There is no question that there are many different benefits that come along with being self-employed, both financial and otherwise. However, there are also many financial complexities that can accompany the decision to work for yourself. For instance, rather than being able to count on an employer-sponsored pension plan when you retire, you will need to plan for your own retirement. This is just one of the many tasks that a financial planner will be able to assist you with.
Do you have a lot of debt? Then you may be an ideal candidate for the help of a financial advisor. While most people think financial advisors are something reserved for investors with a high net worth and lots of assets to invest, an advisor can also be a big help if you have a more challenging financial situation. How can this professional help you conquer your debt? Here are a few key ways.
Investing your hard-earned money is a great way to make a significant amount of passive income, but if you aren't careful, you could make mistakes that cost you. Here are three fantastic reasons to think about doing some financial planning before you start investing.
1. Understand Your Assets and Liabilities
Every person has a list of assets and liabilities, whether you have a home and a car or you are concerned about some lingering debts.
In the investment world, you can hire an investment broker-dealer who works for a full-service or discount firm, or you can hire an independent broker-dealer. The independent broker-dealer has multiple advantages over the other two types of broker-dealers who work for different firms. Here are three reasons why you should hire the independent broker-dealer over the other two alternatives.
"Full-Service" Is Lacking
A "full service" broker-dealer firm does not have nearly all of the investment options that an independent agent does.
Not everyone is lucky enough to have a job where you have a defined pension. These sorts of jobs, where you have a large guaranteed income upon retirement, are not that common anymore because many companies are now phasing out pensions in favor of 401ks and other investment opportunities. The problem for the individual is that if you don't invest your income properly, and choose the right investments, then you will end up in retirement with only social security.