While many of us go through life without a financial advisor, there are times when we need outside help managing our money. If you are considering hiring a financial advisor, see if you match any of these telltale signs that you need that expert’s help.
You are a high income
If you regularly find yourself in the highest tax bracket, now is the time to seek financial advice. Indeed, you have the opportunity to take advantage of high yield savings and investment strategies with services such as Richness. You might also have more retirement plans aimed at high earners, which means you won’t pay more taxes than you need to before and after you retire.
You are unable to make financial decisions
Many of us suffer from analysis paralysis, especially when it comes to making important financial decisions like investing or balancing your financial portfolios. If this sounds like you, it’s worth getting outside help to make sure you can make wise money choices and not lose money in the long run. A financial advisor can offer you objective advice about your finances so that you can fend for yourself and make decisions about your money.
You owe back taxes
Filing tax returns is a complicated business and we all dread being told that we have miscalculated our taxes and owe more than we expected. If you owe taxes in arrears, especially if you can’t figure out why, you should hire a financial advisor, even on a short-term basis, to help you pay your taxes. They will be able to determine where you went wrong and help you plan your payments before your tax arrears payment deadline.
You don’t know how or when you will retire
Retirement is a long-term financial goal that requires a lot of planning. Many of us contribute to one or more pension plans and may not know how much we have saved, how the payments will work, and when we can retire. This is where a financial advisor can help. Your advisor can help you assess your retirement savings, plan what you need to do to retire when you want to, and develop an effective action plan.
You are in debt
You can read all debt advice articles you want to, but getting out of debt is difficult. Never more than when you have been stuck in a cycle of debt for years and have not been able to transfer your debts. A financial advisor can help you take a realistic look at your finances and debt, and come up with a workable plan to get out of debt. They’ll also be able to break down what you owe and the interest you’re paying so you know which debts to prioritize.
You don’t want to manage your money yourself
Personal finances are time consuming and require some degree of financial literacy to manage on your own. Some people learn to manage their money very early on and are very capable of managing their finances independently. This is not the case for everyone. If you don’t plan on learning how to manage your finances, you’ll save money in the long run by hiring a financial advisor to do it for you.
The above information does not constitute any form of advice or recommendation from London Loves Business and is not intended for use by users in making (or refraining from making) financial decisions. Appropriate independent advice must be obtained before making such a decision.