If you can relate to the list below, it’s time to talk to a financial advisor.
You have excess cash on a regular basis.
Maybe your income has steadily increased over the years or your expenses have dropped off. Being intentional in the allocation of your excess money can help get you to your final destination sooner or at least more efficiently.
You’re a higher earner in a top income tax bracket.
You pay attention to tax rules and keep track of expenses to a T. But are you missing something and paying more than you need to pay?
Your financial strategy is stale (or non-existent).
Your strategy hasn’t been evaluated for a while, or you’ve never created one. Everyone needs a road map on how to achieve financial goals.
You just had, or anticipate, a life-changing event.
A death in the family, a marriage, birth of a child, divorce, inheritance, or promotion can all fall into this category. Regardless, it’s time to make sure you’re positioned for this next phase of life.
Your current advisor only manages your investments.
Your financial picture is a lot more than just your investment allocation. Coordination between other financial aspects of your life can include debt reduction, estate planning, tax preparation/planning, college savings, and risk management (i.e. insurance coverage).
Your reactions are extreme and based on emotion.
You make emotional, rash decisions or you become frozen with fear resulting in no decision. When you’re making important decisions on your life’s work of earnings, savings, and investments, it’s daunting. A financial professional understands the emotional aspect of investing and helps to offer guidance during difficult investing markets.
You turn 70½ in 2020 and didn’t realize you don’t have a Required Minimum Distribution.
Laws change regularly and unless you keep up with regular financial and tax law, you might miss important changes that can lead to ill-informed decisions.
Only one person in your household has a handle on finances.
Even if one person is excellent at managing the household finances, what is your game plan if that person is no longer able to handle everything? Having a professional familiar with your situation who your family knows to turn to can bring peace of mind for everyone.
Taking advantage of opportunities, making a game plan, working efficiently and effectively, and achieving your goals are all within reach; make sure you’re on the right path by talking to a financial professional.