Key points

  • It’s not just the wealthy who need help with financial planning.
  • Working with a professional could help you attain your goals and minimize your financial stress.
  • Ask for recommendations from friends, and interview different professionals before choosing one to work with.

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It’s a big myth that financial planning is something only the wealthy need to do. It doesn’t matter whether you earn $50,000 a year or $500,000 a year. No matter what your income and assets look like, you need to make the most of your money and resources. And that’s where a financial planner comes in.

A recent CFP Board survey, however, found that only 53% of Americans have worked with a financial planner. So if you’ve yet to give one a try, here are three reasons to do so.

1. You might have an easier time meeting your goals

You might have several near-term and long-term financial goals. The former might include buying a home. The latter might include retiring with enough money in your IRA or 401(k) plan to enjoy your senior years to the fullest.

Working with a financial planner won’t guarantee that you’ll be able to meet those goals. But will it increase your chances? It’s fair to say yes. That’s because a financial planner can tell you how to invest your money in a savvy manner to maximize its growth without taking on undue risk. A financial planner can also help you determine whether your goals are realistic or whether they need to be tweaked.

2. You can spend your money more confidently

Many people enjoy taking vacations. But have you ever put down a deposit on one while harboring feelings of dread due to worrying whether you can really afford a $5,000 island getaway?

If you work with a financial planner, you might be able to avoid feelings like that. That’s because a financial planner can help you map out a budget that accounts for your essential expenses and goals so that when you look to spend money on the things you enjoy, you can feel confident you’re not making a poor choice.

3. You can lower your stress load

Lots of people harbor general financial anxiety. They worry about covering their bills and having enough savings for future goals, even if they’re doing a job of managing their expenses and contributing to a retirement account (or whatever account is most appropriate for their respective goals).

The upside of working with a financial planner is that having help might take a lot of that general worry off the table. And the less stress you’re grappling with, the happier a person you just might be.

It pays to get financial help

No matter what your income looks like or what your goals entail, working with a financial planner is a move that might benefit you in more ways than one. It pays to seek out a financial planner, and a good way to do so is to solicit recommendations from friends, colleagues, and neighbors.

In fact, it’s a good idea to talk to different financial professionals to get a sense of how they work and how much they charge for different services. That way, you can compare your choices and, ideally, land on the right person for the job.

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