In case you’ve never had any financial planning or financial lessons, the benefits of such training can be immense. Indeed, any self-employed person has a lot to gain. The three main advantages are the ability to focus your time and attention on developing your business and not spend it on unnecessary paperwork; to save a lot of money because you’ll no longer be paying for an accountant, bookkeeper or anyone to manage your finances; and to have more time for other important activities.
Some people who lack financial planning have recently found that with some additional advice and a good financial planner, they’ve managed to stay afloat. Even if they still haven’t achieved a high success rate in this area, they are definitely better off with having taken some steps to bring their finances under control.
Many people who don’t have a sound financial plan have realized that they are facing financial difficulties and have to resort to bankruptcy or drastic measures to try and avoid it. If you are one of them, it is important to understand that this is the most common end result of financial planning and even if your financial future hasn’t been ruined, you can’t continue living like this because you’ll simply stop living.
For starters, you may consider talking to your creditors about a solution to help you get out of bankruptcy and you could work out a way to reduce your monthly expenses and perhaps come up with a workable financial plan. It’s possible that the company that you work for may also be interested in helping you because it will save them money if you stop working and start missing payments.
The third advantage of having a financial plan is that it could lead to another financial plan or help a person save money for retirement. Of course, retirement is a subject that is difficult to discuss and there will be many different factors to take into account and whether you have had proper financial planning before is going to determine how much you can save.
Before you seek the help of a financial advisor or consultant, make sure that you know exactly what you need. If you are self-employed, you may find that you are able to do it yourself but you may also need the assistance of a financial advisor to set things up.
The disadvantage of seeking professional services is that you are charged for it could be a real headache to find the right company that can meet your needs and comes at a price that fits in with your budget. You may need to look around and see which companies offer free initial consultations and what they have to offer in terms of plans.
In addition to the different benefits that come with having a good financial plan, a large number of people think that a good one is a prerequisite to moving ahead and earning a reasonable income. As you can imagine, if you don’t want to be penniless, you won’t be able to afford the services and the fees.
Keep in mind that many financial advisors work on commission and so the quality of the product they sell should be of utmost importance. If you go with a company that has a lot of good reviews, that will mean that they are a trustworthy company and you can work with them without any worries.
There is nothing wrong with taking a financial advisor who is a member of the Association of Independent Financial Advisors. In fact, you’ll be glad that you did because this group provides great support for those that have to make their own plans.
Finally, the three points that I’ve listed above are just a sampling of the benefits that come with finding a good financial planner and having someone make the arrangements for you. Those three advantages are certainly worth the effort and can help you save money and reduce the amount of stress you feel when it comes to your finances.