Financial planners can make a major impact in the peace of mind of single individuals. Over the years, I have worked with many individuals who were either widowed or never married. I have also worked with people who don’t discuss their finances with their partners and those who keep their finances completely separate for many different reasons.
Finances are not like other topics we discuss with our family and friends. You may have no problem telling your friend the juicy details of your last date, but when it comes to telling them that you have put away $500,000 in your retirement plan, you are completely silent. You may not want them to judge you for the financial decisions you’ve made, call you cheap when you turn down that outing that is going to cost you big bucks, or you may not want them to ask you for money.
That’s where professional advice comes in. It’s more than answering the question “can I afford to do this?” It’s sometimes about answering the question “Am I crazy for doing this?” What are the long-term ramifications of the decision that is being made? It’s more than the financial impact. What are the issues that could potentially be caused by your decision in your relationships with family and friends. Many times, my job is to play devil’s advocate to help my clients talk through their issues and arrive at their own conclusions – to be that sounding board.
For single individuals, working with a planner answers more than the can I afford …. question. It helps guide singles through the decision process to arrive at conclusions that they are comfortable with.