You are never too young for financial advice
Many people believe seeking financial advice is something you do later on in life – a misconception that could be preventing young earners from getting the best out of their money. When it comes to managing personal finance, experts believe seeking advice early is the key to becoming rich and staying rich.
But with so much information and financial advice available online and in the market, how does a young person make sense of it all? It’s true; too much information can be confusing, and that is the reason why financial advisories and wealth managers exist.
For a young person, seeking the right financial advice can be invaluable. A qualified adviser can help you understand your financial situation and assess your needs – suggesting the best course of action to meet your financial objectives. This is important in minimizing risks and maximizing the returns.
Here are a few ways young earners can benefit from seeking advice from qualified advisers:
Mortgages: Taking out a mortgage and buying a house is never easy. There are various terms and conditions to understand, and there are a number of products available to suit different needs. For a young earner, buying a house on mortgage is often one of the biggest decisions in life, and it is extremely important to get it right.
A specialist mortgage broker can guide you through the processes and help you select the right product based on your financial situation and future objectives. Relying on internet for mortgage advice is definitely risky business.
Investments: Whether it’s retirement planning, annuities, bonds, real estate, insurance, or pretty much any form of investment – If you are planning to lock up money expecting future returns, you may not want to go the DIY route. Having an expert select and tailor the product to your needs will ensure you get the payout you deserve while also minimizing the risks; saving you from a lot of hassles.
Investments are not a one-time thing; your portfolios will also require periodic reviews against the ever-changing market conditions to make sure they are performing as per your expectations. An experienced financial adviser will manage your investments and ensure they are performing to their fullest, helping you make the most of your money.
Pensions: Trying to figure out how much money would suffice your retirement needs can be challenging as there are a great number of conditions to consider when planning for future years. In addition, selecting the right retirement plan will require an accurate assessment and analysis of your current and expected financial situation to determine how much you can afford to put away monthly towards a comfortable retirement. An adviser can tell you exactly how much retirement income you can expect, and in what way you can increase it – something the DIY route can’t tell you.
Tax Planning: For high earners, effective tax planning can help minimize the impact of taxes, and that’s where advice from a professional financial adviser can be invaluable.
For a no obligation review of your current circumstances please feel free to get in touch
Craig McConnell, Wealth Manager @ Globaleye