5 Reasons to Hire a Financial Planner
Financial Planning is a growing industry in today’s unsteady financial market. Most people are comfortable with managing some aspects of their finances, but if you’re looking to really grow your wealth you might consider engaging a financial planner. Here are a few reasons why a financial planner might be beneficial for you and your bank account.
Most people understand the basic concept of a savings account and try to put a little bit away with each paycheck. Unfortunately, this is not always enough. Financial planners are very experienced in which accounts offer the most return and are also very knowledgeable about alternative ways to save for big-ticket items like a car, house payment, or Christmas expenses. They can find ways to grow your money faster than you could do on your own.
Investing is a huge financial decision and can reap huge rewards. However, financial investments can also involve the risk of losing your hard-earned money permanently if you aren’t familiar with investment language and trends. An advisor can walk you through your investment interests and help you hand-select your ventures. You will have the opportunity to build your portfolio and will have someone to consult on a regular basis.
Planning for retirement is one of the most important aspects of a financial plan, but not everyone actively puts money aside for their future. In fact, a recent article by Money Magazine found that one in three Americans has not saved a penny for retirement.
Many people don’t know how to read the market and adjust their contributions. A financial planner has expertise in this area and can help you safely set up a plan that works best for your situation.
Taxes are a necessary evil in today’s world. Although you can easily do the tax basics on your own, financial planners are trained to learn and understand the complicated tax laws. A recent study found that Americans overpay an average of $945 million dollars per year due to unclaimed deductions. Financial planners can help reverse this trend and identify tax breaks and benefits that meet your particular circumstances. This thorough review will ensure you don’t knock with a nasty IRS surprise bill. It can also ensure you cash out on all you’re entitled to with your tax return.
Estate planning is extremely important to the financial future and security of your loved ones. Estate prep ensures your family and friends are not left with additional stress once you’re gone. Financial planners can be a tremendous help with this fairly unpleasant task. They can assist with setting up trusts and make sure your financial plan aligns with your will and wishes. You can rest at ease knowing your finances are in order for those you love.
These are just a few of the many reasons a financial planner might benefit you and your family. Planners offer insight into some of your most complicated financial decisions and can help you in reaching all of your financial goals.