7 Reasons to Use a Financial Planner Today

William Waggoner II |

Rochester Hills Financial Advisory Firm - Stoney Creek Advisors

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You'll probably meet a financial advisor in person at some point if you're committed to creating long-term wealth.

Your total financial situation can be organized by a competent certified financial planner, who can also put measures into place to assist you reach your objectives, such as paying for your children's college or retiring whenever you choose.

Here are seven reasons to think about working with a financial planner.

1. You lack financial management expertise.

It's not always easy to manage money, and learning quickly can be challenging. It can be challenging to find the time necessary to learn how to create a budget and a financial plan, particularly for busy young professionals. A financial adviser you hire will be able to assist you.

2. You will soon become a parent

The most expensive life milestones also tend to be some of the most thrilling ones. You're eating, housing, and clothing another human, after all, so you'll likely need to make space in your budget to meet the higher expenses if you're growing your family.

A financial planner can sit down with you to determine the actual costs of parenthood, restructure your cash flow, and make plans for any family savings objectives.

3. You and your partner are pooling their finances.

When your spending and saving habits conflict, money is a sensitive subject that frequently arises in romantic relationships. A qualified individual can help you decide which accounts to combine or maintain separate and develop a comprehensive financial strategy that satisfies your dual demands.

4. You won't make investments alone.

One of the most effective strategies for accumulating wealth is investing in the stock market, yet far too many people shun investing out of fear of losing their money. If you identify with this, you might think about working with a financial advisor to develop an investment plan that meets your risk tolerance.

Although there is no guarantee of profits when investing in the stock market, the benefits of staying out of the market are frequently much larger than any prospective losses.

5. Your retirement plan needs assistance.

Your retirement plan should be easier the younger you are: As much as you can be saved automatically through tax-advantaged accounts, such as a 401(k) plan offered by your employer, a standard IRA, or a Roth IRA.

However, as you get older and into your 30s and 40s, you'll have a better sense of what your ideal retirement looks like, and figuring out how to get there may become a little more challenging. Financial planners are skilled at helping people prepare for retirement; they can determine how much money they should be saving and where they should be investing it to get them on the right track.

6. You're drowning in debt

Anyone who has ever had debt—whether it came from credit cards or student loans—knows that it can feel daunting at times, especially if you're also trying to save for retirement or other financial objectives or live in a pricey city.

If you're feeling overwhelmed by your debt, think about speaking with a financial planner who can assist you in creating a debt repayment strategy that fits your needs while also taking care of your other financial objectives.

7. Your financial condition is challenging.

When you work for yourself or operate a business, your financial situation differs from that of someone who receives a paycheck every two weeks. You might receive further assistance from a financial advisor in comprehending your money and the particular needs of managing your income.

Financial advisors can assist with hard tasks including locating health insurance, which must be obtained on one's own when it is not provided by an employer, and retirement savings without access to a 401(k) plan. A professional can assist you in creating a strategy for anything from managing money when your income is unpredictable to arranging for taxes each quarter.

The lesson for money

It can be challenging and overwhelming to manage your own finances and financial objectives. In order to feel more achievable and less stressed, it is a fantastic idea to seek the help of a specialist. You can achieve your financial objectives and achieve financial freedom by collaborating with a financial planner.

For an experienced and trusted Rochester Hills Financial Advisory Firm, call Stoney Creek Advisors at (248) 266-2900 for more information today!