Who needs a financial planner? Common misconceptions people have
Every project that is to be executed requires proper planning for success, it is as simple as that. Just before you go grocery shopping (some of us even do this days before) we curate a list of important items we are missing so as to help us put a perspective on what we are spending on, how to prioritize and in fact, how to get the best deals out of what we have to spend; this is the same with financial planning.
Everyone needs a financial planner. As soon as you start to earn your first pay, whether you are middle aged or advanced in age, there is no too early or too late time to engage the services of someone who can help you put pen to paper to help you develop ways you can keep more of your money as you expend less.
In this article, alongside discussing the importance of having a financial planner, we will be discussing the common misconceptions associated with families and individuals alike employing the services of a financial planner but first:
What is the importance of having a financial planner?
While you may quite have an idea of what you would like to have your money invested in, you need the services of a seasoned professional with experience in diverse areas who will be able to offer their advice(s) that would enable you circumvent pitfalls that may otherwise impede your progress. So you need a financial advisor for the following reasons
a. Professional expertise: As explained above, who can help you better than a person who has an idea of what you need? Who can lend you experience better than someone who has also passed through the phase you are currently experiencing?
b. Opportunities: Certain times, we may have the funds but have our eyes set on the wrong investments. A person who knows their way around the industry can show you what a suitable opportunity is and what is not.
c. Options: Hiring a financial advisor helps you spread your focus to other equally important things. You will be rest assured that you have left your finances and investment to someone who understands what you want.
Common misconceptions about financial planners
So as it is with a thousand other human phenomenon, financial planning is surrounded by some myths that are certainly untrue, some are:
• Financial planning is for only wealthy people: We all stand to benefit from financial planning no matter how much it feels as if our pockets are not deep enough. Financial planners work with young people to make plans for a wide array of things. It could be for educational purposes, retirement, travel plans, you name it!
• Financial planners are only looking for ways to get richer: There is nothing farther from the truth than this. Financial planners are professionals who are concerned about the financial wellbeing of their clients. There is however the need to be super careful when choosing a planner.
Your finances can be planned no matter how small you think it is. Take that first big success towards financial freedom and a lifetime of achievements today!