Do you want to be able to retire early? Are you having problems staying on top of your bills and are unsure of how to resolve the situation? If you're struggling with daily bills, it can seem like an insurmountable challenge to be able to retire early. Fortunately for you, a financial advisor might be just what you're looking for. But before you go out and hire the first one that you can find, here are some questions to help you decide whether or not he or she is a good fit for you:
Have you ever advised people in my situation before? There are many types of financial advisors. If you own a small business, you'll want one type of financial advisor, but if you're employed by someone else, then you'll want a different type. And if you've recently inherited a sum of money that you want to grow for your retirement fund, you'll want a third type. While they may all be able to give you generic advice, the ones who are most familiar with your exact situation are going to be best able to advise you on where you can cut costs or invest money. If you've inherited money, a good financial advisor can tell you which of your bills should be paid off with that money and which ones you should continue to pay monthly so that the remainder of your inheritance can be invested.
How long will it take to pay off these debts? With a good financial advisor showing you the way, you may be able to significantly decrease the amount of time it takes to pay off your loans and other debts. For example, a mortgage term is typically for 30 years. If you've been paying on it for a decade, you've still got 20 years left on it. By cutting spending elsewhere and changing when and how much you pay on your mortgage, your advisor may be able to help you pay it off in half the time.
What fees do you charge? Sometimes, a financial advisor will charge you a set amount per year. No matter what they do or how their financial advice pans out, you'll still owe them the same amount. But if you have assets that you want help managing, they may instead charge a percentage of those assets every year. If they grow your assets this year, you'll owe them a larger amount next year. Because these kinds of financial advisors are paid based on merit, they may work harder and do more for you than one who is paid the same no matter how well they perform.
For more information and options, talk with a financial advisor, such as those at Wealth Builder Advisor, directly.
Share7 June 2016
My name is Eva, and I have been a personal investment adviser for the past 15 years. I have helped many clients wisely invest their money, and I want to give you some tips I have picked up along the way. Many people discount the use of CDs in investments, and I believe that this is a mistake. Financial professionals agree that CD rates are going to rise, and you can take advantage of that now. This blog will tell you how to find CDs with the best rates, how to build a CD ladder for investment purposes, and why CDs can be better than a savings account.
