8 Signs That You Really Need a Financial Consultant

Believe it or not, more than 76 million Americans have money troubles. These troubles can be anything from not having savings to struggling with thousands of dollars of debt. That may sound like a troubling statistic, but if you’re one of that 76 million, it means you’re not alone.

Finding a way to boost your financial situation can feel difficult at best. After all, when finances are tight, it’s hard to see where you can make improvements.

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Hiring a financial consultant can help you streamline your finances, but how do you know if it’s time to stop managing your finances on your own? Watch for these signs.

1. You Feel Overwhelmed By Your Budget

Budgeting is one of the best ways to help increase your savings and pay down existing debts. If the thought of budgeting scares you, it can be tough to implement anything.

That’s where a financial consultant can help. They’ll look at your finances, debts, and income and will help you find the right solution to reach your goals.

In most cases, this will involve creating a solid budget and spending plan. This plan allows you to maximize your earnings and savings month after month.

If you already have a budget but feel that it’s not working for you, they’ll help you revamp and improve it.

As your finances start improving, they’ll show you how to keep things on track.

2. You’re Ready to Start Investing, But Don’t Know How

If you’re like most people, investing money in stocks, bonds, and mutual funds feels like a total mystery. This isn’t something to feel ashamed about, but it is a sign that you should get some help. Otherwise, you could end up investing in things that won’t increase your wealth and, worse, could hurt it.

Financial advisors will help you understand your situation and risk tolerance. These factors determine which investments are the right ones for your needs.

Once this gets done, they’ll show you which investments are best and which ones you should avoid until a later date.

3. You Want Your Savings to Work for You

Having savings is smart. They allow you to cover emergency expenses and make sure you don’t run of money at the wrong time.

But if those savings are just sitting in an account, they’re not working for you.

A financial advisor or consultant can help you find the best way to leverage those savings. This might mean investing a portion of your savings to earn returns or rolling them over into an interest-bearing savings account.

Every person is different and the solution that works for you will depend on what your goals are.

4. That Raise at Work Finally Happened

Getting a raise is exciting, but that increase in income can change some things about your financial situation. Depending on the size of the raise, you could end up in a different tax bracket than you’re used to. Or you could just have more cash on hand to use towards investments or debt repayments.

Working with a financial consultant will help you figure out how best to manage that increase in cash flow.

If you’re in a new tax bracket, they’ll help you find someone to maximize your tax deductions and reduce the amount you owe each year.

5. You’re Going Through a Major Life Change

Major life events have a way of changing finances and disrupting budgets. If you’re going through a change like getting married, divorced, having a child, or buying a house, it’s always best to get help.

With a financial consultant, you’ll be able to figure out and address any changes with finances and income. They’ll also help you set new goals and revisit old ones to see what you’d like to change and what needs to get done to reach those new goals.

Keep in mind that these major life events will happen periodically. When they do, make sure to schedule an appointment with your financial advisor to discuss the changes before they impact your finances dramatically.

6. You Inherited Money

Any amount of inheritance can change your financial situation. But if that amount is large, you’ll want to figure out what to do with it.

Financial advisors can help you put that inheritance to work. This may mean investing when you couldn’t before or using the funds to pay down debts.

No matter what, their advice will help you get the most out of the money and set yourself up for success in the future.

7. You’re Worried About Existing Investments

A lot of people start investing on their own through online trading sites and phone apps. While these are great places to start, they’re not a long-term solution.

If you’ve invested money in the past but aren’t confident in how those investments are doing, get help. The sooner you do, the better your portfolio will be.

It’s entirely possible that the investments are right where they need to be. But if a financial advisor can improve them, you’ll make more money faster and reduce your risk of losing funds should the market take a dive.

8. Your Schedule is Full

Let’s face it…life gets busy. Between work, social obligations, and family, there aren’t always enough hours in the day to worry about finances.

If this sounds like you, it’s time to speak with a financial planner. They’ll take care of actively managing your funds so you can free up time in your schedule. Even better, you’ll know that your money is getting managed properly so you can still meet your goals.

Is Hiring a Financial Consultant the Right Choice?

Take a look at your current finances and see how you feel about them. If you’re overwhelmed, aren’t sure where to start, or just want someone to take a look at where things stand, speak with a financial consultant.

Remember, it’s their job to help you make the most of your finances, budget, and investments.

For more helpful tips on managing your money and improving your savings, check our latest posts.

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