{"id":29065,"date":"2017-12-01T14:09:51","date_gmt":"2017-12-01T18:09:51","guid":{"rendered":"http:\/\/www.andysowards.com\/blog\/?p=29065"},"modified":"2023-03-07T16:20:53","modified_gmt":"2023-03-07T20:20:53","slug":"hire-financial-advisor","status":"publish","type":"post","link":"https:\/\/www.andysowards.com\/blog\/2017\/hire-financial-advisor\/","title":{"rendered":"Should You Hire a Financial Advisor?"},"content":{"rendered":"

Money can be a problem. It can solve a lot of problems, to be sure, but it can also create new ones. It\u2019s obviously better to to be in a situation where you\u2019ve suddenly got a lot more money than it is to be in a situation where you\u2019ve suddenly lost a lot of money. Just because you have money now doesn\u2019t mean you always will, though. It can disappear just as quickly as it appeared, so you need to come up with a plan for both the present and the future of your funds. That may very well mean consulting with a financial advisor.<\/p>\n

New money vs. old money<\/h3>\n

\"how-old-money-and-new-money-habits-differ\"<\/a>
\nHow Old Money and New Money habits differ<\/em><\/p>\n

You may have heard people talk about the difference between \u201cnew\u201d and \u201cold\u201d money. There\u2019s a stereotype where people with old money tend to look down on those who just became wealthy. If your family has been wealthy ever since your great-grandfather started a business that soon opened up locations all over the country, then you\u2019re considered old money. New money is a term reserved for people who, for example, just won the lottery. Both groups of people can benefit from consulting with an experienced financial advisor.<\/p>\n

\u201cBut I\u2019m rich, and I can handle it on my own\u201d is something you hear from people who just received some sort of windfall. An unexpected windfall comes when you win the lottery or have a really, really good night at the casino. An expected windfall is something like an inheritance from your grandfather that you\u2019ve known about since you were a teenager. There\u2019s something about coming into money that makes people feel invincible. They might think, \u201cWell, I must be doing something right,\u201d but that\u2019s a logical fallacy. If you\u2019ve gotten rich by taking a chance on a certain stock that skyrocketed in value, that\u2019s great, but it doesn\u2019t necessarily mean you\u2019re equipped to handle all that money on your own. Financial advisors literally make it their life’s work to help other people successfully handle money. Advisors can give you investment advice that makes sense for you. You want to grow the money you\u2019ve earned, not watch it vanish into thin air. So many lottery winners end up worse off than they were before they hit the jackpot. In most cases, that comes from poor money management skills.<\/p>\n

Learning about finances<\/h3>\n

\"5-must-know-personal-finance-tips-freelancers\"<\/a>
\n5 personal finance tips every freelancer should know<\/em><\/p>\n

If you don\u2019t know how to manage a sudden influx of money, that\u2019s OK. Most of us weren\u2019t taught a lot about money management at home, and most schools don\u2019t have financial literacy classes either. When you sit down with your financial advisor, you can list your goals and then go from there. Maybe you want to finally build a house for your family, or you want to pay off the last of your student loans. Those are worthy goals. You don\u2019t have to invest all your money, but you shouldn\u2019t spend it all on cars and houses either. There\u2019s a happy medium to be found, but before you can do that, you need to find a financial expert who can help you get to where you want to be.<\/p>\n","protected":false},"excerpt":{"rendered":"

Money can be a problem. It can solve a lot of problems, to be sure, but it can also create new ones. It\u2019s obviously better to to be in a<\/p>\n","protected":false},"author":1,"featured_media":29067,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[109,5695,225],"tags":[6635,1375,6593,6633,5891,399,400,988,578,6870,6594,5898,688,3200,1011,167,2692,6600,7904,533,7036,6228,1399,115],"yoast_head":"\nShould You Hire a Financial Advisor?<\/title>\n<meta name=\"description\" content=\"Money can be a problem. It can solve a lot of problems, to be sure, but it can also create new ones. 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It\u2019s obviously better to to be in a situation where\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.andysowards.com\/blog\/2017\/hire-financial-advisor\/\" \/>\n<meta property=\"og:site_name\" content=\"Daily Business Resources for Entrepreneurs, Web Designers, & Creatives by Andy Sowards\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/facebook.com\/andysowardsfan\" \/>\n<meta property=\"article:published_time\" content=\"2017-12-01T18:09:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-07T20:20:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.andysowards.com\/blog\/assets\/5-must-know-personal-finance-tips-freelancers.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"624\" \/>\n\t<meta property=\"og:image:height\" content=\"381\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Andy Sowards\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@andysowards\" \/>\n<meta name=\"twitter:site\" content=\"@andysowards\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Andy Sowards\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.andysowards.com\/blog\/2017\/hire-financial-advisor\/\",\"url\":\"https:\/\/www.andysowards.com\/blog\/2017\/hire-financial-advisor\/\",\"name\":\"Should You Hire a Financial Advisor?\",\"isPartOf\":{\"@id\":\"https:\/\/www.andysowards.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.andysowards.com\/blog\/2017\/hire-financial-advisor\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.andysowards.com\/blog\/2017\/hire-financial-advisor\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.andysowards.com\/blog\/assets\/5-must-know-personal-finance-tips-freelancers.jpg\",\"datePublished\":\"2017-12-01T18:09:51+00:00\",\"dateModified\":\"2023-03-07T20:20:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.andysowards.com\/blog\/#\/schema\/person\/2e0f72bd7f6497fd883e2bd67d9f3415\"},\"description\":\"Money can be a problem. 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