Five Life-Changing Events That Require A Financial Planner


When your life changes dramatically, one of the first things you'll usually think about are your finances. Despite this, many people don't engage the services of a professional -- even if it's some of the most important decisions they'll make. Here are a few of the times that you should likely be sitting down with a financial planner.

Getting Married

In many relationships, money is a primary source of stress and tension. For a healthy relationship, look at your financials first. Getting married means you'll be combining debts, assets, income, and expenses. By getting yourself and your partner on the same page regarding budgeting and spending, you can head any potential problems off before they even begin.

Having a Baby

There are a few things that you're going to need to do when you have a baby -- and saving up for diapers is just one of them. You may also want to start an educational savings plan, in addition to reviewing your retirement plans and estate plans. All of this can be done with the help of a conscientious financial planner, in order to ensure that your child gets the best start in life. 

Moving to Another City

Moving means more than just moving expenses. When you're moving, you're often changing your entire lifestyle. Your budget changes, your income changes, and your nest egg is often depleted. Your financial planner can give you advice towards getting on your feet fast and making sure you don't run out of funds.

Taking a New Job

There's more to consider than just salary when it comes to taking a new job. You also need to think about benefits, health insurance, retirement plans, overtime, and the cost of a commute. Your financial planner can help you develop a budget that will work for you even as your lifestyle changes. They can also go over any potential tax ramifications that you could encounter later on.

Dealing With Medical Issues

Medical debt is, by far, the largest type of debt that most Americans have. A financial planner can give you detailed information about how to avoid the worst of the debt and how to still get the medical care that you need.

Essentially, any time that you're about to radically change your financial situation, you should be talking to a financial planner. Many people think that financial planners are only for the very rich. They're not. Everyone has financial issues and financial planners serve as consultants for these common issues.


16 March 2017

Learning More About Finances

After we bought a house, I started realizing that we were going to need to learn to save a little money. We had become pretty laid back about spending because we were so accustomed to making so much extra each month, but with a mortgage, we found ourselves running out of money on a regular basis. I decided to get real about our finances, which is why I set up a financial plan to stick with year round. You wouldn't believe how much of a difference that simple plan made. We went from scraping together money to head to the grocery store to sticking with a rock solid budget.