Regardless of your goals, desires, and objectives, you need a plan to make your dreams come true. No matter how hard you try, you cannot predict the future or know what is coming your way. Creating a financial plan helps you paint a picture for the future while realizing short-term goals.
Instead of wasting time you’ll benefit from meeting with an estate planning attorney in Los Angeles. You might think it’s too early to start planning your estate officially, but it’s never too early to make positive decisions for your future.
What is Financial Advice?
Most people think they only need to worry about their estate when they are sick or elderly. Financial advice is not just something you seek when things are looking down; it’s also something you do proactively for the future.
Financial advisory services are best thought of as a strategy to achieve your goals through meticulous management of your money. Having an actual plan holds you accountable and is much better than merely trying to tighten your belt.
More importantly, financial advice looks at both short and long-term. Life gets busy, which makes it difficult to think too far into the future. The sooner you start, the sooner you can reach your goals and build your future. Below are some reasons why getting financial advice is in your best interest.
Financial Advice Helps with Income Management
With proper planning, it’s possible to manage your income more effectively. Keeping an eye on how much money you bring in versus how much money is going out, planning helps make the most out of your finances.
Once you start monitoring your expenses, you might be surprised at how easy it is to spend too much money on non-essential items. You don’t necessarily have to give up going out to eat or buying new clothes, but you create specific budgets for each category and then hold yourself accountable.
By paying closer attention to your finances, you’ll notice it’s easier to save money and to avoid overspending.
Financial Advice Helps Prepare for Big Life Events
You won’t just wake up one day ready to buy a new house or car, pay for your kids’ college tuition, get married, or retire. Various big moments throughout your life cost money. Saving money for a down payment and reducing debt is much easier when you have an appropriate plan in place.
The good news is that your plan is flexible; it many ways, it has to be. When you are younger, you may not know the specifics of your long-term goals. Instead of planning for an exact outcome, you might just start planning for potential significant events that you may want someday: your first apartment, your first car, your wedding.
As you get older, you might start a family and adapt your financial goals. Even if you plan for big events, like paying for your children’s college tuition, and then decide not to have children, you’ll be in a much better financial situation. As you reach retirement, you’ll be glad that your finances are in order, so you have fewer worries in your golden years.
Financial Advice Reduces Stress
Getting financial advice is an ongoing process with the ultimate goal of reducing stress about money. Stress is often at its lowest when you are no longer working for your money, but your money is working for you.
Just like you wouldn’t necessarily plan a road trip without having some plan of where you want to end up, financial advice takes away the challenges of meandering through life without a roadmap.
Do You Need Financial Advisory Services?
Even if you see the value of having a solid plan in place, you might think it unnecessary to hire a professional. Some financial advisors have bad reputations of simply being salesmen in disguise. They pressure clients to purchase high-cost products or stocks that earn them the best commission. While there are many nefarious folks out there calling themselves financial planners, there are also many great options as well. For example, a Los Angeles estate planning attorney is often one of the best choices to help plan your future.
An estate planning attorney is a type of lawyer who understands how to advise clients on getting their affairs in order, whether it be to plan for the future or the end of life. We most often think of these lawyers as the folks who help write wills, create trusts, and execute our final wishes. Estate planning attorneys do help in these areas, but can also work with people just starting their lives.
Estate lawyers go through specific training and mentorships regarding finances, real estate, tax law, and more. They also often have extensive networks of professionals from whom they can seek advice.
You might think that you can save a few dollars by using an online template or workbook. While there are things you can certainly do yourself, there are other areas where mistakes can be costly. Working with a professional can mean taking advantage of tax codes, getting the best real estate deals, and keeping on the right side of the law. In some cases, the wrong move can invalidate a great deal of your hard work.
When Is the Best Time to Meet with an Estate Planning Attorney?
There is never a better time to start planning for your future than the present. Simple decisions today can make a significant impact on tomorrow. There are, however, several critical times in life that hiring professional help isn’t just a good idea, but it is essential.
- Near Retirement – Knowing whether you are financially ready to retire is a big question. Navigating decisions about filing for social security and accessing your various retirement accounts can be complicated. Even a one-time consultation with an estate planning attorney can make a massive impact on your retirement.
- Starting a Family – Getting married and having kids creates a slew of financial challenges: joint bank accounts, life insurance, college savings, and more. An estate attorney will help prioritize and protect essential decisions regarding your family.
- Higher Earnings – If you’ve worked hard and now find yourself drawing an excellent salary, it is the perfect time to put your money back to work. From getting the most from your taxes to saving for the future, you want to make the most of your hard work and achievements.
- Self-Employment – People who work for themselves, whether through self-owned businesses or via side hustles, often have different financial questions than everyone else. There are a variety of retirement accounts to consider, and other issues standard employers manage.
Nail Down a Plan
Whether you are just joining the workforce or are ready for your retirement party, you could benefit from having financial advice. While you can make some decisions on your own, nothing beats working with a professional who can offer the best advice while knowing the relevant laws and codes. If nothing else, setting up a free consultation can show you how a financial advisor can help bring your goals to life.