Have you ever wondered if you’re making the most of your money or if you should be doing something differently? You’re not alone. There’s a common misconception that working with a financial advisor is only necessary later in life once you’ve accrued substantial assets, but the reality is that it’s never too early to start securing your financial future. Even small decisions early on can have significant impact on later goals. There are certain milestones and scenarios that can indicate it’s the right time to start working with a financial advisor, and some of the most common ones are outlined below.
1. Your disposable income has increased, but your savings have not.
Often, when disposable income increases, lifestyle goes along with it. Maybe you recently paid off your car or student loans and suddenly find yourself with more leftover income than usual. Rather than squandering the money on things you don’t really need, you might be better off partnering with a financial advisor to begin investing and building the foundation of your portfolio. The sooner you start making decisions to optimize how your money works for you, such as investing or paying down more debt at an accelerated rate, the faster you can achieve financial independence.
2. You’ve landed a new job or come into some money.
Many people are accustomed to a gradual change in their income or financial situation; however, if you started a new job that came with a hefty raise and new benefits or came into money due to a death in the family, you’re likely experiencing a stark change in your financial reality. This change might bring new opportunities that can positively (or negatively) impact your life for many years. A financial advisor can help you navigate the choices ahead and plan for your new reality in a way that enables you to meet your long-term goals.
3. You’ve added a new family member and want to plan ahead.
Having a child is a major milestone. After you have your first child, your entire perception of life might change, and you might be inclined to start making smarter financial decisions to ensure your child leads a healthy, happy, and financially secure life. If this applies to you, it might be time to speak with a financial advisor. To learn more about financial moves for first-time parents, check out our blog.
4. Equity is being offered as part of your compensation package at work.
Whether you’re a long-time employee of a publicly traded company or considering a position at a tech start-up, there might come a time when you’re offered equity in your company in exchange for salary or other payment. Should you ever find yourself in this position, you’ll most likely want to talk to a financial advisor who can walk you through your options, helping you understand the long-term versus short-term ramifications of these important decisions. You can read more about equity compensation and planning here.
5. You feel your financial house could be in better order.
There’s no hard and fast rule that you must experience a major life event in order to benefit from working with a financial advisor. You might just be unhappy with your financial situation and want to take action to get things back on track as fast as you can. Partnering with a financial advisor can help. Even if you don’t have a ton of disposable income, you can still get started on the right path.
Whether you’re navigating a major life change or simply want more confidence in your financial decisions, it is never too early or too late to start. Now that you’re ready to hire a financial advisor, this blog can help you understand a little bit more about what that means (and what it doesn’t).
If you’re curious about what working with a financial advisor could look like for you, contact us to get started and learn how Wealthspire can help you build a plan that fits your life.
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