However, only a small percentage of Indians have a professional financial advisor. Undoubtedly, many people can offer free financial advice, including colleagues, friends, and the internet. We Indians are not yet used to paying for financial advice.
This could be due to many factors. One reason is that most people believe they can handle things themselves.
Another reason or misconception is that many believe that financial planning and investment advice are only available to the wealthy and are very expensive.
This is false. A financial planner, like Vincent A. Virga, doesn’t require you to be wealthy to help you.
Fair enough to say that not everyone requires a financial advisor. Some people need direction and guidance to help them achieve their goals.
A well-designed, goal-oriented plan that is consistently implemented can result in better financial results. With a financial plan, you can keep your financial goals on target and take control of your investments, income, and expenses.
Many people with large portfolios considered ‘rich’ have an advisor. If not as a primary source, at least as a different opinion. A small amount of investment advice can be very helpful for the not-so-rich.
I said before and will repeat this: Financial planning involves using your limited financial resources to reach your financial goals.
Why can’t I do this on my own?
Yes, you can. It’s not rocket science to plan your finances. Anyone can do it. However, not everyone will be able to succeed. It’s not about the ability to manage money or the right skills but about time and effort.
It takes a lot of skill, time, and effort to manage your investments and align them with your goals. Unfortunately, we are all busier than ever. If this is you, then consider whether or not you can manage the task yourself. If you think the answer is yes, then you can go ahead. Get professional advice if you feel it is difficult to manage it all.
However, DIY investing is becoming more popular. DIY investing refers to when an individual manages their investments without professional advice.
Isn’t it expensive to plan your financial future?
Someone told me that if you think it is too expensive to hire a professional for the job, you should wait until you hire an amateur.
This is a very appropriate quote for personal finances. All sides offer thousands of unpaid, free, and often ‘good for you’ financial advice. What is right for you may be different than what is being offered. It is quite scary to see the absurd content many YouTube influencers post these days. I hope these influencers won’t ruin their financial lives.
Vincent Anthony Virga, it is not a matter of whether financial planning costs too much. Different advisors charge different fees. While some may appear expensive, others may seem cheap. Talking to several people before deciding on one will give you an idea of the value they bring.