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When is it Time to Get Financial Help?

Tara A. Conti, CFP®

No matter what you think about money, the fact remains that money is a requirement in our society. You must deal with it in some form every single day.

This article is about when to seek assistance from a financial planner or financial advisor.

Do you:

• spend too much time worrying about your financial situation?
  
  
• feel overwhelmed and unsure of what to do with regards to your savings, taxes, investments etc.?
  
  
• not have the time to stay on top of your finances and investments?
  
  
• not have the desire to take care of the details with regards to your financial plan?
  
  
• continue to procrastinate in dealing with your finances?
  
  
• not save enough money nor have a plan for your saving?
  
  
• and your spouse fight way too much about money and finances?
  
  
• hate talking about and dealing with money?
  
  
• have a history of making poor investment decisions on your own (buying at the highs and selling at the lows)?
  
  
• want to retire in the next few years but you don’t know if you can or should
  
  
• own a small business and are not sure how to maximize your choices and what is legally required by you for your employees?
  
  
• not know the state of your finances?

Saying yes to even one of these questions can mean you should seek financial assistance.

Play to your strengths

Playing to your strengths means you should do what you are good at and what you enjoy. Yes, we all need to do some things with regards to money to be financially responsible yet having assistance can pay off in so many ways – financial, time, less worrying and emotional well being.

Let the experts be the expert

For example, I hate doing my own taxes. Yes, I am capable of doing it but it is something I don’t enjoy doing for myself. It causes me too much angst and my accountant (hopefully) does a better job than I could. Plus I like knowing I have someone else in my corner if anything on my income taxes is questioned.

Another example of this relates to investments. We here at Main Street Financial Solutions are not big fans of investing in individual stocks. We do not have the time or the resources to research stocks like the experts who do it all day, every day. We believe in diversifying your risk with Exchange Traded Funds (ETFs) and mutual funds. Instead, we research and select mutual fund managers who have performed well in the past and that we trust. They are the experts at selecting the investments for their funds.

Here are some of the advantages of having a financial advisor and not doing it yourself:

• They help you see your blind spots
  
  
• They are objective and not too emotionally involved
  
  
• They help you know the different options so you can make a more informed decision more quickly and easily
  
  
• They can help hold you accountable so action is taken
  
  
• They are (hopefully) experts who you can trust
  
  
• They keep you on the right path and take care of details you don’t have the time or desire to do
  
  
• They help you clarify your goals and set up a plan for achieving them
  
  
• They help you know the relevant facts. With knowledge comes power.
  
  
• They can teach you and answer your questions so you feel more comfortable
  
  
• They have access to tools and information that you do not.

The Key Is:
How do you FEEL about your finances and your financial plan?

If you don’t like where you are financially and are having issues taking care of it yourself then I recommend you take some different actions. One option is to call an expert or your current advisor if you already have one.

Most people do not take action until they are so uncomfortable or unhappy that they finally do something about it. You don’t have to wait that long.

Many people don’t work with financial planners or advisors because they are afraid of being taken advantage of, don’t like sharing their situation with others and are afraid of judgment, or they think it is too expensive.

You should be able to find a financial planner or advisor you trust.

Whoever you work with should make you feel comfortable with their knowledge and demeanor. They should answer your questions and listen to you and what you want. Listen to your gut and work with someone you like and trust.

How much would you pay to have someone help you accomplish your goals if you knew that would GREATLY increase your chance of success?

We all waste so much money on things we do not truly need. Dealing with your finances is something you need to do. It is a wise investment to have a good financial advisor so you know you are taking smart actions and doing the right things. This will pay off in more ways than you can possibly imagine.

It truly is priceless.

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