Tiffany Raiford
When it comes to financial planning, some people are under the impression they desperately need a financial advisor, but this is not necessarily the truth. Some people believe that they cannot handle their own finances – and some people are absolutely correct in this assumption – but others are perfectly capable of handling their own finances and they do not need the assistance of a financial planner. Which one are you? There is no way to tell unless you look at the many reasons why hiring a financial advisor might not be the best course of action for you. Of course, you might find that you benefit from hiring one to help you with your estate planning and financial future. But if you fall into the category of people who look at this list of the many reasons why a financial planner is not a good idea and agree with this consensus, it’s high time you start handling your own finances and stop worrying about leaving them in the hands of others.
It’s Expensive
Hiring a financial advisor is a huge financial undertaking. These are people who are very expensive, very profitable and always looking to make more money. Of course, they’re looking to make you more money, too, since that’s what’s going to make them more money. But if you handle your own financial future, you don’t have to worry about giving so much of your own money to other people when you could just keep it all for yourself.
It’s One More Person to Meet With
Do you actually have the time to sit down with other people on a regular basis and discuss your finances or would you rather handle this when you have the time, which is usually at 11 pm after everyone is in bed and you have some time on your hands in which to focus on the importance of your finances? We thought so; a financial advisor is just one more person to deal with that you don’t have time to deal with.
Do You Trust Others?
One of the biggest reasons a financial advisor might not be the best decision for you is your level of trust. Do you trust someone else to so closely handle and monitor your finances? Most people do not, and that’s all right. But hiring an advisor and putting your trust in that person will provide anxious people with a great deal of stress thanks to the fact that they just find it so difficult to deal with other people and their money.
You can do it Yourself
Believe it or not, you are perfectly capable of handling your own financial needs. You might not think yourself capable of this endeavor, but you’re a smart person with intelligence, which means you are perfectly capable of doing this on your own. Do your own financial planning and you will find that you have some peace of mind and some confidence in what you are doing.
You Don’t Have that Much Money
Most people need at least a certain amount of wealth to hire a financial advisor, and the average Joe simply does not have that kind of money. If you aren’t overly wealthy, you might just want to make the decision to skip out on the advisor and make the decision to go with your own financial advice. It’s not that difficult, but it’s also a decision that might be made for you depending on your financial situation.
They’re Not Always Trustworthy
This is not true of all advisors. Many are trustworthy, honest people who just want to make a living. However, there are always those who ruin it for everyone, and you just don’t want to be that person. It is worth the risk of losing everything you have just so that you can hire an advisor that may or may not be trustworthy enough to handle your finances correctly?
You Butt Heads
Your financial advisor should be someone that works for you but it’s afraid to offer some great advice. However, you do have to worry about the fact that if you hire one and butt heads, you will not be happy with the decision. If you’re not good about taking advice and help from others, it’s probably best just to walk away and not worry about hiring one of these advisors.
Your Advisor Does Not have your Best Interests at Heart
Do you have an advisor that does not listen to you? Do you have an advisor that wants to take an aggressive approach even though you want to stay away from aggression in your life? You have to make sure that if you are hiring an advisor that he or she has your best interests at heart, and sometimes this is difficult. If your advisor is someone who does not work this way, it might be time to part ways with this person and start handling your own financial future.
The More You Make, the More They Take
It’s the simple truth in all aspects of life. The government is already taking a lot of your money. Everyone is always taking more of your money. The more money you make, the more money these people take – it’s the truth of the matter, and it just plain stinks. Do you really want someone else with their hand in your fortune taking more of your money just because you are earning more money? Probably not. Sometimes it’s more profitable to you to make less and pay out less to someone else for handling this on your behalf.
Savings is Better
You can save money by not hiring a financial advisor, and you can invest that money on your own. It might sound intimidating and dangerous, but it’s something many people do on a daily basis with great success. Take some classes, learn as much as you can and take your own advice. And additionally, you might just find that the savings aspect of not having a financial advisor on your team is the most profitable.
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