Signs You Need a Financial Professional

By Avery Mills | Jan 8, 2019 8:11:00 AM

Signs You Need a Financial ProfessionalWhile you may be able to handle most of your finances on your own, there may be special circumstances where you find yourself in need of some extra help. Here are some financial events where you may need the help of a financial professional.

MAJOR LIFE CHANGE

If you are preparing to go through a major life change, such as a marriage, divorce, or a new child, it may be helpful to reach out to a financial professional. Having the assistance of a professional during these periods of change can help you create your financial goals and ensure that your finances are protected.

MORE MONEY

If you come into a significant increase in funds; such as a pay increase, lottery winnings, or an inheritance, a financial professional can help you find the best way to use this money. Some ideas to help you get started are increasing retirement contributions, opening a Certificate, saving for a down payment, paying down existing debt, etc.

RETIREMENT PLANNING

When it comes to retirement planning, two of the most important things to know are; first, what is your target number when it comes to your retirement, and second, if you are on track to hit this number once you hit retirement age. If you aren't sure what or when either of these are or don't have any plans in particular, speaking to an professional is a good place to start. 

ESTATE PLANNING

The larger your estate is, the more likely it is to be complicated. There are several factors to take into consideration when planning your how estate is distributed once you've passed, including: the amount of beneficiaries, blended families, a business, number of accounts, and where your estate is located. If you aren't sure where to start when you start making plans, a financial professional will be able to walk you through the steps.

GROWING BUSINESS

If you’ve been running your business by yourself but now find it’s growing at a rate at which you can’t keep up, hiring someone to take care of the books and handle cash flow may be a good idea. If you need additional assistance, Cyprus Credit Union offers several products and services specifically designed to help you run your business.

Topics: Lifestyle, financial advice, financial planning

Author: Avery Mills