A few months ago, I realized that I desperately needed a loan to make ends meet. I thought long and hard about different ways to make a little extra cash, but borrowing was my only real option. I decided to work with a lender in my area to borrow money, and then afterwards, I devised a plan to pay it all back before I paid very much interest. It was difficult to learn to budget, but the results were well worth the effort. I was able to pay back the debt and set aside a little for a rainy day. Check out this blog to learn more about creating a budget to repay debt.
Financial advising is something that many people have heard about but may have brushed off as something that only those with lots of money or interests in investing need. The truth is, financial advising is an important service that all individuals can benefit from. Below are three common financial advising myths and the truths behind them.
Myth #1: Financial Advising Is For Those Who Aren't Good With Their Money
Anyone, even the strictest of spenders, can benefit from the insight and experience of a qualified financial advisor.
Financial planning isn't only concerned with the finances of here-and-now, but also with your financial plans for the future. A good financial planner can help you to see how the decisions you make now can affect – for good and bad – the future and what you can do to be better prepared for future life events, such as marriage, having children, and retiring. No matter how thrifty you are, a financial planner's years of experience can save you money and get you on a financially stable track.
Myth #2: A Financial Planner Can Solve All of My Money Problems
While your financial planner may wish they could snap their fingers and make all of your cash flow problems disappear, that is not a superpower that they possess. Instead, meeting with your financial planner is only one step towards financial stability.
Financial planning requires work and sacrifice on your part. You'll know you've found a good financial planner when they incorporate you fully into the planning process and build your plan around your life goals. If sticking to a budget is hard for you, following the plan set out by your planner will require restraint and control on your behalf. If you know you'll struggle, be sure to discuss this with your planner and build in some discretionary spending into your short-term budget and long-term plan.
Myth #3: I Can't Afford to Hire a Financial Planner
If long-term financial stability is important to you, then you can't afford not to hire a financial planner.
There are financial planners available for every budget imaginable, but it may take a bit of legwork to find them. The truth is, many people assume they cannot afford a financial planner because they haven't looked enough into it to know the true costs and benefits. If you're serious about meeting your short-term and long-term financial goals, it's important to make the sacrifice of fitting a financial planner into your budget.
To learn more about the benefits of financial advising and to see how a financial advisor can help you reach your goals, set up a consultation with an advisor today.
For financial planning, contact a company such as Duff & Associates.