Contrary to what you may think, there isn’t a specific “moment” when you should consult a financial planner to realign your personal financial landscape.
Financial planning and wealth protection are instead an ongoing process that evolves with your environment.
This simply means that you can adjust the plan based on what’s happening in your life. After all, it’s about you, isn’t it?
However, here are 4 situations that, as the captain of your financial situation, will force you to adjust course (or just tweak it a little to change direction).
#1 – Someone leaves or joins your family
I know, you can’t leave your family to join a new one. A family isn’t like a professional hockey team. There’s no draft or free agency.
Goodbye
However, sometimes a family breaks apart. This could be due to separation or even death. Whether you were ready for it financially or not, it’s valuable to contemplate your new circumstances and assess the diverse financial consequences.
Share your heart
On a happier note, sharing your life with the new person chosen by your heart is certainly a commitment, but in this new perspective, I would strongly suggest committing to reviewing your finances and new obligations as well.
One or more children
Welcoming one or more new children into your family will also have a considerable impact, not only on the cleanliness of your home, the quality of your sleep, and your level of patience.
Raising a child not only challenges your physical and mental capabilities but also heavily drains your financial resources. In both cases, in the short and long term.
Fortunately, new parents can benefit from numerous measures aimed at helping them financially. It would be wise to align your plan to take advantage of them as much as possible. As for your physical and mental capabilities, well, take care of yourself. ?
#2 – You enter a new financial reality
Almost all personal finance manuals mention a certain financial lifecycle through which you will pass various key stages.
Although one might believe that each of these important stages presents specific characteristics, the reality is that they all have one thing in common: a variation in your financial resources.
Throughout your life, sometimes you will spend more and be more indebted, while at other times you will have substantial income and fewer expenses.
A variation in your income or expenses, whether up or down, should prompt you to instinctively review your financial planning.
Let’s hope it’s due to a significant promotion or an immeasurable business success! ?
#3 – You have a significant project that could change your life!
We all have projects. Some are more laid-back, like spending an evening browsing Netflix, and others are more ambitious, like starting a business.
Whether you want to market your brilliant idea, share your eminent expertise with many people, or consider investing in a significant asset, it’s important to incorporate all of this into your financial planning to facilitate the achievement of this coveted goal.
#4 – You have a new vision of your existence
Life can change. As individuals, we can evolve through it and have new perspectives on what is truly important to us and what we wish to accomplish.
Regardless of how you got there, if you have a new vision of your existence, there’s a good chance that it has significant financial implications. It’s worth revisiting your plan.
To conclude!
Keep in mind that your wealth management plan will continuously evolve, which emphasizes the importance of working closely with a competent professional in the field, one who is also rigorous and attentive to what’s happening in your life.
Until your next meeting with this ally, continue to keep an eye on things!
