Have you completed bankruptcy and are ready to start on the new chapter in your life? For many Americans, one part of that next chapter should include meeting with a financial planner. Are you one of those many who would benefit from making this a priority? Here are a few good reasons to do just that.
1. You Get Expert Advice. Most Americans are not savvy about the financial system and what it takes to reach financial goals. If your bankruptcy was caused by high consumer debt or bad choices made when you were younger, you could use some experienced advice now. You likely have questions about your money, and you deserve a professional who can help answer them.
2. You Set Future Goals. As you exit bankruptcy, your goals should now shift from dealing with the fallout from the past to creating a better future. Goals are key to solid financial choices, but too many people put off making them and can't figure out how to reach them. A financial planner will work with you to define your goals, align them with your partner's, price out the goals, and determine what it takes to reach them.
3. You Meet with a Third Party. Simply having someone else along for the ride can help you stick with the work. The financial planner is an objective third party who is only there to help you meet your goals and rise above challenges. They will help keep you on track. Your meetings will give you personal accountability — something that maybe your secret weapon.
4. Your Needs Are Changing. After bankruptcy, you likely will not have access to credit for years. You may have lost large assets such as a home, vehicles, or money saved. Now is the time to get help starting over. The planner can assess what you have left to work with and advise you on how to recover faster and better. They can help you navigate a cash-only world and maximize remaining funds to make up for the lost time.
5. You Avoid Past Issues. As you reflect on what drove you into bankruptcy, you likely don't want to repeat the experience. A planner can help you make sure you don't. If you had a medical emergency that drained your finances, you might decide to find medical savings or insurance coverage. If a bad marriage or divorce was the culprit, you can learn ways to avoid financial entanglements in future relationships. And if it was simply overspending, you could prioritize savings or increasing your salary potential.
Having someone to assist you through financial planning on your post-bankruptcy team helps you start over in a more productive, forward-thinking way. Why not get started by making an appointment today?