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  • Whether your financial goal is getting out of debt, saving for retirement, or starting

  • your own business, you'll be facing as many pitfalls and obstacles as a dungeon-crawling

  • treasure-seeker.

  • But no hero has to go it alone.

  • Frodo had the fellowship.

  • Harry had Ron and Hermione.

  • Eleven had the Hawkins Middle AV Club

  • So if you want to slay your money monsters, you may want to assemble a financial fellowship of

  • of your own.

  • Each Financial Dream Team will be a little different, depending on your needs.

  • But here are some of the most important roles you might want to fill before embarking

  • into the great unknown.

  • Plotting a course through the tax-code can be as confusing as charting a path through

  • the Dead Marshes.

  • A recent study shows that while 34% of tax-filers choose to use a digital tool (like Turbo Tax)

  • to self file, 28% use an accountant.

  • So, do you need one?

  • If your financial situation is uncomplicated, such as a W2 job with a set-salary, you'll

  • probably be just fine with an digital tax-filing service.

  • But if your financial year was full of twists and turns, like running a small business,

  • helping a child with tuition, or owning a rental property, you should probably consider

  • partnering with an Enrolled Agent or Certified Public Accountant.

  • An EA can help you file your tax return, while a CPA is required to have a comprehensive

  • knowledge of taxes, auditing, and business law.

  • If an expert navigator can help you avoid even one wrong turn, they might easily save

  • you thousands of dollars.

  • Nobody likes paying for insurance.

  • But think of it like stocking up on armor or healing potions you hope to never use.

  • You'll be thanking your lucky stars if life ends up throwing you a nasty curveball like

  • a disability or a house-fire.

  • A licensed insurance agent may specialize in protecting against bodily risks, material

  • damage, or the threat of a lawsuit.

  • Remember that agents are paid by commission, typically 8-16% in the US, so be wary of any

  • up-sells.

  • An independent insurance agent will allow you to shop around for multiple policies and

  • compare prices and benefits.

  • This situation calls for a master of the mystical arts.

  • Somebody that speaks the arcane language Legalese.

  • We need a Lawyer.

  • A trusted attorney can help you craft magic scrolls--I mean, contracts or wills, set up

  • a business entity, and back you up in a tight legal situation.

  • And knowing just one attorney will often give you access to their database of other attorneys.

  • Just ask and odds are you'll get another great specialist for your situation.

  • Ever wish you had a wise old expert to nudge you in the right direction?

  • Then maybe it's time you sought out a Professional Mentor.

  • You want someone that's been in your shoes before.

  • It might be somebody that graduated from your Master's program or that launched a business

  • like yours.

  • Let them know how much you admire them and ask if they'd let you take them to breakfast

  • once per month.

  • You might be surprised at what people will do for a chance to share their story.

  • Who's going to wrangle all the experts you're recruiting?

  • That's where the Financial Planner comes in.

  • While some financial planners primarily focus on investments and money-management, a true

  • captainof your team should take holistic view of your finances and be able to command all the moving parts.

  • TheCFPis the premier certification for financial advisers and it's barer is often called

  • theMaster Generalist”.

  • Their knowledge often runs more broad than deep - from retirement to investments, estate

  • planning to insurance.

  • They can help you make sure all the pieces of your party are aiming for the same goals.

  • Financial planners can be compensated one of three ways - commission for recommending

  • financial products, a fee (flat or percentage of your investments), or a hybrid of both

  • (also known as fee-based).

  • Whatever you choose, make certain your financial advisor is a swornfiduciary”, who will

  • put your financial needs over their own.

  • Unlike Frodo's fellowship, these companions won't follow you for nothing.

  • Most of them will need to be paid.

  • But the shortcuts they'll find and the traps they'll disarm will save you money in the

  • long run.

  • Best of all, you'll have the peace of mind knowing that somebody's got your back.

  • And that may be what makes all the difference.

  • And that's our two cents!

  • Monstrum is a fascinating new show from PBS Digital Studios about monsters, myth and lore.

  • Hosted by Emily Zarka, Ph.D. (aka Dr. Z), the show delves into the origins of iconic monsters and what

  • these creatures say about us.

  • Want to know more about the Nordic zombies that may have inspired Game of Thrones' White Walkers?

  • Or why the Headless Horseman was, well, headless?

  • Head to the link the description and subscribe to Monstrum.

  • If you ever recruited a financial expert for your team, how did you go about it?

  • Let us know in the comments.

Whether your financial goal is getting out of debt, saving for retirement, or starting

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B1 US financial tax insurance fellowship agent headless

What Do Financial Experts Do?

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    Capalu Yang posted on 2020/04/25
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