Financial advisors are great for your investments but do you know why? Click here and find out the benefits of a financial advisor and grow your wealth today.
Did you know that about two-thirds of Americans will struggle to put together $1,000 in an emergency?
Based on this statistic, it’s clear that not many people know how to manage their finances. However, not many know what steps to take to make their financial goals happen.
This is where a financial advisor comes into play. Even if you’re not rich, there are many benefits of a financial advisor. Read on to learn more.
1. Time to Start a Family
The average family spends $233,610 from the moment their child is born to the age of 17. Keep mind this is a conservative figure that doesn’t include paying for college or unexpected medical expenses.
If having a family is your dream, but you’re not sure how you will be able to afford it, a financial advisor can help. An advisor can help you make the most out of your savings, and help you navigate through the financial challenges.
2. You Want to Buy or Sell Property
Deciding when you’re ready to buy or sell a property is a big decision. An advisor can help you make the most of this financial decision.
If you plan on buying a property, you can count on an advisor to let you know how much debt you can afford. Or if you decide to sell and there’s a profit involved, your financial advisor will give you options on how you can use the equity.
3. You Want to Plan for Retirement
1 in 3 Americans has less than $5,000 saved for retirement. Although this is the reality for many, no one wants to be in this situation.
If you worry you might not be on track with your retirement savings, then you need to speak to a financial advisor.
An advisor will help you stay on track of your retirement plan. And even help you take advantage of your 401K and IRA accounts.
4. You’re Getting Married or Divorced
Getting married or divorced comes with its share of financial considerations.
If you plan on getting married, you should talk to an advisor about your financial goals as a couple.
The opposite goes if you’re getting divorced. A financial advisor can help guide you through the division of assets and make sure you get back on track.
5. You Received a Large Sum of Money
If you received an inheritance or another large sum of money, you might need help navigating what to do with it. A financial advisor can make sure you make the most of this money and put it where you need it the most.
6. To Save and Pay for College
The average cost of a private college education is on average $35,676 a year. After four years, you could be looking at a price tag of over $140,000.
Even though you have 17 years to save up, that number can be daunting. Saving for your children’s college tuition is a great reason to talk to a financial advisor.
Benefits of a Financial Advisor: The Bottom Line
As you can see, the benefits of a financial advisor are many. They can help you stay on track for retirement, save for college tuition, and even invest your equity.
Need to speak to a financial advisor? Contact us today to get started.