Financial planners are not just for exceedingly rich folks–many actually specialize in working with small business owners and entrepreneurs, or individuals who are at the beginning or middle years of their careers. Have you been wondering if you need some help planning your financial future and making sure all your “ducks are in a row”? Here are some suggestions for evaluating whether or not you’re ready for a financial planner:
If you are in business for yourself, you may not have a definite retirement plan. Other individuals I meet who are working to build a business may have dumped the bulk of their life savings into their businesses, or they went through some major work changes in a more “traditional” job and decided to start a business, or they are so focused on the day-to-day of trying to build a business they feel that planning for their own future is really a luxury. A financial planner can help determine where you are financially, where you’d like to get to, and help you set up the steps to get there.
Financial planners can help you figure out what sort of insurance you might need, how to manage any retirement or 401k plans you may have at former jobs, help set up Individual Retirement Accounts (IRAs) and refer you to other professionals who can help you with taxes, investments, etc. Financial planners can also help you determine a personal budget, plan for major expenses like children’s college, and just generally help you get a handle on your financial reality and make plans for solvency and wealth building (sounds fancy, doesn’t it?) into the future.
If you decide you would like to consult with a financial planner, you’ll next realize there are many individuals and companies to choose from. From large corporations to smaller, independent planners. I am a big believer in referrals, so you might start by asking people you know and like, and who seem to have a handle on their financial situation who they use as a financial planner. The chamber of commerce, or your trusted banker may also be able to offer some suggestions. Of course, there is always the yellow pages in the phone book–but, if possible, I’d suggest asking your insurance agent, Realtor, neighbor, in-laws, etc. for referrals and suggestions first. You certainly don’t have to go with the first financial planner you talk to. Shop around and find someone you trust (and understand) with a reputable business–working with a financial planner should make your life easier and help you breathe easier as you build your business–not make you feel confused and precarious.
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