Some people believe that you should not hire a financial adviser until you’ve accumulated a lot of assets.
This is not always true. It’s not too late for you to begin planning your financial future.
There are certain milestones which indicate that it is time to work with a financial adviser and plan your way to financial independence. Continue reading to discover five indicators it may be time to seek out a financial adviser.
1. Your disposable income is high.
You may have recently paid down your car or student loans, and now you’re able to spend more money than normal. You might want to consider partnering up with a financial adviser and investing your money. You can reach Financial Independence faster if you put your money to good use.
2. You have a brand new job, or you’ve made some extra money.
You are in a similar situation if you have recently been married or received money from a family member’s death. Consider working with a professional financial advisor to help you achieve your goals.
3. Your family has grown and you want to prepare for the future.
A child is an important milestone. You may change your perspective on life after having your first child. This could lead you to make better financial decisions in order to provide a happy and healthy life for your child. It might be time for you to consult a financial adviser if this is the case.
4. Consider taking equity in a startup.
Most people negotiate salary and benefits when they land a new job. Some employees, especially those in start-up tech companies, may be offered equity in the company as a trade for a reduced salary. If you find yourself in a similar situation, it is best to consult a financial adviser who will be able to guide you through the options. You don’t want to be in a position where you make a bad decision, such as agreeing to accept equity that you shouldn’t have or accepting too little when you need more. A financial advisor will help you to navigate the uncharted waters.
5. Your financial situation is in good order.
There is no rule that says you must have a significant life event before working with a financial adviser. You might be dissatisfied with your current financial position. You may decide to act quickly to get back on track rather than letting it spiral out of control. A financial advisor is a great resource.
You can achieve your financial goals even if you do not have much disposable income. By using digital advisors like Pathways you can automatically balance your portfolio.
It’s now time to decide what a good financial advisor looks like. For more information on the attributes you should look for in a financial adviser.
