Reasons for Financial Planning: How an Advisor Can Help After You’ve Been Injured
When you initially think “financial planner,” you may think you have to be wealthy, you’re close to retirement or you want to play the stock market. But that’s not true. In reality, there are many different reasons for financial planning and benefits to hiring and working with a financial advisor.
For example, what if you have been seriously injured in an accident? The first thing on your mind may be to recover and get back to normal. But before you can do that, you first have to think about your journey to recovery. How long will it take? How much will it cost? How much work will you have to miss? Will your injuries require long-term care?
These are all questions that need answers. After all, a car accident can cost thousands of dollars and lead to many types of injuries. You could injure your back, break a bone or suffer head trauma. Your injuries could last a couple weeks, a couple months, a couple years or even the rest of your life.
At this point, finances become a big deal. How will you pay for your medical bills if you cannot work? If you do receive a large settlement, how do you make it last so you can take care of your medical needs for many years?
Financial advisors are good for situations like these. Whether you’ve come into a large windfall or need to figure out how to save money for medical treatment for an injury, a financial advisor can help you plan for the present and the future.
While many people use financial planners because they are high earners who have trouble handling their wealth, you can also use them for specific planning needs, such as after suffering an injury accident. A minor injury may not affect your financial status too much. However, if you have suffered a moderate to severe injury, you could end up struggling financially for many months or even years.
Dealing with long-term medical bills requires a specific financial strategy. You may receive money from a settlement and need to allocate money appropriately. Even if you don’t receive a settlement, a financial planner can help you invest what money you do have so you can receive a large return. Some can also help you with tax-saving strategies so you can save money and secure your future. A financial planner can help plan your future accordingly.
Planning Ahead
Planning ahead and working with a financial advisor before something like this happens can help tremendously. A financial advisor can help you set up an emergency fund, so you have money that can be easily accessible. Planning ahead can also take away some of the anxiety of trying to find an advisor last minute when life is already stressful.
Trying to find the best financial advisor in these types of situations can lead people to make a rash decision and unfortunately hire the wrong professional.
Selecting a financial advisor should be a thought-out, five-step process:
- Use the Internet to find financial advisors who meet your requirements.
- Use the Internet to research the advisors’ credentials and ethics.
- Contact your top candidates to conduct pre-interviews.
- Conduct in-depth interviews to learn more about advisors.
- Select the advisor with the best qualifications.
As you can imagine, waiting to find a financial advisor until a stressful situation happens, like a major accident, can make this process impossible, and therefore lead people to make a quick decision. This can be very detrimental.
Taking a bit of time now can save you time, money and stress down the road when you need to rely on the money you’ve saved.
I am passionate about helping investors select the right financial advisor and not be persuaded by slick salespeople with a good sales pitch. And I recently released a new book that walks them through this process step by step: “5 Steps for Selecting the Best Financial Advisor: How the Internet has Changed the Game for Investors and Financial Advisors.”
I cannot stress enough how important it is to take the time to find the best financial advisor to work with and not take the easiest route, such as via a referral or an assumption. The Internet is a powerful tool that gives investors the power and control of selecting who to work with. The Internet allows you to find the right advisor, one who is local and specializes in your specific needs.
Other Reasons for Financial Planning
An injury is just one reason you may need a financial advisor and be left to make the wrong decision. Consider these other life-changing events:
- New baby on the way
- Loss of job
- Sudden illness for you or a family member
- Unexpected death in the immediate family
- Moving
- College plans
Being prepared ahead of time is crucial to making a smart decision and protecting yourself financially. Having a financial plan can be beneficial for many reasons.
How Paladin Registry Can Help
If you are in need of a financial planner for a personal injury or other reason, Paladin Registry can connect you to the right one. Just tell us what you are looking for and we’ll show you five-star rated financial planners and advisors who can help. We use a special program that helps you find financial planners that have the best backgrounds and ratings, as well as the education and experience to fit your specific needs.
The good news is that we do this for free. We protect your privacy in the process and there’s no obligation. We have been in business since 2003, so we have many years of experience. We have matched more than 325,000 investors to top financial planners and we can help you as well.
To learn more about our services and find the right financial planner for your needs, contact us today.
Jack Waymire worked in the financial services industry for 28 years before he left to found the Paladin Registry (www.PaladinRegistry.com) in 2004. This investor education website was based on the Principles in Jack’s first book: “Who’s Watching Your Money? The 17 Paladin Principles for Selecting a Financial Advisor.”
The Registry also has a free service that matches investors to advisors who meet Paladin’s minimum requirements for competence and trustworthiness.
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