Top Reasons to Talk To a Financial Advisor - Money Tip Tuesday

We all know we should probably talk to a financial advisor at some point in our lives, but we don’t always recognize the needs that arise where a financial advisor’s expertise will help you successfully navigate life’s changes.  

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Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast. 

There are many times in life where it’ll be beneficial to chat with a financial advisor. Whenever you go through a life-changing event, talking to a financial advisor can help you make the right financial decisions at the right time. So here are some life events when you’ll want to consider chatting with a financial advisor.  

The first time to chat with an advisor is when you get married. Getting married is a big step in life. You have a lot of new financial decisions to make together like buying a home (if you haven’t already), whether to get life insurance and how much you’ll need, plus you’ll want to discuss planning for your future and retirement. Financial advisors can help you organize your finances, and they’ll help you work through setting financial goals as a couple, by helping you determine what you’re saving for, and how to properly take the right steps to reach those goals on time.  

Another reason you’ll want to reach out to a financial advisor is when you have a new baby. If you just had your first child, it’s a good time to start thinking about how this change will affect you financially. Advisors can help you set up college planning funds, savings accounts and other types of saving options for your children. They can help you determine how best to prepare for your child’s financial future, even if your child is only a few months old. Growing your family is a big life choice and you will benefit greatly from talking with a financial advisor to make sure your family has a stable financial foundation.  

A third reason to chat with a financial advisor is due to divorce or the death of a spouse. If you’re going through a divorce or recently lost a spouse, it’s a good time to have some important conversations with a professional. Advisors will help you manage your money especially after you’ve gone through an emotional and life-changing event. It’ll also be helpful to have someone unrelated to you helping you make money decisions that can be confusing, emotional or too exhausting for you to make on your own. 

And the last one, if you receive an inheritance. If you’ve just received an inheritance from a family member or someone close to you, you’ll want to talk to a financial planner to get some advice on how to manage the funds. An advisor can help you assess your existing financial situation and determine how your recent inheritance will fit best in your overall financial plan. Should you save it, invest it, spend a portion of it? All of these are thoughts you’ll want to discuss with a financial advisor. You’ll also want to talk to an accountant to make sure any taxes have been paid (if required) and the IRS has all the proper documentation it needs. 

Money management is important to maintain during big changes in life and chatting with a financial advisor can help you navigate those changes so your financial strategy stays on track.  

If you’re looking for a planner you can contact Triangle Financial Group or TFG at Triangle Credit Union. TFG provides financial planners and services that can help you through many of the life events that were mentioned here. You can reach out to them via email or give them a call to set up an appointment.  

If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  

Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day!