It can all seem a little overwhelming and it’s no wonder that people stress over money.

The good news is that if you are willing to plan for your future, invest in yourself and work towards your goals, then your financial situation and lifestyle may look very different. This is where a financial adviser or financial coach can help. It will take time and effort; however, if you are committed to a long-term plan your financial future can be more secure and prepared for.

Here’s our 10 reasons why you need a financial adviser:

1. You are going to live longer
Let’s face it life expectancy has increased. Due to significant improvements in healthcare today. Based on the latest statistics, a baby born in 2009 is expected to have a life expectancy of 79.3 years and a girl, 83.9 years or higher. (Australian Bureau of Statistics, Australian Social Trends, March 2011).

2. Get What You Want & Achieve Your Goals
If you don’t have a destination, how will you know when you have arrived and more importantly how you are tracking along the way. Having financial goals provides a roadmap – it lets you know where you are today, where you would like to get to and the steps required to get there. Along the way there may be reasons why your roadmap needs to be adjusted due to a change in circumstances; however, regularly monitoring your roadmap will ensure that you remain on track to achieve your goals and the lifestyle that you want.

3. High Cost of raising Children
The cost of raising children is significant. These costs can include clothing, food, health and medical care, school, education and tuition fees and much more. Additionally, young adults are generally staying home longer and living with parents which is another cost that impacts the family budget.

4. High Cost of University & Higher Education Fees
More and more children and young adults are enrolling in higher education programs and university than ever before. Investing in your children’s future by supporting and assisting the cost of their education. The cost of university fees alone today is a considerable sum for parents and requires pre planning.

5. Being Prepared
Being prepared means that you feel confident and secure about where you are financially. Being prepared for emergencies and other life events ie; children, education, health care, redundancy, illness, separation, divorce, death or receiving an inheritance means that you can more effectively deal with the issues rather than worrying about your financial situation. Getting your financial life in order removes the unnecessary stress.

6. To Manage Cash Flow
Most of us do not have a saving problem but rather a spending problem. If you find that you are running out of money before your next pay – it may be useful to track where and what you are spending your money on. You will then be able to design a plan to adjust your spending habits to eliminate bad debt and create good financial habits.

7. So You Can Afford To Be Spontaneous
Financial planning is something that seems so boring, however, it can provide you with an opportunity to have some wiggle room in your life for those spontaneous moments to enjoy life. Have you ever just wondered “Hey, we should go on a trip… let’s go today, right now and organise it”. If you have, then your next thought is something like this “Um… work, the mortgage, bills, kids school fee. Your new found perspective on money can provide you with some moments when you can be spontaneous.

8. To enjoy Retirement
We will experience longer retirement and some may spend nearly as much time in retirement as in their careers. If a longer, more active retirement is in your future, it is likely you will need significant financial resources and a plan to enjoy a comfortable retirement.

9. To leave a Legacy
You want to protect what you have built over a generation and pass wealth onto the next generation. What will your legacy look like?. Do you want to be able to provide your family with a healthy legacy or have nothing to leave your children?

10. Empowerment
Money doesn’t buy you happiness but it does empower you. By taking responsibility for your financial wellbeing – you put money to work for you.

What’s you reason for needing to see a financial adviser?

About the author

This article was written by Andrew Tynan, Financial Adviser at Tynan Financial Planners.