The average American has a very poor understanding of money management. Roughly a third of all Americans keep no budget each month, and have no idea where their money is actually going. While this “ignorance is bliss” method may work until your card is declined, it is a great way to lose sleep and fail to secure any kind of financial future for yourself.
Many people consider financial advisors to be a form of therapist for those who are “bad” with money. While they can certainly help the financially unstable get back on track, they are ideal for every individual at any walk in life. Included here are a few reasons to get involved with a financial advisor.
You Hate Managing Finances
The first reason you should seek financial advice, is for the simple fact that you hate dealing with finances. Nobody likes to look at their bank account and find a big fat zero, and no one likes paying bills on a monthly basis. But all of these things must be done.
If you fail to manage your finances, they will begin to manage you, in the form of anxiety-induced insomnia and dangerous payday loans. By contacting a financial advisor, you can slough off the headache-inducing financial paperwork and rest easy knowing your financial future will be more of a future.
You Are A Parent
Parents take on an insane amount of responsibility when they birth, adopt or foster a child. Not only are they burdened with the massive task of keeping a tiny human alive, they have to worry about financially providing for that child and themselves. Have you considered what would happen to your child if you and your spouse were fatally killed in a car accident?
Unfortunately, many parents fail to make provisions for their children in the event of their death because they believe they are young and healthy enough not to worry about it. Accidents can happen to anyone, and parents who fail to make a will, and appoint godparents, for their child are leaving them up to the whims of the legal system.
You Are Nearing Retirement
Ah, the golden years. Unfortunately, for many aging American seniors, the golden years may be filled with stress and anxiety due to a failure to plan financially. By allowing a financial advisor to look into your investments and retirement plans, you can be sure to have an income throughout your retirement.
You Have No Investment Goals
You go to work and earn money, and then let the money sit there until it is spent. Is this the constant cycle of your life? Unfortunately, many people fail to take advantage of the compounding interest available through investing. By putting your money to work for you, you can make each paycheck do double-duty for you. Financial advisors will be able to help you determine which investments are the safest at each period in your life.