Are you having issues getting your finances in order? If so, you aren’t alone in your struggle. Studies show that 39% of Americans can’t cover an unexpected expense of $400.
That’s why it’s critical to work with a financial planner if you’re having issues managing your money. Keep reading to learn four ways hiring a financial planner will help you set yourself up for success.
1. Get Unbiased Advice
We sometimes get emotional when it comes to the things we purchase. Much of the time, we believe that we need these items because they’re essential to our lives. Unfortunately, that’s rarely the case.
When you hire a financial adviser, you get an unbiased third party that will tell you the truth. You can use what they tell you to figure out what the essential purchases are in your life, so you can remove unnecessary items to improve your budget.
2. Plan for Tax Time
While most people don’t have complicated tax returns, that isn’t always the case. This is even more true as more people begin to start side hustles and earn money on their own without a company.
A financial advisor can help you figure out to handle these situations. They’ll help you figure out how much to set aside for taxes and how to maximize your returns. You can easily recoup some of the money spent on an advisor by reducing your total tax bill.
3. Create a Savings Goal
Many people go through life on a whim without any real planning when it comes to finances. They spend all the money they make and don’t plan for the future.
This will change when you work with a financial advisor. They’ll help you create clear goals for saving money. You won’t need to worry anymore about a surprise expense that puts you into debt.
The financial planner near you that you hire can also recommend tools to help with the process. From automatic saving deposits to automatic bill pay, there are many ways today to automate finances that can help you achieve your savings goal.
4. Plan for Retirement
Once your financial planner helps you create a savings plan, you can then plan what happens after you stop working. You’ll want to have enough money stashed away in investments to survive for several decades.
Your financial advisor will help you pick investments that will grow your money over time and be enough to draw from for the rest of your life in retirement. Doing this means you won’t need to spend your entire life working at a job.
Your advisor will also help you do this without much risk. Some market investments are riskier than others, and your advisor will steer you to safe investments.
Get in Touch With a Financial Planner Today
You don’t have zero options if you’re struggling to get your finances in order. Sometimes all it takes is a little help from an expert to help with planning your finances. Get in touch with a financial planner today to get started with the process.
Once you start saving more money, you’re ready to get started with investing for future growth. Check out the blog to learn how to make your money work for you.