If you are still stubborn to handle your finances on your own, you might be doing a big mistake. Many Indians are still reluctant to hire a financial adviser to plan their finances in any stage of life.
Even if an individual have made mess of his finances and lost most of the money due to lack of awareness. Do not be hesitant to speak to a financial adviser when in need.
It is a misconception that only wealthy people should hire a financial adviser which is not true completely. Any individual who earns decently and one with less financial knowledge can consider hiring a financial adviser if he aims to meet his financial demands with time.
Here are 7 common reasons when you can consider hiring a financial adviser:
Lack of financial awareness
A financial adviser can guide you on how much to save and invest. They will make you undertsand your risk associated with each investments based on whichn you will be able to deceide a financial product.
Blindly investing in any financial instrument can impact on your returs if you are not aware of risk and return associated with it.
If you have not planned or saved anything for your kids future, it is high time you meet your adviser.
Investing in kids future is very important and best when you start it early. A financial planner can guide you through different financial products to meet your children different needs such as education, marriage, etc.
Each instruments comes with tax lable which varies with each financial instruments. If you are not aware of tax implications better to consult a professional specially if you fall in higher tax bracket.
Starting own business
If you are one of the individuals who is planning to quit fixed income job and start a business? Better to speak to investment experts for your investments and savings. So that in case of any bad situation your family financial needs will be taken care.
When you inherit wealth
If you are lucky one who have inherited huge wealth from your parents can consider consulting a financial adviser. As any buying and selling such property will attract capital gains tax. Or your small mistake can cost you a huge loss.
It is one of the most important part of financial planning. Retirement planning should be done considering various factor such an inflation, cost of living, right amount to invest.
One should consider investing in various instruments other than EPF and PPF as these may not be able to beat inflation.
To meet your financial goals
If you are a busy person with less time to monitor investments can consider meeting a financial adviser who can help you in meeting in your short and log term commitments.