When should you meet with a financial planner? The short answer, now.
When do most people meet with a financial planner? After a significant life event occurs. The event, such as college graduation, marriage, pregnancy, divorce, retirement, and death of a loved one acts as a catalyst for financial planning. Usually, they realize they should have started earlier, before the significant life event.
I know you’re thinking you should wait until you have accumulated wealth to justify financial planning, but the best time to do it is as early as possible. You don’t need to be wealthy and in need of a trust fund to make a plan for your financial future.
Planning early has 5 advantages:
- You’re prepared. You have a plan in place so when you do become wealthy every dollar has funnel and a purpose and when a significant life event occurs or the unexpected happens, you will be ready.
- You have peace of mind. When you do decide to have children you aren’t rushing around to get everything in order before the big day. You feel secure and confident already.
- You’ve built a relationship. You have already developed a relationship with a trusted advisor. When the hard questions come up, you can focus on the answer, rather than deciding if you trust where the answer is coming from.
- You have thoughtful goals. This doesn’t mean they can’t evolve, it just means you have something to work toward. Having financial goals allows you the freedom to spend guiltlessly, knowing that you have a plan in place that supports your needs.
- You know you’ll have enough. This is the first and most common question we are asked. Will I have enough money when I retire? Knowing the answer is “yes” as early as possible means less stress and worry. You can spend your energy on what matters, knowing you have a clear picture of what your financial future holds.
There is never a bad time to begin planning for your future. It may not be full proof, but I can assure you that having a plan in place will give you the best chance of reaching your goals, no matter how high! Would you go on a cross country trip without a map? Everything we do requires planning, so why leave the most important challenge up to chance, without a goal or plan in mind?
Now that I’ve convinced you to plan early, the question you should be asking is what do you want to plan for and why? In an upcoming post I will explore that question and any others you might have. Feel free to leave a comment below with your question.
One more thing: Your financial plan should be a living document, continually reviewed and revised to make sure it remains consistent with your goals. As your life changes, so too will your needs and goals.
As a Paladin reader, we’d like to honor you by offering a special extended complimentary consult where we’ll answer these questions:
- Is your portfolio diversified?
- Do you have enough to retire?
- Are you paying too much in fees?
- Can you minimize your taxes?
To learn more about JSK Financial Services, view their Paladin Registry research report.
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