Fn08 Extra Credit Essay

Fn08 Extra Credit Essay Fn08 Extra Credit Essay Extra Credit FN08 Page 27 Exercise 1 Exercise 1: Where do you get your financial advice? Identify all the sources. In what circumstances might you seek a professional financial advisor? There are many circumstances in which one might want to seek the advice of a financial advisor. For example planning for retirement or having inherited money and other assets. It is important to seek a financial advisor especially when your financial circumstances are complicated. I get my financial advice from bankers, CPAs, lawyers, insurance agents, tax advisors, family, friends and teachers. It is important to know where your advisors interests lie and to have an idea of what your financial goals are. Working with a financial advisor prior to retirement is ideal. It is never too early to start saving and make your money work for you. There are many questions that one will need to answer when planning ahead for retirement. â€Å"How much do I need to retire?† â€Å"Can I afford to retire?† and â€Å"Will I run out of money?† Many people are able to track spending, saving and investing on their own. However when questions or decisions become too complicated it is best to seek professional advice. Those who inherit may not have much experience in managing large sums of money or assets. In this case it would wise to seek the help of a financial advisor to help plan for the future. An investment advisor would be appropriate in this case to help make investment decisions that would