The Time For Advice
May 25, 2017
Did you know that the most valuable penny is the 1943 Copper Penny? Google is a great place to find money facts like this. However, there are times when Google just doesn’t cut it when it comes to personal financial advice. Although there are a wealth of resources out there that can give you general advice, nothing beats sitting down face-to-face with a professional who can give you a personalized financial plan. Here are times when it’s crucial to contact a financial advisor:
Getting Married - Depending on what you and your partner’s finances look like, it can be complicated to combine them when you get married. This is especially true if one spouse has a lot of debt compared to the other spouse. An advisor can draw up a financial plan to suit the couple’s financial goals.
Getting Divorced - Unfortunately, divorce is very prevalent these days and it has the potential to wreak havoc on your personal finances. Legal fees, a joint income decreasing to a single income, and a loss of some assets are strong reasons to have a professional draw up an new financial plan. Keep in mind to update any life insurance policies that name your ex-spouse as a beneficiary if you do not want them receiving the death benefit after your divorce.
Starting a Family - A new addition to the family is a time to celebrate and reassess your financial goals. On average, it costs about $10,000 to raise a child for the first year of their life. Only 17 more to go! Needless to say, that trip around the world may have to take a backseat to saving up for college. An advisor can help you come up with a reasonable plan to pay for expenses that arise from having a child.
Large Salary Increase -If you hit the career jackpot and landed a new position with a large salary increase, don’t start spending like crazy! Get your financial advisor on the phone to set up an appointment. They can assist you in updating your budget and looking into investment options to make the most out of your raise.