5 Financial Life Events When You Definitely Want Professional Help


Many events, such as working on a car, dealing with medical matters or seeking spiritual help, require the insight of a professional. While you might think that you can handle finances on your own, research shows that you probably need professional help with money management as well. One study shows that investors who meet with financial planning professionals before making major money-related decisions wind up better off than those who don’t. Read on for five life events when you will need professional advice.

Receiving an Inheritance

According to Consumer Reports, up to 80 percent of inheritances are gone within 10 years. A windfall might only magnify bad financial habits. Whatever your spending style, a financial professional can help you create a plan for your new state of affairs that will keep you on track toward your financial goals, such as adjusting your retirement planning and managing new investments. Your financial adviser can further assist you with navigating tax payments, charitable contributions and more.

Starting a Company

If you’re launching a startup, you will need to focus on the daily running of your business, leaving you with little time to plan. In fact, 30 percent of small-business owners haven’t sat down to figure out how much money they’ll need to retire. Even if you’ve made plans for your retirement, you can likely benefit from advice on smart investing for the future. A financial planner can also help you with taxes and help you take advantage of available business loans and grants.

Accepting a Severance Package

When your employer offers you a severance package, a financial professional can serve as a valuable resource to provide rational counsel. Don’t agree to a severance package until you’re confident that you understand its details. In most cases, you’ll have 21 days to look it over and negotiate the terms. A financial adviser can also help you plan how to make the most of your severance package while you’re looking for new work.

Getting Married

People are waiting longer to get married these days than they did in past generations, which means it’s more likely that you’ll have accumulated financial assets and responsibilities before your wedding day. A financial professional can help you get all of your ducks in a row. Even if you’re just getting started in your career and don’t have any significant assets, talking through money-related issues before your wedding helps create a foundation of trust that can steer you away from quarrels in the future.

Expecting a Baby

A lack of financial planning now will have an effect that goes beyond just yourself and your partner since you are now responsible for a child. By planning sooner instead of later, you can save for baby’s college, plan for parental leave and budget for new expenses once your baby arrives. You may also want to take out additional life insurance. Plan before the baby comes so that you feel more prepared.

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