MONEY TALKS

The buck starts here! Investment tips you can take to the bank!

WRITER: JAMES COMBS

There’s never been more advice available, yet most people remain in the dark about how to achieve fi nancial goals.

A good fi nancial planner can show you the necessary steps to meet all your fi nancial goals, yet only three in 10 American families have a comprehensive fi nancial plan, according to a 2012 report by the Consumer Federation of America.

Does that mean 70 percent of us don’t need professional help? In a word, no.

PLAN(NER) AHEAD

Everyone can benefit from a financial advisor, according to Joe Dykes, a financial advisor of 13 years who recently retired from Edward Jones in Leesburg. Here’s his take on who should enlist the help of a financial planner:

ANYONE LIVING PAYCHECK TO PAYCHECK. “Many people living paycheck to paycheck put very little, if any, money away for savings. How do you expect to retire? It makes no sense not to put some money away every month for your future.”

RECENT COLLEGE GRADUATES OR YOUNG PEOPLE ENTERING THE WORKFORCE. “The school system does a very poor job when it comes to teaching our children about managing finances. Young people love to have fun, which is understandable, but they simply don’t understand the importance of savings. If they begin saving young, they can accumulate wealth and retire at a reasonably young age.”

PEOPLE CHANGING JOBS:

“A career change means a different level of income and benefi ts. It also means that you don’t want to leave any retirement accounts you had at your previous job behind. That’s a lot to manage for someone with no experience in financial planning.”

RECENTLY MARRIED COUPLES:

“Newlyweds are now merging their finances and their financial goals and spending habits will now change considerably. They will need help reorganizing and formulating new goals. Plus, they need to be financially stable if they plan on having a baby.”

RETIREES: “I’ve had people in their 60s and 70s come in my office with very little savings. In situations like those, having a financial advisor is extremely important to keep them from going broke. Retirees who are financially secure need a financial advisor to ensure they do not outlive their assets.”

YOU’VE DECIDED YOU NEED A FINANCIAL ADVISOR TO NAVIGATE THIS COMPLEX FINANCIAL WORLD. ACCORDING TO DYKES, THERE ARE FIVE IMPORTANT QUESTIONS YOU SHOULD ASK BEFORE HIRING A FINANCIAL ADVISOR.