Is It Time to Delegate Your Finances?

| September 19, 2017
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Some of the most successful businesses and professionals rely on delegation, and for good reason. As our lives become busier, delegation lets us focus more time on our passions, families, and careers while allowing others to help with some of the time-consuming tasks, like managing finances.

CRNAs may find themselves in a similar situation. Whether you’re a hospital employee or freelancer, it can be difficult managing a demanding and stressful career with a family, let alone also finding time to save for retirement and oversee investments. And with a high income, a CRNA’s financial and tax situations are often more complex and involved, requiring professional insight.

Choosing to work with a financial advisor may help you feel more confident about your money management and allow you to focus on your career and family. Here are three signs its time to seek assistance from a financial advisor.

1. You Don’t Feel Confident Making Investment Decisions

Investing can seem like a rollercoaster of ups and downs. And how we respond and react to market fluctuations, particularly market exuberance and its inevitable crashes, affects our financial success.

Finance is an emotional and personal topic for most people. It can cause stress, grief, excitement, wonder, and any number of other emotions. So when we think we have the opportunity to cash in on high returns, we may let our emotions guide our decisions. We buy high and sell low to avoid losses or cash in on a possible windfall, even when we know that, long-term, that is a bad strategy.

Often, people make emotionally-driven decisions because they lack an investment philosophy and strategy that incorporates their values, short and long-term goals, and family needs. They also may lack support and guidance from a trusted advisor. If you worry about your emotions impacting your investment choices, you may need the help of a financial professional who can help guide you and provide objective advice.

2. Your Finances Have Become More Complex

Throughout life, you face a lot of financial decisions. And with a high income arise more complicated financial decisions, from investing and retirement planning to tax minimization strategies. How can you legally minimize your taxes? How should you invest? To which retirement accounts should you contribute? Do you have enough life insurance?

These decisions can be difficult to make on your own if you don’t have the time or specialized knowledge. And making the wrong decision could have a negative impact on your family or financial future.

Having a personal investment advisor means you have a knowledgeable professional available when you have a question or face a difficult decision. You can also feel more confident knowing that you have a detailed plan in place that is being overseen by an experienced team of qualified professionals. As a result, you won’t have to worry about daily market performance or making frequent financial decisions without a trusted guide to turn to for advice.

3. You Don’t Have Time to Follow the Markets

Investing requires a lot of effort and knowledge. Even once you have a handle on your investment options, there’s a lot more to know about investing before diving into the markets. For one, there are quite a few fees involved, some of which can be hidden deep within the paperwork. There are also different strategies depending on your risk tolerance, time horizon, and financial goals.

Even once you’ve established your portfolio, you’ll need to follow the markets and monitor your investments, so you know when to change your allocations. As you can imagine, this can quickly spiral into a second job.

An advisor can help you build an investment portfolio that aligns with your goals, risk tolerance, and time horizon, and watch over your investments for you. Working with an advisor oftentimes provides you access to information and investments you may not otherwise have had access to if investing on your own. And as your goals can change over the years, an advisor can help you make adjustments to your plan.

Delegating Your Finances

Just as you would see a doctor if you needed medical advice or hire a plumber if a pipe burst in your home, a financial advisor can help you tackle your financial tasks, feel confident in your financial strategies, and make informed financial decisions. At CRNA Financial Planning® we seek to offer services and solutions designed to help CRNAs pursue their unique financial objectives.

To learn more about how we can help you in delegating your finances, call our office at 855.304.3748 or email [email protected].

About Jeremy Stanley

Jeremy Stanley is the founder of CRNA Financial Planning® as well as CRNA Tax Associates®. He has been providing advice and guidance for Certified Registered Nurse Anesthetists (CRNAs) for over two decades. As a CERTIFIED FINANCIAL PLANNER™, Jeremy has met rigorous certification and professional standards set by the CFP® Board. He is committed to adhering to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients.

Jeremy is also the author of The Wealthy CRNA and A CRNA’s Life After Anesthesia.The Wealthy CRNA features insights into becoming a financially successful CRNA and how to start planning for your financial future, and has been prior approved for up to 4 Class A CE credits by the AANA. A CRNA’s Life After Anesthesia serves as your financial roadmap for a smooth emergence into retirement. It reviews recent changes in the CRNA industry along with the new rules of retirement and the final steps of legacy planning. This book has been prior approved by the AANA for up to 2 Class A CE credits.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

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