Be it big or small, we all make financial decisions on a constant basis. Whether it is to buy a new phone, take an education loan, purchase a house or even plan for retirement, all of us have goals for our comfort and security that we want to accomplish through our finances. Apart from this, with the prevalence of credit cards and EMI options available, many people – particularly millennials – tend to rush into purchases that they may not necessarily be able to afford. Furthermore, you may also have student loans or other forms of debt that need to be paid back. Organising these factors efficiently will require you to create a financial plan. In this regard, starting to work with a personal financial advisor, as early as possible, will always be to your benefit and here’s why:

1. You’ll save a lot of time:

When it comes to making important financial decisions, working with a professional can save you a lot of time. By consulting them, you will be able to arrive at the best choices for your present situations and future goals much faster than you would by yourself. This is especially true for new investors who may not have enough experience in finance, or when it comes to making a crucial financial decision. Apart from this, when it comes to part-time investors, they help you make the most efficient use of the little time you are able to reserve for your finances.

2. You make the best use of all opportunities:

Apart from just deciding how to allocate your funds appropriately, financial planning also involves securing the right amount of insurance for you and improving your tax efficiency. Working with an experienced financial planner is the most effective way to know that you are making the best use of all opportunities available to you. This can be particularly important when it comes to long term planning like buying a house or your retirement. 

3. You’re less likely to make a costly mistake:

The world of finance can be an extremely tricky place to navigate, especially for new and part-time investors, who may not have sufficient experience or time to analyse all variables that could affect their decisions. You can ensure that you don’t make any costly mistakes by consulting a professional financial advisor. In this regard it is best to work with a Registered Investment Advisor (fee-only), to avoid any conflict of interest while making decisions.

4. You’ll maintain peace of mind:

Just because you are young doesn’t mean you will be able to avoid all contingencies unscathed. Thinking about how events like losing your job, contracting a serious illness or the possibility of an early death can affect your loved ones and your goals can seriously affect your peace of mind. By working with a financial advisor who has your best interest in mind, you will be able to mitigate this financial stress by planning for all contingencies.

5. You can build a strong relationship with your advisor:

When it comes to choosing the right advisor for you, it is a matter of someone you can trust and who understands your situation well. By finding the right financial advisor early, you will be able to build a strong relationship with them. It will also be a much more personal and comfortable relationship as they would have been with you through the different stages of your life, and aided you with getting past the tough hurdles to achieve your goals along the way.

In today’s world, there are no excuses left when it comes to consulting a professional for financial advice. Working with a financial planner has become extremely affordable, and you should definitely consider it as early as when you get your first job.