A financial advisor can be your greatest ally when it comes to accomplishing your financial goals and achieving financial security. If you don’t have a financial advisor or would like to find a new one, here are some questions you should consider asking when looking for a financial advisor.