A MyPF original 13 Reasons Why: After hearing of people getting stuck in a financial rut, MyPF readers receive a series of tips that unravel the mystery of personal finances.
Contents
#1. Check and Balance
In every situation we face, each individual has opinions and thoughts that differ from the next person as our opinions are colored by our personal experiences. In our bid to make the best decisions, after gathering everybody else’s correct yet different input, whom should we really listen to? A Personal Finance Advisor (PFA) is available for you to bounce ideas off, discuss the different possibilities and outcomes to various financial situations and to ensure that whatever financial decision you make in the end is backed by research and facts; and not emotionally driven, and catered to your exact needs.
65% of investors say they struggle to avoid making emotional decisions about their money during market shocks. – Time.com
#2. Accountability
We all need that extra ‘push’ sometimes to reach our goals. While some of us are strongly intrinsically motivated to achieve those goals, we would benefit from encouragement and guidance from a knowledgeable coach who can ensure your efforts are directed the right way to keep you on track and to spur you on to achieve your goals.
For this reason, it’s worth considering an extra coach whether in the form of a personal fitness instructor to achieve fitness dreams, or a PFA for financial success.
#3. Financial Education
No matter how intelligent we are, it is impossible to know EVERYTHING in life. So, why not engage an expert in a particular field, such as a credible PFA who knows best about personal finance practices, performs investment analysis, asset allocation, and who uses that knowledge to guide you in making an informed decision? Financial seminars or investment workshops are useful in acquiring specific skills but the onus is on you for lifelong financial learning.
#4. One Less Burden to Carry
There are enough stressors in life and your finances need not add to your list of burdens to shoulder. Life is short. Live to the fullest, invest in people who matter most, and leave your financial worries to your PFA. A trustworthy, reliable PFA who places your needs above personal gains is no doubt hard to find but once found, is your priceless treasure.
#5. Prevent Unnecessary Financial Loss
Yes, what goes up must come down. While it is impossible to predict the movement of stocks because of its high volatility; it is possible to avoid unnecessary loss if one has an investment plan, does due diligence and takes necessary action. There are some things that you don’t have to experience in life – irreversible financial loss is one of them!
#6. Expertise Access
Similar to other professional jobs, well-known financial educators also have their own area of specialization or expertise. Want to learn a specific area or need specific advice, but don’t know how or where to find them? Chances are higher in connecting with them by asking a knowledgeable PFA.
#7. Better Financial Decisions
Making better financial decisions is just a text, call, or e-mail away. How blessed we are in this digital age where technological advancement provides convenience that equals life enhancement. Need advice on whether stocks you’ve been eyeing is a good buy? Is Bitcoin a safe investment platform? Your dependable PFA is now a mere button-click away.
#8. Financial Freedom
What does financial freedom mean to you? It’s definition varies and may look very different for the Joneses. How much do you need for your retirement fund? Have a customized financial plan tailored by a thorough PFA to reach your financial independence sooner than later. Financial freedom is achievable for everyone! Let’s not be among those who unfortunately go through life without realizing how possible it is to experience financial freedom.
#9. Personal Finance Goals
Are you able to meet your financial obligations? Is the amount in your emergency savings sufficient in case of retrenchment? Which debt should you prioritize to pay off? Can you travel wherever and whenever you like? Or maybe you’re a foodie and would like to order without having to look at the right side of the menu anymore? An experienced PFA is able to provide you the answers and guide you to reach your goals.
#10. Risk Management
Are you overpaying for your life insurance coverage? Is your current medical and disability insurance coverage sufficient? Is a personal accident insurance necessary? A trained PFA helps you find answers catered to your individual needs.
#11. Investment Planning
We have all heard the phrase “Don’t put all your eggs in one basket.” How much do you allocate to diversify your investments? What kind of investments should you be looking at based on your age and income? You need to look at personal finance, risk management, investment planning and financial freedom as separate yet interrelated entities. Having a qualified PFA helps you make that distinction clearly to make better decisions and guide you in your overall financial portfolio.
#12. Taking Responsibility
Contrary to popular belief, you don’t need to be rich to justify engaging a PFA. Depending on where you are on your journey of financial independence, engaging a reliable PFA helps you grow, maintain, protect, and further your wealth. You could be a bright-eyed-bushy-tailed fresh graduate, a worried housewife, or even a successful tycoon leisurely enjoying life. This is about you taking responsibility for your finances; safeguarding yourself (and loved ones) from potential sticky financial situations that could negatively affect the quality of life that you had envisioned for you and your loved ones.
#13. You are Worth It!
Essentially, you are investing in yourself. The returns are not quantifiable for the choices you make today for the lifestyle that you wish to have tomorrow.
Engaging a financial advisor adds value and a good one is an investment, not an expense. There are a plethora of options to manage your wealth and it can be difficult to trudge through the complex financial landscape alone. At MyPF, you’ll never walk alone! MyPF offers more than just advice.
We help you grow – simply but surely! – MyPF
More Info
- The positive impact of having financial advice by Investment Funds Institute of Canada (IFIC.ca).
- Get a FREE personal finances consultation with financial planners via MyPF Premier membership trial.
And…these people don’t come cheap, right?
There’s even a FREE MyPF Premier 15-day trial