Most people do not come to their own rescue. Few individuals are able to escape the unforeseen circumstances of life. When we find ourselves in situations that are often beyond our understanding, we seek the assistance of an expert to help pull us out. An expert is usually needed to maintain, improve, or gain a higher quality of life. Unlike many professionals, a financial advisor does not just come in after the storm, but in many cases, will assist you in being unaffected by the storm or in other words, will act as your umbrella.
Most people get advice when it comes to nails, hair, and car repairs, but refuse to receive advice when it comes to something as important as finances. As a professional myself, I often require the expertise of other professionals to steer me in the proper direction in areas of my own life, may it be health, home repairs, etc. There is no exception to needing an expert of some sort. So why would anyone refuse the assistance of a professional in the handling and maintaining of their funds, the one thing that determines quality in most avenues of life?
Finances control almost every aspect of life. Whether or not you realize it: most decisions you make are influenced by money. Reality is that the typical consumer has no idea how money works. The modern day caveman believes in making the money and spending the money in supporting the ultimate goal, which is survival; however, successfully managing your funds and planning for long term goals can become slightly complicated for the average individual to comprehend. From working middle-class families to old-money millionaires, a financial advisor can prove to be beneficial in the growth and security of funds. In this article, I will briefly run through the importance in obtaining the financial expertise of a qualified, reputable financial advisor, while pointing out the differences of outcomes based on getting advice.
Do not believe the hype that all financial advisors are "sugar coated sales-men" out to make a commission for their firm's stockholders. Granted, there are financial advisors that fall into such a category, which is the reason why you owe it to yourself to get to know any professional before trusting them with your finances. Whether or not your advisor receives a commission from the services they recommend, they still have a fiduciary duty to keep your best interests at heart.
Let's discuss the key areas discussed by financial advisors when determining short and long-term goals. Such areas are, but not limited to, net worth planning which address areas such as debt and cash flow management, protection planning such as proper life insurance, investment planning (addresses the risk you should be taking for the expected rate of return), tax planning (most people do not realize that the majority of their investment will go towards paying taxes), estate planning (what will people say about you when you are gone and how will their lives be impacted by what you did with yours?) retirement planning (living your life so cost is not a factor).
A good financial advisor can be the difference between you working at Wal-Mart during retirement to supplement your income and living your dreams because money is not a factor. For instance, let's say you invest as little as $200 a month, earning 6% over 30 years which is approximately $200,000 vs. earning 12% on the same $200 a month which is approximately $700,000. Having a good financial advisor can be the difference of $500,000, in addition to lowering your taxes and minimizing risk.
In conclusion, having a financial advisor provides you with the necessary information concerning how money operates so that you can advance financially. A good financial advisor is the vicodin for your financial pain, in the case of good advice, being addicted is beneficial to financial health.
Most people get advice when it comes to nails, hair, and car repairs, but refuse to receive advice when it comes to something as important as finances. As a professional myself, I often require the expertise of other professionals to steer me in the proper direction in areas of my own life, may it be health, home repairs, etc. There is no exception to needing an expert of some sort. So why would anyone refuse the assistance of a professional in the handling and maintaining of their funds, the one thing that determines quality in most avenues of life?
Finances control almost every aspect of life. Whether or not you realize it: most decisions you make are influenced by money. Reality is that the typical consumer has no idea how money works. The modern day caveman believes in making the money and spending the money in supporting the ultimate goal, which is survival; however, successfully managing your funds and planning for long term goals can become slightly complicated for the average individual to comprehend. From working middle-class families to old-money millionaires, a financial advisor can prove to be beneficial in the growth and security of funds. In this article, I will briefly run through the importance in obtaining the financial expertise of a qualified, reputable financial advisor, while pointing out the differences of outcomes based on getting advice.
Do not believe the hype that all financial advisors are "sugar coated sales-men" out to make a commission for their firm's stockholders. Granted, there are financial advisors that fall into such a category, which is the reason why you owe it to yourself to get to know any professional before trusting them with your finances. Whether or not your advisor receives a commission from the services they recommend, they still have a fiduciary duty to keep your best interests at heart.
Let's discuss the key areas discussed by financial advisors when determining short and long-term goals. Such areas are, but not limited to, net worth planning which address areas such as debt and cash flow management, protection planning such as proper life insurance, investment planning (addresses the risk you should be taking for the expected rate of return), tax planning (most people do not realize that the majority of their investment will go towards paying taxes), estate planning (what will people say about you when you are gone and how will their lives be impacted by what you did with yours?) retirement planning (living your life so cost is not a factor).
A good financial advisor can be the difference between you working at Wal-Mart during retirement to supplement your income and living your dreams because money is not a factor. For instance, let's say you invest as little as $200 a month, earning 6% over 30 years which is approximately $200,000 vs. earning 12% on the same $200 a month which is approximately $700,000. Having a good financial advisor can be the difference of $500,000, in addition to lowering your taxes and minimizing risk.
In conclusion, having a financial advisor provides you with the necessary information concerning how money operates so that you can advance financially. A good financial advisor is the vicodin for your financial pain, in the case of good advice, being addicted is beneficial to financial health.