We value independent decision-making. We like to think we can take our own decisions in life, be it regarding our career, our love interests, our goals, etc. And, it’s important that we try, despite knowing the fact that not all the decisions we’re going to make will be ‘right’. But, this doesn’t apply to the financial decisions that you’ll be making. Most of us may have doubts about the sensibility of the important financial decisions we make in our lives. And, that’s where a financial advisor can help you.
Starting a family of your own is a big deal, and there are several costs associated with such a decision. Before you proceed with such a decision, it’s imperative that you’re getting a financial advisor to review your current financial position, as there are certain fixed costs associated with becoming a parent. A financial advisor would guide you through the process and help you maintain a balance between providing for a growing family; ensure you start saving at the right time for your child’s college, with an eye on your eventual retirement.
Most people generally don’t tend to have enough capital to spend on a large investment such as a home. And thus, there exists the concept of ‘debt’. A financial advisor can help you with the process. The advisor considers your position in life and helps you determine how much debt you should be willing to take and how much down payment you should ideally raise. In case you’re planning to sell your property, your advisor can help you determine the manner in which you should go about handling your capital.
When you are no longer single, the financial advisor would naturally have to account for the finances of you and your spouse, which leads to a change in all previously-made calculations. In any case, your decision to marry would need you to have answers to the questions such as: Are you prepared to tackle the expenses of two? Will you be able to maintain your existing lifestyle? Will the decision lead to changes in your existing goals? Divorce, too, has its ramifications. There’s the issue of division of all assets and investments you currently own, there’ll be a need to make changes to your personal financial goals, etc. A financial advisor can help you navigate through these troubled waters.
Contrary to popular opinion, financial planning for retirement doesn’t begin after you’ve crossed 40 or 45, it should (ideally) begin in your twenties. But, if you’ve crossed 30 already, there’s all the more reason why you need a financial advisor. The most critical goal you’ll have is to ensure that you don’t outlive your money, you know how much to save, and when to start. Your financial advisor should help you with the process of being debt-free and on the road to financial independence.
Financial planning is hardly a random exercise; there are multiple factors to consider before making important, life-altering decisions. To be able to make such decisions boldly and confidently, you need assistance from a financial advisor. Contact us; we can help you plan your finances. After all, life happens to you once in a lifetime.