Hiring a financial coach may seem intimidating, but not having one comes along with certain risks. If you don’t feel confident about how you manage your money, it can help to have someone to guide and teach you ways to be more financially savvy. With support from a financial coach, you can more easily obtain your short-term and long-term financial goals. Here are a few signs that it’s probably time to consult with a financial coach:
You Keep Putting Off Taking Action
Analysis paralysis happens when a person is unable to move forward with decisions like student loans, investing, saving, and picking the right insurance coverage. When there are too many big choices to make, it can feel more comfortable to avoid making any at all. However, putting off taking action will only make matters worse if financial issues are left unattended to.
Money Is Creating Tension in Your Home
You may need a financial coach if your money problems are resulting in constant tension between you, your spouse, and other family members. This is especially true if you and your spouse have varying opinions about money. Working with a financial coach can help you talk openly, and productively, with your spouse so you can each gain clarity about finances and agree on shared values. Couples can work better as a team if a financial coach is there to guide them.
You Don’t Understand Why You Have Back Taxes
If you received notice about back taxes from the IRS and don’t understand why, or want help getting on a repayment plan, consulting with a financial planner can make all the difference. It is possible that an error was present on your tax returns, and your financial planner can identify this and then make suggestions for corrections. If the IRS is wrong, then an experienced financial planner can assist you with filing a response that yields the most favorable resolution possible.