In a June 2021 survey, only 46% said they were confident about having a regular income once all the pandemic restrictions finish. Now, more than ever, people feel worried about their finances and how to plan for the future.
But a lack of financial stability and know-how has always been a problem. And if you are struggling with your financial planning, you should hire a financial advisor. They will be able to help you with whatever your money issues are no matter your income situation.
Not convinced? Here are some of the top reasons why you might want to know how to hire a financial advisor today!
1. Help to Get Out of Debt
It seems counterproductive to hire a financial advisor when you have debts to pay. But the money you will spend on a financial advisor’s fee could help you pay off your debts faster so it could be worth it in the end.
Advisors can help you figure out which debts you should pay off first and how to merge your debts. Financial advisors like Consilium will know the best accounts with the lowest interest rates. They might also know about debt relief funds and tax breaks you are eligible for.
2. Learn Financial Literacy
Not everyone learned financial literacy from their parents or at school. That’s nothing to feel ashamed of because many people are in the same boat. And a financial advisor can teach you valuable budgeting and saving skills that you need to thrive as an adult.
They can help you open the right bank accounts and credit cards and how to pay them off. And they can also help you create spreadsheets or use software so you can create a budget and pay your taxes.
3. To Meet Specific Spending Goals
Weddings, babies, vacations, property… Everyone knows that life’s big milestones aren’t cheap! In the UK, the average wedding cost £17,300 in 2021 (around $22,500) which isn’t a small sum.
Hiring a financial advisor will help you figure out if your savings goals are even possible in the timeframe. And if they are, they will be able to hold you accountable for your savings goals.
4. Find Investment Opportunities
Investment opportunities like real estate and or your uncle’s pizza business sound great in theory. But are there more lucrative or lower-risk investments that are better for you? Unless you know about stocks and bonds, it’s safer to consult an expert.
Financial advisors will know all about the best index funds and commodities to help you save more in the long term.
5. Retirement Savings Advice
Your retirement savings accounts are some of the most important financial accounts you have. You want peace of mind that you will have financial security later in life when you need to focus on your health.
Financial advisors can help you max out your Roth IRA, 401k, and all your other retirement accounts.
Don’t Waste Another Cent! Hire a Financial Advisor Today
Deciding to hire a financial advisor could be the best thing you ever did. You will be able to retire, get married, and get out of debt stress-free. Doesn’t that sound like money well spent?
Gaining financial literacy is a lifelong skill. Browse our finance articles to learn more essential tips and tricks!