Too often people make an initial appointment with a financial planner and then really don't spend time after that in a meeting with the professional. They may have the occasional phone call, but coming in for an annual or semi-annual chance to talk about your financial future may not be a priority.
If you were to meet with a financial planner on a regular basis, you would have the option to learn a lot of ideas, tips, and strategies you can use for investing, planning for your future, and even maximizing the potential of your savings.
Some of the most common tips and strategies provided by top financial planners include:
- Talk to your spouse/partner – If you are not communicating about your financial plans and goals, you may easily be working against each other. By having a uniform approach and then meeting that approach in a way that works for you both is the only way to stay on track.
- Check your insurance – Everyone needs insurance, but it is possible to be over insured or insured for things that are not an issue. For example, if you are a single adult with no dependents, your need for life insurance is minimal. You may also have insurance on things you don't need like extended warranties on low-cost equipment that can be dropped.
- Planning for kids – If you are a couple planning a family, your financial planner will provide you with some great options to not only save but to have the budget in place as the income drops from two to one salaries or is otherwise reduced.
- Have an investment strategy – Many people tend to bounce from one investment to another depending on what is being recommended at the time. This is never effective. A planned approach to diversifying your portfolio and combining different types of risk levels in your investments will give you the maximum potential while also playing it safe.
- Look for ways to make money work – Often you will find that something has changed in your financial world that the financial planner can help you to capitalize on or reduce its impact.
Meeting with your planning professional at least once a year is time well spent. Make it an annual tradition; you won't regret the decision.