You may wonder when to hire a financial planning advisor in Orange County. You might have heard that it’s best to work with an advisor once you’ve reached retirement age, but there are several other reasons why it’s beneficial to start working with an advisor earlier in life. Here are some situations where you should consider hiring a financial planner:
Advice on Retirement
Retirement planning is one of the most critical aspects of financial planning. It’s not just about saving money but also about ensuring you have enough to live comfortably in your golden years. A financial planner will help you create the best retirement plan based on your goals.
Investment Options
Before hiring a financial advisor, you must understand the investment options available. The investment options vary across products and depend on your risk profile, time horizon, and income level.
Create a Budget
A budget is a plan for your money that includes the things you want to spend on and how much you can afford. You can create a budget with a pen, paper, and calculator or online. You’ll need to set up automatic payments from your bank account into separate accounts for specific expenses such as groceries, clothing, and entertainment. Track how much goes out each month and compare it with what was left over at the end of each month. If there isn’t enough left over at the end of each month, consider cutting back on some categories until they’re in balance again.
Insurance Options
If you’re unsure how much insurance you need, it’s time to get some advice. A financial planning advisor in Orange County can help you determine the right coverage for your situation, factoring in your age and family status. They may also suggest other types of coverage that might be appropriate for you, like disability or life insurance.
If you’re looking for a trusted financial planning advisor in Orange County, visit the Cooke Wealth Management, LLC website.
