When Should You Consider Working with a Financial Advisor?

When Should You Consider Working with a Financial Advisor?

June 8, 2021

Feel like you could use the assistance of a financial advisor? Even if you don’t have a high net worth, certain events in life necessitate working with a financial planner. Here are some situations where it’s absolutely prudent to pursue professional financial consulting in Hayward, CA.

Promotions

Promotions usually come with a raise. While this is obviously a happy occasion, many people benefit from professional financial consulting in Hayward, CA to determine how to best use your pay increase. Your advisor can give you a clear picture of how much you should be saving for the future, and whether it’s a good idea to increase your retirement contributions in light of your pay increase.

Marriage

Getting ready to tie the knot? It’s always helpful to work with a financial advisor when you’re going to be combining finances. While prenups may be a bit of a buzzkill, they can offer an important level of protection for both parties, protecting savings and helping avoid any awkward misunderstandings. They’re especially important if either person is coming to the marriage with financial responsibilities like major debt, children and other obligations.

Pregnancy

Adding a new bundle of joy to the family? Life gets a lot more complicated with a new baby, and it’s always smart to start planning for the future as soon as possible. Many new parents open a 529 account to start saving for college. In addition, consider taking out life insurance policies as an extra level of financial protection for your child’s future.

Relocation

Moving into a new house? Whether you’re moving just down the block or across the country, it’s smart to get some advice from a reliable financial advisor. They know how to navigate differing tax rates, cost of living and even how to handle moving-related expenses.

Inheritance

If you’ve just received an inheritance, whether planned or unexpected, receiving large amounts of wealth comes with some financial obligations on your part. Inheritance issues typically involve issues like charitable contributions, tax payments, examination of your spending habits and other important concerns. A trusted financial planner can help you figure out how to responsibly deal with an inheritance of any size.

Retiring

This one’s the big one. Whether you’ve just landed your first job or you’re well into a career, you need to start working with a financial advisor to help you navigate the important points of picking retirement plans and setting a budget for the future. Even clients in their twenties and thirties should discuss future goals with a financial planner, since it’s crucial to save enough during peak earning years. Work with a financial advisor who can help you reflect on what you want out of your retirement, and how you need to adjust your saving and spending habits accordingly.

No matter your income, there are so many reasons to look into financial consulting in Hayward, CA. Whether you’re single and planning for retirement or getting ready to start a family, it’s never too early to plan ahead. Contact Menjivar & Company CPAs, Inc. to learn more about planning your financial future today.

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