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Why Do I Even Need a Financial Advisor?

Great news! You don’t! Much like everything today, you can definitely go the DIY route and figure it out yourself. However, it’s not quite as easy as watching a YouTube video to fix your car, but it can be done. What it takes, though, is that precious resource we only have so much of; time.Why Do I Even Need A Financial Advisor

Some people enjoy managing their financial planning and investment management, but it’s much more of a hobby than a chore for them. They enjoy the research, planning and goal setting. Most importantly though, they have the time to commit to it.

For others with a much more basic financial situation though, the cost of paying a financial planner might not be justifiable…and that’s okay. I know, as a Certified Financial Planner®, that I’m not a good fit for everyone and some people don’t require my services. Rather, I could spend 30 minutes with them prioritizing their finances, and that’s all they need for the time being.

However, if your situation is a little more complicated and you’re starting to feel overwhelmed by your financial circumstances, it might make sense to consider hiring a financial advisor. So, let’s look at why you would hire a financial advisor if you’ve always done it yourself.

Time doing other things becomes a priority

I had this epiphany about 7 years ago when I was working on my freezer. After doing some research, I diagnosed the problem and ordered the parts. After doing more research, I found some content and videos of how to replace the parts.

So, I set out on Sunday afternoon to get to work. Well, 5 hours later and after tons of tiny cuts on my hand, I finished the project. And IT WAS MISERABLE. That opened my eyes to hiring professionals who know more than I do.

I could have done so many other things during that five-hour time frame like spending time with friends, family or even working on my business. That time would have more than offset the cost of paying someone to complete the project, which probably would have taken them an hour at most.

I’ve also learned my time is much more valuable than if I was going to have to pay someone $50 an hour. If your hourly time is more than what you could hire somebody to do it, then it makes complete sense to hire them. Even though it may seem like you’re saving money, you’re actually giving it away because your time is more valuable.

There are plenty of YouTube videos that could show me how to do all kinds of things if I wanted to do them. However, my time is precious, and I only have so much of it. Plus, there’s about a 100% chance a professional will do a much better job than if you did it yourself.

When it becomes a chore rather than a hobby

Some individuals truly enjoy all aspects of managing their personal financial planning needs. Some do it themselves out of necessity, but eventually, it becomes much more of a chore than something they enjoy doing.

Your personal finances and investments are far too important to be treated like a hobby. This is your future we’re talking about, after all.

If so, then it’s time to speak with a financial advisor. If your financial planning to-do list is getting bigger and bigger and you’re starting to have accounts spread out everywhere (because you keep putting things off), then that would be a good time to speak with a professional.

Your situation is getting more complicated

For many of us, the older we get, the more complicated our financial lives become. We make more, we save more, we have accounts everywhere and we have more opportunities.

It’s easy to do when you’re 25 years old, and you’re not married and have no kids. However, when you’re 40, married, two kids and just got promoted, things are getting more complicated.

You have more and more questions, and you want to ensure you’re making the right decisions for your family. Things can get tough. Things aren’t like they were when you were 25.

Again, yes, you can take on this task yourself, but it requires time. With your time even more valuable and your financial life getting more complicated, now is the time of when you would want to seek the services of a financial advisor.

When your spouse tells you to

You probably didn’t see this one coming, but I have heard this quite a bit. It’s typically the wife telling the husband, but I’ve seen it the other way as well. Women have a keen sense of when a professional should be brought into the scene.

They know the limitations of their spouse even when the spouse may think otherwise. So, when your spouse tells you it’s time to seek the services of a financial planner, then it’s time you better listen. Trust me; it will make everyone’s lives better.

This is a post from Clint Haynes, a Certified Financial Planner® in Lee’s Summit, MO. He is also founder and owner of NextGen Wealth. You can learn more about Clint at the website NextGen Wealth.

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NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein.

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