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When to Get a Financial Advisor

You’re sitting in a pretty good spot in your life. You meet all your expenses, you have your debts under control, and you’ve set aside a cash reserve that would carry you through several months should a financial emergency arise. Even after all of that, you still have extra money. Does this mean you’ve reached a point in your life where you could benefit from professional financial planning?

A financial adviser can evaluate your overall financial situation—your budget, savings, investments, retirement plans, taxes, estate planning and insurance–and recommend customized strategies that will help you reach your financial goals.

To decide if seeing a financial planner would be a wise move for you, Sharon Danes, a professor and family economist at the University of Minnesota, St. Paul, suggests asking yourself seven questions:

  1. Am I confident about making financial decisions?
  2. Am I knowledgeable enough to begin my own long-range financial planning?
  3. Do I know enough about my investment options to work effectively toward my short-term and long-term objectives?
  4. Do I expect my present income and investment approach to provide for my retirement years?
  5. Am I comfortable with my level of debt?
  6. Is my household income less than $50,000 a year?
  7. Do I have enough time and knowledge to devote to analyzing my family’s financial situation?

If you answered “no” to some of the above, you might be ready to meet with a financial planner, Danes says.

Ready to meet with a financial planner? TruWest Wealth Management Services has knowledgeable and trusted financial planners who can help you get started and keep you on track. Contact us at contactfp@truwest.org to schedule a free appointment with a financial planner today.

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