7 Signs you need to see a Financial Planner

Most people know if they are having financial difficulties. If the bills keep coming in and they aren’t getting paid by their due date, that’s a sure sign that something just isn’t right. If you’ve had medical expenses or emergencies and you have had to draw on your savings, or worse, your credit cards, you are likely to require some help with your finances.

There are also times when people don’t realize that they need help. If you are wondering if you may need help ask yourself the following questions.

  1. Do I spend a lot? If you are a shopaholic you are not alone!!! Who doesn’t like a bit of retail therapy! Do you have a budget for shopping each month? If you think you are spending too much start a monthly budget and keep track of how much you are spending, or even better, how much you are saving! There are some great free apps that help you track your expenses and help you understand where you are spending your money.
  2. Do you have money in the bank and not sure where to invest it? There are so many options available to you if you are looking to make investment decisions. Do you invest in cash, Aussie shares, International shares, Managed Funds, Property, ETFs, Bonds and so many more? Do you know your risk profile and what risk each investment choice has? There is so much information on the internet but are you 100% confident you are in the right investment based on your individual needs? Do you keep your money in the bank as you think that is the safest option? Interest rates are at record lows and you may not even be keeping up with inflation.
  3. My loan balances don’t seem to be decreasing? Do you have loans and don’t seem to be getting ahead? You make the monthly repayments but it seems to be taking forever for the balance to reduce? Do you have a clear strategy on when you will repay your debts? Do you have the best loan product and interest rate for your needs? If you aren’t making a big dent into your loans a Certified Financial Planner can help you with a debt reduction strategy.
  4. Do you know where all your Superannuation is? Your employer is contributing 9.5% of your salary into Superannuation. Have you changed jobs and not rolled over your Superannuation? Do you have any lost super? Do you know where your Superannuation is invested? Is it invested in line with your risk profile? Do you know how much insurance you have inside your Superannuation and what the policy will and won’t pay for if something happens to you? Superannuation is one of the biggest assets you will have in your life. I can’t stress the importance of understanding all about your Superannuation and have a clear plan for it.
  5. Is your family growing? Whether you are thinking of having children, about to have your first baby or have a growing family now is the time to see a Financial Planner. A Certified Financial Planner can help you plan for your children’s education, save for emergencies and make sure you have money each month for your living expenses, insurance and family holidays.
  6. Do you want a career change? Are you not happy in your job and looking for a career change? What is your dream job? Would you love to own your very own business one day? A financial adviser can help you transition to a new career more smoothly than doing it on your own. They can give you guidance every step of the journey.
  7. Do you have a plan for the future? Do you know when you will be financially independent and what that means for you? Do you know when you will be in a financial position to retire and live your dream lifestyle? If you haven’t started then you need to start NOW. Time is your friend and is also your enemy. You need to give yourself enough time to build the asset base to generate the desired income to fund your retirement. However, most people think they have enough time to achieve their retirement goals and will leave things till the last minute and will unfortunately end up short of their financial independence goal.

There are so many questions people have about money and their finances. There is also so much information available on the internet which can make everything even more confusing! A Financial Planner will sit down with you, understand your current situation, where you want to go and then develop a customised plan to make sure you get there!

If you have questions or would like to speak to us about your personal financial situation please call us on 1300 153 251.

At FinFit Wealth Solutions our goal is to help you become Financially Fit!

Phil and Donna.

No comments

Leave a Reply

Your email address will not be published. Required fields are marked *