Do You Need a Financial Planner

Do You Need a Financial Planner? 

If you are young and just starting out, you may not need a financial planner.  There are many steps you can do on your own.  Dave Ramsey suggests you have a budget, a 6 month cash reserve, and avoid debt or have a debt reduction plan.   Participating in a Dave Ramsey or similar classes can give you a firm financial foundation to build on.

If you have a retirement plan at work, sign up to participate.   You can use a general rule of thumb, putting 10% aside for retirement.  You want to put in at least the amount you need to receive a company match.

You may want to take a class on basic investing.  Or read a book like Financial Planning for the Utterly Confused by Joel Lerner.  This book is great in that each chapter stands alone.  You can use it like a reference book – reading it as you need it.

But what if you are saving for your child’s college education?  The right financial planner can help you make choices in how to save using 529 plans, educational IRAs or even a Roth IRA.

As retirement nears, would a financial planner benefit you?  There are some do’s and don’ts as you get ready for retirement.  A financial advisor that works with retirees can help you avoid the financial potholes on the road to retirement.

Did you receive an inheritance?  A financial planner can help you make wise decisions on handling your inheritance.  Studies show most people have spent through their inheritance within 2 to 3 years after receiving it.

Whether you need a financial planner is dependent on how comfortable you are investing on your own.  How much time do you have to spend on your financial picture?

Professionals often use financial advisers because they don’t have the time necessary to monitor their personal financial picture.  They are experts in their area of work and value the insight and the experience a financial advisers bring.

A financial planner could be helpful for you somewhere along your financial journey in life.

Securities and advisory services through KMS Financial Services, Inc.


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