8 Times When You Need a Personal Finance Manager

While many people often prefer to manage their own money, there are instances when you need a personal finance manager. A sound financial planner will pay attention to your goals, evaluate your current financial situation and advice on how to address your needs and long-term targets. The financial planner can guide on insurance, investment, taxes, estate planning, and other financial aspects. Here are some instances that need a personal finance manager.

  1. Getting married

A newlywed couple requires a neutral party when putting their finances together. A financial manager can take up the role of the neutral party. Each partner in marriage is still learning how the other operates his or her financial life. A financial manager can help the couple when it comes to setting up their goals, their perspective on their earnings and ranking and prioritizing goals.

As a couple, you can proceed to implement set plans and then consult your financial partner when approaching other relationship targets that can influence your finances. An example of such is when planning to have children. The planner can also advise you and your spouse on whether to file your taxes together or separately. At times filing duties separately can cost more than filing together. In short, a sound financial planner will make it easier for a couple to talk about merging their income and assets.

  1. Getting divorced

Sometimes marriages do not last as long the vows deemed. The consequences of divorce can have a negative impact on your financial life. If both of you are working, the first effect is reverting from dual income to single income. Divorce will also end up in you and your partner sharing financial assets as well as responsibilities like alimony and child support. When going through a separation, you need a sound financial manager and a good attorney and equip both with relevant information at all times. Your lawyer will represent you in getting a just division of financial assets while your financial manager will help you adjust to the financial situation and advise on how to manage your finances after the divorce. In summary, a good financial planner will help you minimize losses associated with divorce.

  1. You are starting a family

Maintaining babies is expensive. You will spend a significant sum of money on healthcare, food, diapers, toys, clothing, and daycare. You need to understand the cost of raising a child. Your financial planner can you plan for your child’s life. The planner can offer advice on how you can balance college savings with other priorities and make sure you have the right life policy and help you make the most out of your money.

  1. Your salary is increasing

As you grow in your profession or business, your earning also rise. Once your worth grows to a certain point, you will need a financial manager to help you reduce your tax burden as well as help you handle your stock burden. A good planner will help you establish and implement strategies to save on taxes, manage your earnings, investments, and benefits.

  1. When you are thinking about retirement

Financial planners are indispensable when it comes to retirement planning. Retirement planning is one of the areas where financial advisors excel. It is important that you consult your planner well in advance before your retirement day. Plan your retirement early; avoid last minute. Think about your retirement as early as your 50’s or even earlier. Consult with your financial manager understand the best time to start planning based on your earning. He or she can also give insight on other factors you need to consider. Planning early (twenty or thirty years before retirement), will help you make necessary adjustments and even save more.

  1. When you secure your first job

Whether you think your first job pays you little or a lot of money, you need the services of a financial manager once you secure employment. A financial planner can offer invaluable advice on how to start saving for superannuation. Your financial planner can give tips on how to take full advantage of the benefits package provided by your employer. They initial consultation may be all that you need to understand the various financial options available to you and how they work.

  1. When preparing to inherit you wealth

The inevitable is guaranteed to happen, and you need a financial advisor to help plan your inheritance. Bring a financial advisor on your enterprise ventures and let him or her assist you in reviewing beneficiary particulars.

  1. You have aging parents

When you have aging parents of loved ones, you should consult a planner to help you prepare their maintenance. You need to understand how you will cater for the rent of your aging loved ones who wish to stay in their home. You may also think of the cost of paying for a nursing home. Plan for your elderly and have your financial manager help you with the planning.

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About the author: Wifred Murray

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