Our lives are ever-changing, which means the areas of our lives that involve money are too.
Maybe a career move is approaching, or you’re thinking about buying a home, starting a family, or selling a medical practice. All the ever-changing stages of life lead to questions about our finances, how we manage them, and plan. Is it best to do it yourself or seek professional financial advice?
Many people choose to Do-It-Yourself (DIY) when it comes to finances.
Perhaps they’re nervous about sharing their personal information, embarrassed about their current situation, or worried about not having full control over decisions regarding their money. Despite these fears, it’s easier to get the results you want when you work with a qualified professional. Financial advice impacts much more than just investing and retirement. When done right, financial planning will cover all aspects of your life.
Here are some ways that working with a financial planner will benefit you:
Having a Healthy Relationship With Your Money
Your attitude towards money has been developed since the beginning of your life, and your mindset matters in regards to improving your financial health. Having a financial planner can assist you in understanding how your mindset affects the decisions you make with your money, ultimately helping you to make better financial choices and better your relationship with money.
Seeing the Bigger Picture
When beginning your financial planning journey or a new life change, sometimes it’s difficult to know where to start.
With every major milestone in life that you have already achieved or are planning for, like marriage or retirement, there are many layers to financial planning and many topics to cover. This could include taxes, banking, insurance, estate planning, and more. Working with an advisor can help you stay organized and set meaningful short-term goals that cover all the bases while keeping the bigger picture in mind.
Starting With a Strong Foundation
It’s never too early or late to start investing in and planning for your future.
A financial advisor can work with you at any stage of life to start creating a strong financial planning foundation. This consists of mapping out short- and long-term goals, a solid emergency fund, planning for debt, and many other layers of security that allow you to start working towards a foolproof plan. Working with a financial planner to create an enduring foundation can free you from worry and protect you from the unexpected.
Expert Advice on the Decisions You Make
The decisions you make with your money involve many complex aspects that work towards all your goals. This can include your cash flow, minimizing taxes, an emergency fund, investments, protecting your assets, and 401ks for doctors. Having a planner can help you manage all the intricate facets that are involved in having a holistic financial plan.
Ultimately, financial planning involves having a complex, ever-evolving strategy. With proactive planning, consistent check-ins, and corrections along the way, working with an advisor will give you the expertise to navigate through life and your decisions with money with confidence.
At IMAFS, we offer fee-only holistic financial planning services that will find the most optimal way to accomplish financial security and achieve your goals. Schedule a no-cost consultation!