You should talk with a financial adviser if you are ‘stuck’ on a money issue, that’s a good place to start.
Most financial advisers deal with clients who are already wealthy, but a few do excellent plans to help people with high incomes, but who are in a mess – or stuck – somehow. If you are on a low income and you are struggling the best place to start is with a budget adviser, you can find one by searching online for a member of the New Zealand Federation of Budget Advisers, or visiting a citizens advice bureau.
You have some big goals and you think its worth planning.
It is always worth planning. Anything that takes more effort than checking if you have enough cash in your wallet right now probably deserves a plan. If you are saving for a house, planning on starting your own business, looking at retirement, that big goal up ahead whatever it is, is worth planning for. You will not know how useful the plan is until you sit down and write it. You can get a book and read some self-help stuff online, but a real human asking you hard questions and holding you accountable for a proper answer, that can create real change in your life – and that’s what you want really isn’t it?
Things just changed in a big way
Sometimes you aren’t looking forward to a change, change just barged into your life: someone died, you get married, a child comes into your life earlier than you thought. What do we do now? You can get some advice. Getting good financial advice can help take the breathless panic out of a sudden change, or just expand your range of options if you are locked into thinking about something just one way. Getting someone to think creatively about your situation can help you a great deal.
You unexpectedly receive a large sum of money
An inheritance, a bigger bonus than you thought, a tax refund. A very large sum is one year’s salary or more. These can be life-changing: accelerating you towards your goals. But they can so easily be wasted. A few month’s salary applied to your home loan could tip the balance enough to help you get debt free years earlier than planned. Or be frittered away on a slightly newer car. Of course, if you need the car more than anything else, fine, but maybe take advice?
You need to think about what happens when you are gone
When our favourite wizard knew he was about to die it was a great relief Albus Dumbledore turned up – even if that incarnation was only in Harry’s mind. A plan for when you die – a will, documents organised, an executor, a list of wishes, and so on: these can provide that wise counsel to your loved ones at just the right time.