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- You may be on your way to financial stability by saving money and creating an emergency fund.
- But you may need professional help to build wealth if you can’t get past the basics.
- Get help if you’re intimidated, you have big money dreams, or you need help getting started.
Most of us know the basics when it comes to handling money: creating a budget, saving money, paying off debt, and preparing for retirement. But, however crucial, starting with those basics may not lead to wealth. You may feel like you’re doing it all, but still not making the progress you’d hoped.
If you want more than a strong budget and a full emergency fund and you just can’t seem to meet your wealth goals, you might need professional money help.
Professional help can be limited in scope or comprehensive, so you can tailor it to your needs at the time — to build later or handle everything at once. Make sure that you do your research and work with a qualified professional like a financial advisor or a financial planner (CFP) who can help you meet your specific goals.
Here are four signs you probably aren’t going to build the wealth you want without professional help:
1. You have no idea where your money goes
We all know what comes in, but where it all goes can be a mystery. We all have good intentions of living within our means, but somehow, the pleasure of having that item or trying that new thing gets the better of us.
For some, what comes in is barely enough to cover basic expenses —especially now — yet we continue to live in this way. If you have no idea where your money is going, or are living above your means and constantly dealing with debt, it is a good sign you may need a professional to come in with a close, objective analysis of your spending.
2. You’ve been trying to make changes, but can’t get started
We all know we should save more, or finally pay off that debt, or spend less on nice-to-haves. But knowing isn’t the same as doing.
If you’re the type of person who would benefit from some external accountability, consider hiring an expert to help you decide what to prioritize, how to execute … and to make sure you do it.
Find a Qualified Financial Advisor
Looking for the right advisor for you? Datalign Advisory makes finding a financial advisor specific to your needs easier than ever. Datalign Advisory’s free tool matches you to an advisor based on your unique financial profile in 3 minutes. All advisors on the platform are registered with the SEC. Get started planning your future!
3. You’re overwhelmed by the thought of managing your money
Maybe, in addition to an emergency fund, you also want to increase retirement plan contributions or add life insurance and estate planning to the mix, but you don’t know how to get started or where to look. That’s understandable! There’s a lot of fine print to read and you’re not alone in putting it off.
However, you can’t build wealth if you don’t get started. You might need a pro to help you choose the best life insurance, guide you through setting up your estate planning, talk you through automating retirement savings, or any other project that will pay off over time
4. You have big dreams and don’t know where to start
If you have dreams of buying a home or retiring at 50 and sailing around the world and you don’t know how to get started on turning them into reality, you might need professional help.
A financial advisor or financial planner can help you do the math on what these dreams cost, set financial goals, establish the right accounts to save, and find either the fastest or surest way to get there.
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