Outsourcing financial planning can seem overwhelming, particularly if you are concerned about making sure that your individual goals are protected in full. However, there are many benefits to outsourcing financial planning when you have the right professional to help you.

Financial planning is crucial to everyone’s future. Sometimes, it can be difficult to see all of the various aspects that go into financial planning. An advisor can add expertise and capacity, while also helping you track to your individual goals.

Outsourcing the development of your financial plan does not mean that you’re not involved in the process. On the contrary, your financial advisor helps you think through all of the different ways that your money could be put to use to accomplish your financial and personal goals. 

Unexpected challenges in life can influence anyone. Even if you believe you’re too young to seek out financial advice or don’t have substantial enough wealth to work with an outside professional, having a reliable sounding board is beneficial regardless of your stage in life.

There are also some additional circumstances when it’s very important to work with an investment professional, such as when you’re starting a family, you’re selling or buying a home, you’re ending a relationship or beginning a new one, or you’ve received a bonus, inheritance, or other windfall. Finding the right team to help guide you through this process is extremely beneficial for protecting and leveraging your next steps.

Whether it’s selling your business, receiving an inheritance, or expecting some other large amount of money to come to you in the near future, it’s very important to work with a qualified team of financial experts.

While receiving a big sum of money could help you financially, it is critical to spend the time thinking about how you’ll spend it. Making too many rash decisions could put you in a difficult position to make the money last, as this is a difficult habit to stop. Waiting at least a few months before making any big decisions will allow you to approach it more rationally.

While you think through your different options, you can set aside a smart place to put that money. Look at where the money could best be spent. It could be paying off debts or getting a higher rate of return in the markets. This is all based on your individual circumstances which highlight why it’s so important to work with a team of qualified financial professionals who can assist you with making this decision and more.

If you think you may receive a big inheritance or some other windfall sometime in the near future, this is a good opportunity to start brainstorming the best routes to take with that money. If you’re anticipating something in the future, knowing your options and discussing them with our team can reduce uncertainty and give you an overview of all your choices in advance. This makes it less likely that you’ll make poor decisions when you receive the money.

Set up a time to meet with us to discuss future financial planning.

Do you set weekly, monthly, or yearly goals for finances? What about bigger long-term goals like an emergency savings fund or retirement goal? Setting goals for your financial plans is important, according to one research project.

A recent Lincoln Financial Group consumer sentiment tracker study found that plenty of consumers in the United States are feeling the financial strain after a difficult year in 2022.

While two out of three people say they are getting by or not in trouble financially, the other third report the factors like debt, inflation and market volatility are affecting them. One of the biggest distinctions between the two groups is that those who had specific financial goals in the last year were up to three times more likely to say that the aspects of their personal finances improved during that same year.

Those same individuals who set goals were also three times as likely to say that their overall financial wellness was something they’ve given themselves a great score for.

Taking a definitive and goal focused approach is one of the best ways to accomplish your goals, regardless of outside challenges that may be causing you to rethink your financial strategy, or question your overall financial wellness. Having an established goal setting strategy, especially if it has been developed in conjunction with the team of financial professionals, can really help you navigate unexpected changes and challenges in the marketplace.

If you haven’t yet sat down to review your financial goals and to discuss your next steps, now is a great time to meet with the team at Shah Total Planning. Whether you need to set short term goals, long term goals, or both, we can help you.

A recent study sponsored by Legal and General Group found that gig workers may not be meeting their appropriate financial needs, especially as it relates to life insurance and health care. Freelancers have lots of opportunities, but also face some financial risks if they aren’t proactive about savings.

Having a financial safety net is an important part of establishing your own business and continuing to grow that company. Working with a team of financial professionals is crucial because there are many unique aspects of working as a freelancer that require the insight of someone who can help you navigate this process.

For example, deciding which retirement plan to enroll into as a self-employed professional can be challenging and maybe influenced on your status as a sole proprietor, LLC, owner or S corporation owner. Discussing these options with a financial professional can help you select the retirement plan most appropriate for you and to ensure that you’ve covered all your bases when it comes to insurance protections.

Over 42% of freelancers interviewed in the study reported that life insurance or pension plan and health care would be their top lures back to a traditional employment situation. With more than 40% of gig workers today having life insurance, this leaves a big opportunity for the remaining 60% to verify that they have protected their loved ones in the event that something happens to them.

As a freelancer your income is usually reliant on you doing the work, unless you run an agency. This puts your family at risk of financial peril without appropriate planning done for you. Contact our office today to learn more about what a holistic financial plan looks like for an experienced and scaling freelancer.