Financial Advisors are not just for the rich.

Lesson #8 – Financial Advisors. This lesson has been a north star for me financially when I was going through my divorce. Not only did I not know at times if I would have two cents to rub together at the end, but if that’s all I had, I wanted to use them wisely. Things always seem more dim in the middle of them, right?! I wouldn’t say I was a dummy when it comes to money. I had scrapped and saved and paid off our marital debt too many times over to count throughout the years. We did Dave Ramsey for a time and Financial Peace University. We had skills, we just didn’t always use them. We also weren’t good investors and didn’t prioritize that early on in our marriage. Mid-life though, we did start to put back what employers would match and I have an affinity for budgeting spreadsheets like it’s a love language. When I had retirement funds from a previous job to manage, I remembered a friend of mine who owned a financial company and called to schedule an appointment. Trust is a big deal to me and quite frankly I’ve struggled with who to trust before. I didn’t have to worry at all when I went to Mach 1. We could go into character, integrity and wisdom in much greater detail but I knew the company had all that and then some. At the time, I just needed someone to manage my very small retirement account and invest it for me in hopes it would provide something in the future.

Jump forward a couple of years and I sat down with my advisor again but not just for retirement investment advice. This time, it was all about financial future planning. When my husband left, very few people knew what had been going on for years and my world was turned upside down. As a believer, my faith and relationship with God is my solid rock and I turn to scripture for direction. In Proverbs 1:5-6 it says, “let the wise listen and add to their learning, and let the discerning get guidance…” I knew I needed to surround myself with wise professionals who could help me navigate this life transition who were believers and experts in areas I was not. I did not want to lean into my own understanding (Prov. 3:5) but very much wanted and needed guidance. In addition to consulting and using a CPA, a financial planner was also a non-negotiable for me.

After filing, I sat down with my financial advisor and he spent time going over, and assuring me more than anything, what I was seeing wasn’t as detrimental as it could be. That meeting didn’t change anything, move anything or really plan anything but rather educated me and equipped me with more understanding than I came in with. I touched base with him after mediation and again after the divorce was finalized. The numbers didn’t really change, but the guidance he provided and wisdom he showed me settled my anxiety and helped me become more in control over something that could cause me stress. He helped me see the big picture versus the tunnel I felt stuck in.

In addition to financial planning, an advisor can help with tax strategies, retirement planning and investments you can make now for the future. As a result, I’m a participant and not just a spectator in my financial future planning. A good advisor will educate you and walk alongside you. The team at my financial group made all the paperwork and transitions after divorce so easy which was another burden lifted off my plate. Wondering where to start? Ask. Check with family and friends in your community for recommendations and take the time to meet with financial groups to go over your needs and options. Don’t think you need one because you don’t have much? You are wrong! Start with what you have and let a financial planner guide you.

Many blessings friends, Jennifer

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