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Wednesday
Jul052017

Money Matters: The Most Important Times to Ask for Financial Advice

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There are times in life when you need to ask for help. While there are lots of things you can work out on your own, you sometimes need assistance from others. You might need professional advice or even access to some important resources to help you out. When it comes to money, there can be several different occasions when you need to ask someone for help. The help could come in the form of money, but it could also be advice and resources that make it easier for you to manage your finances. There are times when financial advice if useful and times when it's essential. 

Facing Unemployment

 It's pretty common to face some sort of instability in your employment at some point during your life. You can't always predict when you might lose your job, although you can sometimes see it coming. If you're facing possible unemployment, it can leave you panicking where money is concerned. You might be able to collect unemployment or have severance pay, but it will only help you for so long. If you know unemployment is coming your way, it's a good time to ask for financial advice. There are a few people you could talk to, from an employment lawyer to someone who could let you know about any assistance you might be able to get.

Struggling with Debt

 Everyone is likely to have some kind of debt as an adult. It can range from student debt to a mortgage, credit cards or short-term loans. While you can often manage your debt well, there are times when it can become overwhelming. You might have a change in circumstances, making it harder to meet your payments. Or you could end up stuck in a cycle of debt that you can't afford to get out of. In these situations, you might need to get help with debt consolidation or seek advice on managing your debt. Debt consolidation is often a useful option because it can turn your debts into more manageable payments. You can also get advice that includes things like negotiating with creditors and working out a payment plan.

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Planning for the Future

We all need to make plans for the future, no matter how old we are. That might mean planning for college, or it could be thinking about retirement. It's not always easy to plan for the future, but always managing money in the moment can be hard too. If you're making future plans, it's worth looking for advice on how you should think about your finances. You might need to consider a range of things, from loans to investments. So you could benefit from advice from a few different people, from financial advisors to investment brokers.

Making a Big Life Change

Many things in your life can be huge changes that affect your finances. For example, getting married or having a child, going back to school, or moving to a different country are all huge events. They could all require you to start managing your money differently. If you're getting married and combining your finances, it's worth speaking to a financial advisor as a couple to decide how to handle things. If you're having a child, you might need to reconfigure your household budget, or maybe you want to make plans for your child's future. Sometimes, you might just need to speak to a bank employee, but other occasions might call for advice from other financial professionals.

Suddenly Coming into Money

Everyone dreams of suddenly coming into a large amount of money. You could win the lottery or another big prize, or perhaps inherit some money or have an investment come good. When you suddenly have a lot more money in your bank account, it can feel thrilling but also overwhelming. One of the main reasons you should seek financial advice in this situation is if you don't want to end up spending all your money quickly. Even if you win a huge amount on the lottery, it could be gone in a couple of years if you start spending indiscriminately. A financial advisor, and especially one who specializes in people who are suddenly wealthy, can help you out. If you want to make the most of your money, you can save and invest it to get it to go further. 

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Starting a Business

Starting a business is a popular choice for people who want to be more in control of their financial future. However, it's a lot of work and can also be a big risk. Anyone who's thinking about launching a business should make sure they know how it's going to work out financially. Advice from business experts, entrepreneurs, investors and more can help you to get a realistic picture of the financial demands of launching a business. Speaking to an accountant is often useful too.

When Someone Else Asks You for Money

Other people often have money issues too. When they do, they sometimes approach their friends or family members to ask if they can borrow some cash. While you might want to help them out, you can also be hesitant to lend money to other people. You won't necessarily have a lot of money to spare either, and perhaps you're unsure if you're going to get your cash back. It can be worth asking for financial advice in this situation, but you might be likely to do it less formally. Perhaps you can ask someone else you know for advice, or even use an online advice forum to ask a personal finance expert.

Retirement

In addition to leaving home and some other big life events, your retirement is one of the biggest shifts in your financial circumstances. You're no longer working, although you should have an income or funds of some kind. Making sure you have enough money for your retirement can be tough. If you get financial advice, you can plan the best methods for managing your money.

If you need help with your finances, don't try and struggle on your own. Professional advice can help you to stay afloat or improve your financial position.

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