Hiring an advisor is like hiring a doctor, your financial health improves! It is certainly worth the time and money. Especially, if you are in a bad financial situation or you are bad with numbers or you wish to lead a relaxed financial future, in all these cases you need an expert advice. But not many realize the need for assistance. We attempted to compile top 5 scenarios in life that need an expert advice.
1. When You Experience A Major Change In Life: All major life events like getting married, having a child, retirement, etc. come with big money fluctuations. For instance, when you get married, you are no longer a bachelor and have to plan for spendings on both and running the family. An expert advice during such major transformations helps make necessary adjustments to navigate the new phase.
2. When You Plan For Retirement: Most investors seek professional financial advice for retirement planning. Because many are unaware of how to plan for retirement and some doesn’t even know if they can ever retire (as they cannot meet their life’s money goals even by the time of their retirement). The best way is to move ahead with a proper financial plan having the best retirement strategies.
3. When You Receive A Windfall: Most people lose control and miss a clarity on what to do when a windfall comes by the way. For example, many choose to use tax refund, a small windfall, to make luxury purchases or for some non-committed expenses. While it could be used to clear a bad debt or add to the savings. Financial advisors suggest suitable savings or investment channels that reap better benefits. They can even chip in to analyze and explain the repercussions of money decisions.
4. When You Are Planning For Legacy: Financial advisors do not write any legal documents like Wills, but certainly, help with proper planning and the right approach. You can relax and be sure that your wealth is managed according to your wish, even after your death.
5. When You Get Into Your First Job: Yes, you heard it right! Your first pay need not be in six digit figure to meet an expert. An online advisory like ArthaYantra helps you with your financial planning with whatever you own and at whichever financial stage you are. Experts advise on correcting the past financial mistakes, if any, and guide you in the right direction to build a bright financial future. Even if you are with debts, planners offer guidance on how to proceed towards clearing the bad debts and attaining financial stability.
In conclusion, a financial advisor can play a major role in molding a perfect financial future. Financial planners are not just for people worth millions. Every household and every salaried employee need a right financial planning. Make the best use of the available services and start efforts to give a good shape to your financial future.