Do You Need a Financial Planner?
By Craig Hackler, Financial Advisor, Raymond James Financial Services
No matter how much money
you make, it pays to keep on
top of money coming in and
going out. Even if you do a good job of
that, there are important times in your life
when talking with a professional adviser
makes sense.
Almost every major life event - finding
or losing a job, getting married or
divorced, having a baby, buying a home—
is likely to have a major impact on your
finances. A new job may mean you are
making more money—no problem there
as long as you know the best way to invest
it. Getting married may mean you have a
second income to count on, but now you
have someone counting on yours as well.
Buying a house means you have to come
up with a hefty sum of cash for a down
payment, get used to monthly mortgage
payments and meet the expense of house
repairs.
Let’s look at what happens if a baby
comes into your financial picture. First,
medical bills need to be paid, so having
good medical insurance is important. Few
insurance plans cover everything, so you’ll
need to have a cash reserve to cover
deductibles and extras, not to mention the
furniture, clothing and sundries you’ll
need when the newborn comes home.
With a new addition to the family,
you’ll want to make sure that the entire
family (baby, too) is protected if something
should happened to you—that
means reviewing life and disability insurance
to be sure it’s adequate for your new
responsibilities.
There’s the future to start thinking
about, too. Will your child go to college?
If so, the College Board estimates that secondary
education costs are rising 7% to
8% annually, a rate much higher than the
rate of inflation. To afford the average
$7,000 total costs for a state university, you
need to start saving $195 a month. Wait
until your child is 7 years old and the
monthly amount jumps to $240! So, it’s
smart to put away a little sum each month.
What can you do to accommodate new
strains on your paycheck? How can you
meet all of your new responsibilities?
With an important financial goal (such as
educating a child) you’ll want to work with
a generalist—a financial planner. A lot of
professionals specialize in areas such as
taxes or stocks, but a financial planner
helps you understand the “big picture.” A
qualified financial planner can help you
sort through your current financial situation,
help you set short- and long-term
goals and objectives, then present a “blueprint”
designed to show you how you can
meet your goals while staying within your
means.
There’s nothing more certain than
change. And just as you learn to adapt to
the changes life throws your way, you can
count on things changing with your
finances as well.
Craig Hackler holds the Series 7 and Series
63 Securities licenses, as well as the Group I
Insurance license (life, health, annuities).
Through Raymond James Financial Services,
he offers complete financial planning and
investment products tailored to the individual
needs of his clients. He will gladly
answer your questions. Call him at
512.894.0574 or 800.650.9517
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