If your finances seem to be spiraling out of control, it is prime time to hire a financial planner. Having financial expertise in your back pocket is always a great idea, but sometimes that can depend on what your situation is. To hire or not to hire a financial planner can often depend on your financial ability to do so amongst other weighing-in points.

A financial planner costs money, and hiring one is not something that can be taken lightly. Some financial planners will charge you by the hour, while others will charge you according to how much work you need to be done. If you're experiencing financial struggle but have the financial capabilities to hire a financial planner, it would be wise to budget for it so your future is better. 


When looking for a financial planner, find out more about their qualifications, and experience. In this article, we take a look at situations that necessitate the need to hire a financial planner and a few others that do not. What's next will help you determine whether you should start budgeting for a financial planner right now.

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Situations When You Need A Financial Planner

When You Need Help Understanding Money

If you are interested in investments, and you have no idea where to start, it would be a good idea to consult a professional. For young people who are just starting and are looking for advice on retirement, investment opportunities and savings, a good financial planner can guide you on this, and show you where to invest your hard-earned money.

It is easier to start saving for retirement when you are younger and keep saving for the next 40 years than it is for an older person to start saving for retirement when they have 10 years to go. Regardless of how young you are, you must start somewhere.


When You Experience A Major Life Event

If you have had a major life event like marriage, having a child, getting a big job or a huge promotion at work, this would be the perfect time to get a financial planner. The reason why these big life events will require a better organization of your finances is due to the new responsibilities you have.

A new child means you must plan for their now and future, a new job and promotion probably mean you now have more money that needs planning. Financial experts often say that when you graduate from college and get a new job, you should immediately look for a financial planner to help you with your finances.

This can particularly assist you with paying your student loans and not getting to debt. Financial planners will also give you guidance on how to budget your money, and offer personalized help with debt management and your new company’s 401(K). The truth is that life events will just keep coming from here on out, and the earlier you learn to manage your finances, the better it shall be for you.


When You Make the Moola

If you are making lots of money, then you can save or invest some of it. A good financial planner will help you manage your money, come up with a plan on how to invest it. They can even help you with your future if you have a specific goal. They should also be able to give you tax-saving strategies and help you implement some money management strategies.

When You Are Self-Employed

Being self-employed means that you do not have access to some of the benefits that employed people d0 such as a 401(k), a retirement plan, medical coverage and more. You are the perfect candidate for the services of a financial planner, who will organize your resources and ensure that you get access to what others have.

When You Are Too Busy To Manage Your Money

This does happen to many people who have high profile jobs. They could be too busy traveling, or working round the clock, that their money just ends up sitting idle in the bank. If this describes you, then you need to hire a financial planner immediately, to help you make money with your money.

When You Have A Specific Need

There are certain specific situations that you could be planning for, such as constructing your first house, a wedding, investing in a specific company, traveling for holiday, etc. These will require a significant financial investment, and having a financial planner help you plan for such events is a great idea.

Not only will they give you tips on how to save to have the money required, if it is a project long into the future, they can also tell you how to invest the money so that you can end up with a lot more than you had expected. When you find yourself up all night, worrying about money and whether or not it is ever going to be enough, then you need someone to help put it all into perspective.

When you reach out to a financial planner, he will take time to analyze your current financial situation, and give you tips and ideas on how to manage what you already have. If he is good enough, he should also give you tips on where to invest so you can get some more money.

When You Don't Need A Financial Planner

If You Are Great With Money

This is self-explanatory. For someone who knows all about investments already, and probably has one or two portfolios, then you do not need to find another person to manage your money for you. When you know where you are financially and understand where you want to go and have a plan to get there, you don't have to get a financial planner.

You can keep doing what you are doing. In fact, if that's you, the internet can be their financial planner, spend time on finance related sites, and gain help from the free advice that has been availed by professionals online.

When You Are Financially Confident

A financial planner’s main job is to give you advice and help you make decisions, but if you are comfortable doing that on your own, you do not need someone to come tell you what to do with your money. It is, however, important to understand why you are okay with making the decisions. If it is coming from a point of pride, or you have a big ego, you need to check yourself and ensure that you are doing the right thing.

Someone with a big ego that feels that they do not need to pay anyone to tell them anything is someone on the road to failure, and sooner or later, they will end up regretting their decisions. Only allow yourself to make decisions about your family’s future if you have the right information, and you are at least conversant with money matters, and most especially investments and opportunities available.

When You Are Drowning In Debt

It’s no secret that most people are in debt. While it’s a good idea to find someone to help you out of your debt, this is not the time to look for a financial planner. A financial planner comes in when you have money to invest or when you want to manage your investments, but when you are in a financial mess, there is a new kind of professional you should be looking for.

A credit counselor or a credit consultant is the right person for you. They are trained to deal with debt and help you get out of the mess you are in. Even when your credit score has gone too low, and most of your debts are in recovery, do not worry, it can be reversed with the right professional.

When You Are Dealing With A Simple Situation

When the situation at hand is simple enough that you can handle it yourself, then there would be no need to find a professional to help you out. Most advice from professionals is almost always quite straightforward, and you can simply google and find solutions to a simple problem.

When To Hire A Financial Planner
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When to Hire A Financial Planner Conclusion

If you are in the need for a financial planner as per above, it might be wise to cut back on extra spending and hire one next week. Even if you don't necessarily need one but are dealing with a large chunk of change, it might be good to have an expert on your side. Ensuring you are financially sound can do wonders for your life, relationships and even sleep so it's time to think about whether a financial planner could help you do all those things better.