In this age of information, you can learn to do almost anything over the internet. Installing a new TV? Ask YouTube. Want to put a new spin on a recipe? Try Pinterest. But when it comes to something as serious as your finances, it’s a different ball game. While it is true that you can get sound advice on the internet, enough to make you invest in Bitcoin or do your personal taxes, the stakes are higher when it comes to your high value assets or your business. So where do you draw the line? When should you roll up your sleeves and get to work or trust your nest egg to an expert? We explore this question in this blog and show you how you can work with experts to keep your finances in tip-top shape.
When should you get professional financial advice?
There’s always a line between things for which you can rely on yourself and things for which you need to bring in a professional. In medical terms for example, you can treat a headache easily with over the counter drugs, but when you’ve broken a limb, you need to see a doctor. But most people shy away from getting expert financial advice because of the fear of incurring high costs, or because they think they can handle it themselves. This can’t be further from the truth. Getting an expert to help you make informed investing decisions for instance, not only ensures that you get high returns on your buy-ins but also gives you peace of mind knowing that your decisions have professional backing.
Additionally, getting your finances right on your own takes time. Whether it is your personal accounts or those of your business, a lot of time and effort goes into making sure that your books balance, your returns are made on time and you’ve claimed your tax benefits when you need to. And if you have another full time job or you’re focused on growing your business, moonlighting as an accountant just doesn’t fit into your overall goals. The secret is to find out which tasks you can handle and which ones require the input of a financial expert.
A financial adviser, according to Investopedia, provides financial guidance to customers for compensation. They can provide many different services including investment management, tax and estate planning. Therefore, you should seek out a professional that specializes in your area of need.
Below is a breakdown of services provided by financial advisers which might be of assistance in your financial journey:
With so many attractive avenues for investments, novice investors often get stumped over which ones they should choose or even which type of investments suit their finances and short/long term goals. If you’ve just started thinking about investments, you should hire an investment manager or portfolio builder to guide your choices. With this professional, you can assess your time frame and risk tolerance and from there, research and select investments best suited to you.
Or if you’ve had success investing on your own in the past, and you’re thinking of expanding or diversifying your portfolio, you may also need additional input from an expert. In most cases, as people approach retirement, their investment style changes from wealth accumulation to wealth generation, which requires the services of a professional.
Claiming tax deductions on your small-time private property can be as easy as using online platforms at minimal costs. However, this is not suitable for all cases, such as when you have rental property, work overseas, own a business, or want to settle an estate. In these scenarios, you may need the help of a certified public accountant (CPA) or a tax attorney who can ease your burden significantly. Forbes says that these professionals not only file your taxes and help you enjoy tax breaks, they can also be the go-between you and the taxation authority in your country if you ever get audited.
This is probably one of the most DIY-ed aspects of financial planning. Most people prefer to handle their savings because they like to be in control of their future. However, even with the contribution of an expert, your savings plan can still be true to your vision.
Because saving goes beyond just squaring away money for tough times and can be your key to financial freedom or even early retirement, you need to get it right. However, without a concrete plan, most people never realize their dreams.
To start on your savings journey, first create your financial goals, itemized in terms of priority. With your goals set, hire a financial planner to help you figure out the recurring contribution to your savings plan and to keep you on track even when things get rough.
Morbid as it may be, it’s important to know what will happen to your property when you die. A common misconception is that having a will is only for the extremely wealthy. But if you own any assets, then you’re the right candidate for estate planning.
Having your property in order when you pass away makes it easier on those you leave behind. If your family is blended or you have secret assets or properties scattered across the globe, hiring an estate manager will be extremely helpful in planning, creating and updating legal documents and making the transfer of property to your beneficiaries easier.
Ureed.com has all you need
If you’re still on the fence about hiring a financial expert or need to hire one on a trial or short term basis, you should hire a freelancer. Ureed.com offers a wide selection of vetted freelance financial experts that you can hire in under 10 minutes. You don’t need to bring on a full time professional if you aren’t really sure about what you need or don’t know how they fit into your financial life.
Also, on the platform, the payments are fee-based and not on commission, so you’re confident that your fiduciary is not out to get you. Finally, since you can compare portfolios and rates that the freelancers offer, you are guaranteed to get the best value for your money.