It is the dream of many people to be rich! Or, if your plan is not to be filthy rich, at least be comfortable enough with your finances so that you can afford to buy the things you desire when you want to. Most people simply don't realize that in order to have lots of money in your life you have to put in a lot of work. Not only do you have to work hard at earning money, but you also have to work hard at managing your money once you have more than enough.
I'm sure you've heard the horror stories of people who have won the lottery, but in no time flat they have lost it all. When you have money, you also need to know how to protect it, and grow it. In order to do this properly, most educated people seek some independent financial advice. First off, you don’t need to find someone that you simply hand everything over to and let them manage your money completely. That's a terrible decision! What you do need is an advisor that is paid by the hour AND can help you manage your finances. There is always a lot involved when it comes to managing money. There are different types of investments that you will need to become educated on such as bonds, stocks, mutual funds, and ETF's. Some people get into property investments and lending money to others for various real estate projects. Most people simply don't have time to learn all the ins and outs about each type of investment. This is where an independent and professional financial advisor can help you. How do you find a good financial advisor? When looking for an independent financial advisor, it is difficult to know who you can trust with your money. After all, you don't want to trust your money with just anyone out there. You can start by asking for referrals from your friends, family members, and co-workers. If they have someone that they trust with their money then that is usually a good starting point. There are also a number of financial advisor options on the internet. If you find an advisor online, I recommend that you find one in your local area so you can meet them in person first. They should have a reputable office location and credentials.
When you meet with a potential financial advisor, you should ask them whether they are an independent or a "tied" agent. A tied agent works for a specific company and will only recommend services or products that their specific company provides. It is usually not the best option for you. An independent advisor isn't biased to one company and is more likely to work with your best interests in mind.
Independent financial advisors work for a number of different companies, therefore they have a wider variety of products and services to offer you in order to meet your financial goals. I recommend a fee based advisor so your advisor will not try to sell you products or services that will earn them a high commission. Ultimately, you want an advisor that is going to include you in all decisions and will explain all the options to you. You want an advisor that will help you to make a decision based on what is in your best interests. Always remember this is your money and your financial future at stake. You want to stay informed and keep tabs on your investments. Whatever you do, choose an independent financial advisor that you can trust and feel comfortable to help you with your investment choices. |
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October 2020
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