What Is A Financial Advisor Good For?

There are endless stories about people that won the lottery and died penniless. There is one story, from Marvin and Mae Acosta, who won the lottery and spent six months with lawyers and financial advisors before spending one penny from their prize, now they have a quiet life in private.

It is not necessary to earn spontaneously a big sum of money to find a financial advisor and learn about money management. With financial advice you can set a path to achieve your goals. In June 2014 Ronald Read died at age of 92, leaving a fortune of nearly eight million dollars. There are more than a million millionaires in the United States, but not all of them worked all their lives as a janitor and served at a gas station. He was able to make all this money with good saving habits and investing wisely.

To earn more money than the one that is spent is good, but it is much better to know where to invest the difference between earnings and spendings, and how to make money grow by investing. Also to have good and legal advice on taxes is a good strategy to reduce costs.

In Overland Park, KS, the average household income in 2018 was $82,651 dollars, this is $11,597 dollars more than in 2013. This average household income increase is nothing without a financial plan. With a financial advisor Overland Park KS it is possible to build wealth, get financially independent or to leave a millionaire legacy as Ronald Read did. Ronald Read was a very financially disciplined and pacient person, people without these values that want to build wealth should invest in a financial advisor.  It is just easier to save money with somebody, like Jiminy Cricket being a financial conscience remembering the goals to achieve.

Regarding tax payments, the most common penalties for individuals at the IRS are:

• When you don’t file your tax return by the return due date.
• When you don’t pay the taxes reported on your return in full by the due date.
• When you don’t pay enough taxes due for the year with your quarterly estimated tax payments, or through withholding, when required.
• When your bank doesn’t honor your check or other form of payment.

The three first ones can be avoided by using a financial advisor, that not only will file properly and on time the taxes, he will also be able to help you reduce taxes and increase returns (If there is any).

An insurance agent is also a financial advisor that can give you advice on several insurance services. The most common services are: Auto insurance, Health insurance, Income protection insurance, Casualty insurance, Life insurance, Burial insurance, Property, Liability, and Credit insurance.

Money is not the most important thing in life, but certainly is much better to have it than to need it. It doesn’t matter how much money is earned each month or each year, with good financial planning, the chances to have a deserved and respectful retirement are much bigger. Never is too late to start planning and working on those years.