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Amid the news that Elon Musk’s fortune plummeted by an estimated $182 billion in 2022 – earning him a spot in the Guinness Book of Records – you might wonder whether he could have gotten better financial advice.
Of course, you don’t need wealth on the scale of the Twitter/Tesla/SpaceX owner to benefit from sound financial guidance. In fact, financial planning, or guidance from a financial advisor, could help everyone get a firmer grip on their finances – and achieve their financial goals at different life stages.
Here are five ways in which a financial advisor could help you:
1. Protecting your loved ones
One way a financial advisor can help you is by ensuring you and your family are protected in case of a change of circumstances – from an unexpected job loss, to an illness that stops you from working, to death. A financial advisor can help wade through the many life insurance and income protection products on the market. Protection-first planning will give you peace of mind.
2. Supporting your loved ones
Planning your finances, including your savings and investments, can help you support your family members in achieving their own goals, too. You might want to pay for a child’s wedding, help them buy a car, or even help them purchase their first home. Or you might want to support your partner in reducing the amount they work. A financial advisor can help you set savings and investment targets to support your family’s big-ticket financial goals.
3. Planning the perfect retirement
Whether your dream retirement involves a boat in the Keys or just more time in the backyard, a financial advisor can help ensure you’re putting aside enough money to enjoy the retirement you want and that you’re protected should you need extended care. They’ll take a look at what support you can expect from the government, any existing pensions and investments you have, and any savings before working out what products or portfolio of financial vehicles can best protect you while helping you get to where you want.
4. Buying or paying off a house
Whether you’re looking to get a down payment and mortgage for your own home, considering borrowing more to upsize, or wanting to pay off your mortgage, a financial advisor can help. Mortgage borrowing criteria have gotten tighter in the past year and an advisor can help you navigate the market – as well as work out how much you can afford to borrow and repay each month.
5. Saving for a specific goal
A financial advisor can also help if you’re looking to work toward one particular goal of your own. You might be looking to buy a new car, purchase a second home, take a family vacation, or even throw an epic party for a milestone birthday – and an advisor’s professional guidance in short-, medium- and long-term planning could help you get there.
Whatever your financial goals, and whatever your wealth, a financial advisor with a protection-first plan can give you peace of mind and get your finances in order so you can start working toward your financial objectives.
If you would like the help of a financial advisor, speak to a Local Professional | Eagle Strategies LLC*
If you are a financial advisor yourself – or want to become one at New York Life – visit our careers hub to find out more about our current opportunities**.
*Eagle Strategies LLC is a Registered Investment Adviser and a New York Life Company.
**New York Life is an Equal Opportunity Employer - M/F/Veteran/Disability/Sexual Orientation/Gender Identity
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