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10 Reasons to Work With a Financial Planner No Matter Your Income

Financial planners offer various services that fit the needs of anyone's unique situation.

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Many believe that only the rich and famous can afford financial advisors, but that isn’t the case. In reality, it doesn’t matter how much or how little money you make; you can still benefit from working with a financial planner to secure your financial future.

Please note that the information provided is for educational purposes only and should not be taken as financial advice. Always seek the input of a licensed professional financial advisor before making any personal investment decisions. Slickdeals does not offer advisory or brokerage services or recommend or advise investors to buy or sell particular stocks, securities, or other investments.

Here are 10 reasons why you should consider working with a financial planner.

1. Objective Clarity on Spending and Saving Habits

Even though many are still healing from the aftermath of the COVID-19 pandemic, high inflation and fear of a recession are forcing many to rethink their spending habits and saving plans.

A financial planner can help you prioritize your spending and savings by removing emotion from the equation.

2. Can Offer Ways To Protect Your Family

mother and child relaxing on a hike
Pexels

Life insurance is generally the first step in a person’s financial strategy to protect their family, but with so many options, it may be challenging to choose the best one. Although life insurance is the most common financial protection, additional options are available. A financial planner can help you decide which is appropriate for your unique circumstances. 

A financial planner can help you choose the best way to protect your family’s financial future by analyzing your current situation and the long-term direction of your life.

3. Can Help Reach Investment (or Retirement) Goals

Rather than just ensuring its stability, growing your wealth becomes more essential as you accumulate assets and generate more income. To help you reach your financial goals, a financial planner will analyze your current situation to determine what is realistic and possible and then design a strategy to help you reach those goals.

Please note that the information provided is for educational purposes only and should not be taken as financial advice. Always seek the input of a licensed professional financial advisor before making any personal investment decisions. Slickdeals does not offer advisory or brokerage services or recommend or advise investors to buy or sell particular stocks, securities, or other investments.

Since you’re already an expert in your profession, there’s no need for you to become an expert in personal finance — you likely won’t have the time. Books and financial blogs can teach you a lot, but a professional financial advisor can help you see the bigger picture.  

Financial advisors are there to fill in the gaps in your knowledge and address any concerns you may have about your financial situation.

5. Offer Accountability and Support Saving More

Do you find it hard to set and stick to concrete financial goals? If you work with a financial planner, they will help you set realistic goals, create a workable strategy, and hold you accountable via coaching They can also help you set up automatic withdrawals into a retirement account that uses pre-tax dollars to help you make the most of your money.

6. Offer Help With Tax Planning

Your income tax liability is typically based on a percentage of what you make, so the more you earn, the more you’ll have to hand over to Uncle Sam. A financial planner can help you get an overall picture of your tax situation and the deductions that may save you thousands of dollars, involving:

  • Tax-deferred savings accounts
  • Medical options
  • Asset balancing (i.e., switching ownership of assets to maximize personal allowances, and to match investment to your conform of risk)
  • Incentives
  • Growth assets
  • Capital gains allowances

Consult a financial advisor for assistance in determining your tax bill and selecting investments that will provide the most tax benefit.

7. To Help You Plan for Retirement

retired couple sitting outside at sunset
Unsplash

Putting money aside for the short term is simple, but maximizing your retirement savings requires careful consideration of a number of factors, such as:

  • Tax rules
  • Investment vehicles 
  • Estate planning 
  • Long-term care
  • Asset combinations 

A financial planner could even work with your attorney to figure out distribution for family members.

8. To Help You Make Big Life Decisions

While transitions in life may be frightening and overwhelming, they can also provide exciting new opportunities, such as the chance to take on a higher-paying job outside of your comfort zone. Moving to a new city, selling your home, or retiring earlier are just a few examples of significant life events that a financial planner can help you navigate.

9. To Give an Outside Opinion

Despite the fact that it is typically a bad idea, emotions are often engaged in financial decision-making, particularly when it comes to delicate financial situations within marriages or families. Working with a financial planner has several advantages, one of which is that they can evaluate your position objectively and look out for your best interests when making financial decisions.

10. For Peace of Mind

Because of the profound impact that one’s financial situation has on independence and security, money management is often seen as a sensitive and challenging topic. Financial markets change, and we’re potentially headed towards a recession — a time when financial planners can help you make the greatest financial choices, possibly saving you time and money.

Please note that the information provided is for educational purposes only and should not be taken as financial advice. Always seek the input of a licensed professional financial advisor before making any personal investment decisions. Slickdeals does not offer advisory or brokerage services or recommend or advise investors to buy or sell particular stocks, securities, or other investments.


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Josephine Nesbit
Josephine Nesbithttp://www.josienesbit.com
Josephine Nesbit is a real estate and finance writer from New England and is currently based out of the Midwest. She has experience writing about real estate market trends, mortgages, real estate investing, debt, saving money, student loans and more. Her work has appeared in several publications, including Fox Business, GOBankingRates, Bankrate and U.S. News & World Report. When she’s not working on her freelance writing business, she’s outside spending time with her three young children. You can visit her website here or connect with her on LinkedIn to learn more about her.

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