Many people wait until they’re older or further along in their careers to work with a financial advisor. While life can certainly become more financially complex later in life, financial advisors can offer value at every stage in life. Anyone from a college student to a recent retiree can benefit from working with a professional financial advisor. Consider the following ways in which a financial advisor can improve your finances at every milestone in your life:
1. Getting a Job After Graduation
Many college grads are excited when they start their first real job after graduating from college. Whatever job you have at this time, it’s likely that you’re adjusting to new financial decisions and responsibilities now that you’re living in the “real world”. Regardless of what your paycheck may read, it’s essential to make the best financial decision at this stage in life. One important decision to consider is how much to contribute to your retirement fund.
As a young professional, it’s best to start investing your money sooner than later. A financial advisor can help you determine what approach to take to your 401(k) contributions. Rex Burgdorfer LinkedIn explains that any amount that an employer is open to matching should be considered “free money”, encouraging employees to contribute the maximum amount to take full advantage of their 401(k) benefits.
2. Buying a New Home
As you get older and reach the stage where you’re considering purchasing a new home, think about consulting with a financial advisor first. Your first home will likely be the largest purchase you’ve yet to make, making it all the more necessary to seek out expert advice. Professional financial advisors will be able to offer advice like suggesting you invest in a quality home insurance plan or build a healthy savings fund for emergencies prior to purchasing your house. This way, you’ll be better prepared for the unexpected expenses and emergency situations that come with homeownership.
3. Getting Married
Reaching the milestone of marriage is another major step that will benefit from the sage advice of a financial advisor. Before getting married, it’s imperative that you speak with your partner about everything related to finances. As money is often a touchy subject for couples, having an expert spearhead the subject is the best way to go about this next step in your life. Financial advisors can help create a plan for both of your finances and how to solve any financial issues that may come up along the way.
4. Entering Retirement
Though many young people view planning for retirement as something to do later in life, this shouldn’t be the case. Financial advisors like Rex Burgdorfer LinkedIn know that waiting until retirement age is far too late to start planning for one’s retirement. Make sure you’re in a financially sound place by the time you’ve reached retirement by working with a financial advisor while you’re still early on in your career. This way, you’ll have time to invest in a variety of income-producing ventures like stocks, bonds, mutual funds, and similar investments. This way you’ll be able to supplement your income now while making sure your finances are growing for the future.
Healthy financial habits should be developed as early as possible in life. If you’re ready to change your life and your current financial practices, consider contacting a financial advisor today
