In a world of how-tos and DIY instructional videos, many people elect to manage their investments. However, a bit of help can go a very long way, even for a savvy investor. Whether it’s trouble with retirement savings or estate planning, here are a few reasons to consult a financial advisor like Ramesh Madhusudan Miami FL.
Uncertainty Over Saving for Retirement
Saving and planning for retirement goes beyond putting money into a company-sponsored plan. Though these plans are certainly useful, many people end up supplementing their 401(K)s with additional investments and savings. It’s quite possible to live for 20 years or more after retiring, and for those who want to maintain a certain lifestyle, expert advice is crucial. With help from an advisor like Ramesh Madhusudan, it’s easier to build a plan that meets a retiree’s needs and goals.
An Impending Divorce or Marriage
Getting married means more than the joining of two households; it also involves the commingling of debts, assets, and income. With financial troubles being a primary reason for divorce, seeking financial advice before the wedding may help a couple avoid marital strife. Financial planners will help both spouses budget their money, save for important goals, and make effective investment choices. The same philosophies apply to divorce. If a spouse will be managing his or her own money for the first time, or if they acquired a substantial sum in a divorce, a financial planner can offer invaluable advice.
Caring for an Elderly or Aging Parent
No one wants to see their parents grow old and frail, but it’s an unfortunate reality for thousands of people. Caring for sick and aging parents is an emotional and financial strain, and a financial advisor can help families decide the best way to cover bills, seek the right care, and determine a parent’s eligibility for government aid and other benefits.
In the End
The DIY approach may seem like a cost-effective way for a person to manage their money and their investments, but it may be costly in the long term. Whether it’s a retirement plan or a sudden inheritance, advice from a financial planner like Miami FL will help an investor stay on track to meet their unique financial needs.