When Do I Need a Financial Advisor - Triggering Life Events

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Triggering Life Events That Require Financial Help

May 7, 2020

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Triggering Life Events That Require Financial Help

May 7, 2020

Both expected and unexpected life events that trigger the need for financial help happen all the time. While you should have a hearty emergency fund already, sometimes an emergency fund won’t cover expensive life events. These types of life events may not always be devastating—like getting fired or illness and disability—they can also include getting married, buying or selling property, and receiving an inheritance. When these types of events happen, you should consider seeking out financial help from a fiduciary advisor.

Termination of employment

Getting fired or laid off can cause a serious interruption of your financial goals. You’ll no longer be contributing to your company’s 401(k) plan, your monthly income may go down to nothing, and you’ll be wondering how you can pay your bills. While you may not think a financial advisor is worth it when you are worried about your next steps, they will be able to look at your situation and give you advice based on where you are now.

Illness and disability

Suffering from a serious illness such as cancer or heart disease can be devastating to your finances. From potentially losing your job to expensive healthcare, you may need a financial advisor to help through it. They’ll be able to go over insurance options and best steps to take as you go through your illness.

Death in the family

Unfortunately, deaths can’t just be dealt with emotionally,—there are many financial aspects when a loved one has died. These can include carrying out a will, dealing with insurance, and closing accounts. Estate and will execution are best left to financial planners who know the ins and outs of laws and can deal with the content without being emotionally invested, like a family member may be.

Children graduating from high school or going to college

College being expensive is not new information, but it’s possible to underestimate exactly how much it will affect your finances. An advisor can parse through all of your financial documents and help you figure out the best course of action, including things like financial aid and student loans.

Buying and selling property

Owning property will be one of the biggest, if not the biggest, asset that you will have in your life. Buying and selling property has many moving parts and there is a lot of money involved. It’s best to get an advisor for this situation, as property is considered to be an investment. And, like all other investments, there is risk involved. Find an advisor who can help mitigate and manage this risk.

Inheritance

A loved one dying is an emotionally-charged time. When wills are executed, you may find yourself with a windfall of money that wasn’t planned for. There are rules when it comes to inheritances and what taxes you may need to plan for. Additionally, receiving a windfall of money needs a plan so that it can be invested or saved wisely. A financial planner can help you do that.

Retirement

A successful retirement is a goal for the vast majority of workers. Because of this, a financial planner is one of the best investments you can make for your future. An expert advisor will warn you of investment mistakes, the reality of healthcare costs, how to start a retirement plan, and how to increase your overall retirement happiness. An expert planner will be your most trusted source of retirement information.

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Triggering Life Events That Require Financial Help

Triggering Life Events That Require Financial Help

Both expected and unexpected life events that trigger the need for financial help happen all the time. When these types of events happen, you should consider seeking out financial help from a fiduciary advisor.

Both expected and unexpected life events that trigger the need for financial help happen all the time. While you should have a hearty emergency fund already, sometimes an emergency fund won’t cover expensive life events. These types of life events may not always be devastating—like getting fired or illness and disability—they can also include getting married, buying or selling property, and receiving an inheritance. When these types of events happen, you should consider seeking out financial help from a fiduciary advisor.

Termination of employment

Getting fired or laid off can cause a serious interruption of your financial goals. You’ll no longer be contributing to your company’s 401(k) plan, your monthly income may go down to nothing, and you’ll be wondering how you can pay your bills. While you may not think a financial advisor is worth it when you are worried about your next steps, they will be able to look at your situation and give you advice based on where you are now.

Illness and disability

Suffering from a serious illness such as cancer or heart disease can be devastating to your finances. From potentially losing your job to expensive healthcare, you may need a financial advisor to help through it. They’ll be able to go over insurance options and best steps to take as you go through your illness.

Death in the family

Unfortunately, deaths can’t just be dealt with emotionally,—there are many financial aspects when a loved one has died. These can include carrying out a will, dealing with insurance, and closing accounts. Estate and will execution are best left to financial planners who know the ins and outs of laws and can deal with the content without being emotionally invested, like a family member may be.

Children graduating from high school or going to college

College being expensive is not new information, but it’s possible to underestimate exactly how much it will affect your finances. An advisor can parse through all of your financial documents and help you figure out the best course of action, including things like financial aid and student loans.

Buying and selling property

Owning property will be one of the biggest, if not the biggest, asset that you will have in your life. Buying and selling property has many moving parts and there is a lot of money involved. It’s best to get an advisor for this situation, as property is considered to be an investment. And, like all other investments, there is risk involved. Find an advisor who can help mitigate and manage this risk.

Inheritance

A loved one dying is an emotionally-charged time. When wills are executed, you may find yourself with a windfall of money that wasn’t planned for. There are rules when it comes to inheritances and what taxes you may need to plan for. Additionally, receiving a windfall of money needs a plan so that it can be invested or saved wisely. A financial planner can help you do that.

Retirement

A successful retirement is a goal for the vast majority of workers. Because of this, a financial planner is one of the best investments you can make for your future. An expert advisor will warn you of investment mistakes, the reality of healthcare costs, how to start a retirement plan, and how to increase your overall retirement happiness. An expert planner will be your most trusted source of retirement information.

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