For some people, the thought of using financial services is a scary experience. It involves planning for a future where you may not know how the economy may be, how your health may be, or what your financial needs might be. One of the reasons that many people find planning out their finances intimidating is the number of myths surrounding the process. Still a little apprehensive about starting on your financial journey? Here are a few reasons why working with a financial professional may be less frightening than you think.
1. It May Not Cost as Much as You Think
Many people believe that financial services are expensive and only for the wealthy. Instead, financial services are helpful for almost everyone and may not cost as much as you think. Many financial professionals are available who may assist with your planning. This may make finding an affordable financial professional easier.1
2. Financial Services Are More Than Your Investment Portfolio
When some people think of financial services, they may think it is maintaining an investment portfolio, but a lot more goes into it than most people think. Financial services considers your financial situation, such as current debt, income, and savings, and compares these with your future goals. By looking at your complete financial situation, your financial professional could devise a plan that allows you to work toward your future financial goals based on where you currently are and where you would like to be.1
3. You May Be Further Along Financially Than You Think
Some people are afraid of working with a financial professional because they are fearful the analysis may show they won't have enough financial resources to get by in the future. The good news for some is that you may need less than you expect when you are older. If you have children, they may need less support when grown up and on their own. You may also have your home and other debt paid off and may spend less in your later years. You may feel some relief when creating a financial plan if you realize you may be in a better position than you think.2
4. You Are Able To Change Your Financial Strategy
If you are anxious about making a plan for your finances because you fear you won't be able to change it down the road, you have nothing to worry about. Financial strategies are fluid and often change. You adjust throughout your life based on your current financial situation and changes in your family and lifestyle. Your financial professional could help you stay on top of these changes and help you make needed adjustments to keep in line with your future goals.1
The thing to do is push fear aside and contact a financial professional who has the tools, experience, and training to help with your planning.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by WriterAccess.
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Footnotes
1Think financial planning isn’t for you? It's not as hard, scary as you think.
https://www.usatoday.com/story/money/personalfinance/2018/07/30/financial-planning-myths-costs-tips/808208002/
215 Reasons Why Retirement’s Not as Scary as You Think
https://www.yahoo.com/now/15-reasons-why-retirement-not-090000902.html