What is a financial planner, and do you need one? This is a question that is on everyone’s mind as we head into the second half of 2022. At Pro Vision Wealth, our team of Wealth and Tax Strategists work with our clients to create smart financial roadmaps to lead them to a better future through building wealth and advising on the best investments available. But what role do our financial planners play in building wealth?
Why Do You Need Financial Planning?
1. For controlled savings – saving money is the foundation of financial planning. You need to be able to identify your living expenses, build a budget around that, and stick to it in order to have money available for investments, retirement, or savings.
2. To be ready in case of emergencies – financial planning allows you to put aside enough money to handle unforeseen medical expenses, lost wages, or mechanical repairs.
3. For a better standard of living – when you build wealth, increase your savings, and prepare yourself to reach major financial goals in life you will see your standard of living improve.
Financial Planners Help You Prepare for Life Goals
A financial planner (sometimes called a financial strategist) can help you plan and implement financial strategies that will help you realize your financial goals. Much in the same way that a personal trainer or a life coach would help you train for a marathon or help you reach career goals. Financial planners are experts when it comes to understanding taxes, financial savings, inheritance planning, and investments and they leverage this knowledge to help you make smart financial decisions to help maximize your wealth. Below are a few areas where financial planners can really come in handy.
Wealth Creation
How do you start building wealth? What does it mean to build wealth? Once you build wealth, what can you do to keep it? A financial planner can help answer all these questions and more. Whether your goal is to build wealth by purchasing a home, investing in stocks and bonds, or creating a cushion for retirement—the Wealth Strategists at Pro Vision Wealth can help guide you through the process from start to finish.
Child’s Education
Do you dream of sending your child to an Ivy League school? Many parents would love to but the thought of paying hundreds of thousands of dollars out of pocket or even worse, taking on student loan debt can be terrifying. Luckily, there are high-yielding college savings plans that can help you put away enough money to give your child the best education. A financial planner can help you identify which savings plans are best, how to leverage these accounts for maximum financial growth, and how to ensure that you can use the money when the time comes without unnecessarily increasing your tax burden.
Investment Planning
How do you know which investments are the right investments? Do you trust armchair experts, or would you rather trust your investment planning to a professional with a proven track record of helping clients grow their wealth through smart investments? A financial planner is a professional who can help you understand your goals, what level of risk you are willing to take on, and which investments to make based on your goals. Additionally, a financial planner can help you prepare for paying capital gains on any profits that you earn through your investments.