Personal Financial Planners: How To Use Them To Protect Your Financial Future

What’s the value of insurance? Of course, it’s not fun to pledge money toward a cause that’s not immediately necessary, but what if something does occur? Only then …

What’s the value of insurance? Of course, it’s not fun to pledge money toward a cause that’s not immediately necessary, but what if something does occur? Only then do we bless the heavens we’ve invested in a safeguard.

A personal financial planner acts much in the same way, securing you from financial disaster. Sure, financial planners offer a fee for their specialized service, understanding money, investments, and levels of monetary risk.

While, yes, a personal financial planner is not a must-have service, there are many positives in forging such a relation.

Expected Family

Are you expecting another family member? The thought of bringing another into the world is a huge and powerful sentiment; often, new parents have trouble coping with loss of sleep, baby-proofing the home, as well as financially preparing for the costs to come.

Furthermore, ‘the baby years’ is just one segment of time to consider. The child will need to go to school, desire toys for play, and one day go to a university. Wouldn’t it be nice to plan and not have to worry about tuition, toys, and more before they arise? Financial planners help you develop a short and long-term plan to ensure your family members are well protected from financial hardship or crisis.

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Family Business

The long-standing recession and its aftereffects influenced the lives of many people; many who have lost jobs decide to go in business for themselves. However, aside from the stresses of being your own boss and delivering a specialized service or product, one has to ensure that Uncle Sam is satiated.

It’s easy to pay and file taxes when working for others; it’s a bit more difficult or downright confusing when in business for one self. A financial planner rids a businessperson of the need to add yet another worry to the repertoire of being a new owner.

Bracket Racket

Entering another income bracket can be a ‘good problem,’ to have; of course, making an additional income is a good thing, yet if you don’t modify how you do your taxes, being in another bracket can take a serious ‘bite’ out of your income pie. Compounding the problem, some, assuming they have more money, take added liberties the first year following a raise in pay. When tax season comes, people are devastated to find they owe a lot more than estimated or previously ‘used to.’

Delayed Retirement

Does the American dollar hold the same value as it did a generation ago? Meaning, can aging generations retire at the same age and live off the same fixed income as their dads and grandfathers? The quick answer is ‘no’; consider horror stories related to delayed retirements and those retired yet not having enough money for mortgage, medicine, and food! A financial planner can help orchestrate a long-term plan, ensuring that you can retire around the age you wish; and, furthermore, you won’t have to suffer through hardships for retiring at a particular age. Such planning is especially beneficial for spouses who may find themselves suddenly alone, without partner but having to adopt debt or the pressures of living off a small income.

Life Events

Have you won the lottery, accepted a huge inheritance, or planning to purchase a home? While such times are marked with joy, to make the most of the occasion, be sure financial ducks are ‘in a row’ rather than marring the experience with extraneous taxes, miscalculations, etc.

When you’re sick, you visit the doctor. When your tooth aches, you go to a dentist. Yet, for many money matters, people just accept the lot they’re given without considering the help of a specialist, a personal financial planner. Find a financial planner in Richmond, VA or your respective state to avoid costly mistakes related to state or local taxes.

Goals or Realities

When you’re young and full of aspirations, it’s easy to set ‘goals’ that are five, ten or fifteen years ahead. As experienced people know, life does its best to keep you guessing. Often, aging couples and heads of family look back on goals and realize they were nothing like the realities that came along with living life.

However, financial planners, being objective and suited with the ability to see ‘patterns’ related to goals versus financial realities, help align family matters with truer-to-life expectations.

Yes, personal financial planners are an ‘added’ cost when it comes to allocating your income; yet, the financial insights provided by a specialist can actually wind up saving you much more than hourly fees or monthly retainers.


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