Are you getting married in the near future? Congratulations! This is a major event in your life. It’s also a smart time to get in touch with a financial consultant. You want to make sure you’re setting aside money to care for yourself, your spouse, and any family you may have.
Getting married is actually just one of many life events that should give you reason to contact an investment consultant. The following points will help you better understand why you should take this step if marriage or similar life events are in your future.
The Importance of Investment Advice When Getting Married
A marriage is the start of your life with someone else. You’re going to grow together. You want your money to grow with you. For instance, perhaps you decide to have children. Setting aside money for their education is important. Even if you don’t have children, you’ll likely want to buy a home. You’ll also want to be able to enjoy retirement together at some point. It’s easier to achieve those goals when you coordinate with a professional financial consultant in order to learn how much you need to set aside.
Although you want to imagine your marriage will always be happy, it’s also worth considering the fact that financial difficulties are among the more significant causes of stress and disputes in marriages. You may be madly in love with your soon-to-be-spouse now, but feelings can change if the two of you struggle with money in the years to come.Clear cache
That’s less likely to happen if you work with an expert to ensure your financial security. Getting in touch with a qualified investment consultant is simply a smart, effective way to guard against the kinds of problems that could otherwise ruin what should be a happy marriage.
Set Up a Financial Plan if You Start a Business
Running your own business may seem like a dream come true. If you manage to succeed, it can be. Instead of toiling away at a job you hate, you can determine the course of your own career, and do the type of work that you actually feel passionate about as a result.
That’s why you want to take all steps necessary to ensure you’ve protected your business financially. You need to spend money to make money. If you spend too much in the early stages, when you’re just starting to find clients, you may not be able to stay in business. Not having enough money to pay your employees, buy necessary supplies, or even pay yourself will force you to return to a job you might not be fond of.
You can reduce the odds of this happening by working with an expert to determine what financial steps you should take to keep your business afloat for years. This helps you succeed for two main reasons.
The first reason is obvious: working with a financial consultant helps you determine how to set aside money you need to run a thriving business. The second reason has to do with the amount of work entrepreneurship naturally involves. Although starting your own business can be extremely rewarding, it also takes a substantial amount of effort.
You’ll have trouble running it properly if you’re too distracted by the demands of managing your finances to serve your clients well. On the other hand, if you coordinate with an expert, you can focus more on running your business, confidently knowing you’ve made arrangements to keep it financially secure.
Get Personal Financial Planning When Buying a Home
Few people have a sufficiently high net worth to purchase a home entirely right away. Instead, it’s far more likely you’ll need a mortgage when you buy your home. You need to be able to continue paying off your mortgage in order to keep the home you’ve purchased. This typically takes many years. Thus, you need help from someone who can assist you in making long-term financial plans.
You also need to keep in mind that homes require maintenance. The mortgage is by no means the only expense you’ll incur. You’ll also need to set aside money for upkeep, as well as for any improvements you wish to make in the future. This is all very complicated. It involves assessing a wide range of factors, including your current income, your mortgage rate, average maintenance costs for a home your size in your area, and more.
Additionally, you’ll need to prepare for potentially financially-draining scenarios you can’t predict. For instance, if you buy a home in an area that’s prone to harsh weather, you need to be ready to pay for any necessary repairs if a major storm causes damage that isn’t covered under your insurance policy.
(Even if it is, you have to be sure you can afford your insurance policy as well.)
It’s difficult to make the necessary financial plans on your own. It’s also very stressful. While buying a home should be an exciting experience, it can feel draining if you spend too much time worrying about how you’ll pay for it. A financial planning and wealth management expert can help you avoid this unwanted consequence.
Get Investment Advice if You Have an Inheritance
After a loved one passes, you may stand to inherit a substantial amount of money. That money can have a major positive impact on your financial future. That is, if you invest it wisely.
Don’t worry if you feel you lack the knowledge or expertise to make sound investment decisions. Investing is complicated, and if you haven’t spent time studying the topic professionally, you may not be able to identify investment opportunities that will allow your inheritance to yield the greatest possible rewards.
This is yet another instance in which you’ll benefit from hiring an investment consultant. They’ll review your inheritance, along with your goals for the future, to better determine the best plan for investing it. After all, your loved one worked hard to earn the money they wished to leave you after their passing. Honour their memory by making sure you don’t squander it.
Make a Financial Plan if Children Are on the Way
Having children is another joyous occasion in life. That said, it’s no secret that raising children can be very expensive. You don’t merely need to provide the absolute necessities. You want to be able to provide your children with the best possible education and life experiences. That involves spending a lot of money.
Like many of the other examples listed here, plenty of factors impact the cost of raising children, from any medical bills you may be responsible for to the simple cost of feeding them. No one is equipped to evaluate all of those factors on their own. Don’t worry if this makes you feel overwhelmed. That’s an entirely natural response. Luckily, by consulting with a financial expert, you can focus more on the joy of raising children, while being certain you’ve done everything you need to in order to provide for their financial wellbeing.
Talk with a Personal Financial Planning Expert When You Get a New Job
You’ve worked hard. It’s starting to pay off. Getting a new job is often a very exciting experience. This is particularly true if your new job pays substantially more than your previous role. It’s important to make sure you’re leveraging your new salary to its full potential. Two people making the same amount of money can find themselves in very different long-term financial situations if one of them works with a wealth management professional while another one makes no attempt to save their money intelligently.
Again, if you find yourself in a new, high-paying job, odds are good you’ve put in a lot of effort to reach this point in your professional life. You’re not going to do yourself any favours if you don’t take steps to save the money you’re starting to earn. Instead, it’s necessary to get in touch with someone who can help you determine how much money you should set aside each month to reach your financial goals, how much you should devote to regular bills, and how much you can spend on vacations and personal purchases.
These are merely a few life events that should give you reason to contact a financial consultant. If any of them are on the horizon for you, get in touch with our experts at Maxim Wealth Management. We’ll work closely with you to strengthen your financial wellbeing throughout your life. To get started, phone us at 0141 764 0040 to make an appointment.