There’s a common misconception that financial planners are only helpful when you need to make changes to your investment strategy or retirement plan. But that couldn’t be further from the truth. Financial planners can make a big impact on everyday financial decisions that most people wouldn’t think twice about making on their own.
At Matarazzo Staiger Wealth Management, we strive to be your sounding board for every important financial milestone, and we’re here to provide advice on much more than just changing your distributions or withdrawing from your investment accounts. Here are three counterintuitive ways we can provide value to your financial life.
Deciding to cut back on your hours or changing careers altogether may seem like a personal decision that shouldn’t involve the input of a financial planner. But there are actually quite a few financial considerations that should be weighed before making a huge career decision.
A financial planner can help you navigate these considerations and more so that you are well prepared for your career transition. The last thing you want is to dive in headfirst with no contingency plan, especially if you have a family depending on not just your income but your benefits as well.
As financial planners, we are here for more than just the financial decisions. We can walk alongside you as you navigate the emotional aspects that come from financial transitions. For instance, we’ve helped many families through the difficult decision to downsize from their family home.
Sometimes clients have lived in the same house for over 30 years, raising a family and building a lifetime of memories. But they know that the most logical decision is to downsize. We can help clients through this process by projecting different downsizing scenarios. Maybe you can rent out the house, or sell it to a loved one so it stays in the family. No matter what choice is made, proactive planning can help you make a decision that you can feel confident in.
Even if you’re making a housing decision that is not as emotionally charged, working with a financial planner ahead of time can be an effective way to ensure you make the best decision for your long-term financial goals. We can run cost-benefit analyses on different housing options, helping you determine exactly how much you can afford without breaking the bank.
All too often people buy property without understanding the true cost of their purchase, and before they know it, they are “house rich” but “cash-flow poor.” Financial planners can help you avoid this financial pitfall.
If you decide to stay in your current house but want to make major repairs or upgrades, reach out to your financial planner! We can factor these costs into your overall financial plan and help you decide how and when to finance the repair. We’ve helped clients decide which upgrades were worth buying outright and which should simply be financed over time. We even helped a client with a broken HVAC decide whether to buy a new one or simply fix the old system.
Some upgrades, like a new pool, will add value to your home and boost the resale price. Other upgrades, like solar panels, may provide potential tax deductions. And major repairs, like a new roof, could help reduce your homeowners insurance.
There are financial considerations for almost every decision when it comes to owning a home. We can help you pick and choose which repairs and upgrades make the most sense to maximize the value of your home and improve your long-term financial plan. Don’t miss out on potential savings or benefits because you didn’t work with a planner!
Sometimes life happens and you don’t get the chance to plan ahead, but involving your financial planner in your day-to-day financial management is never a bad idea. We at Matarazzo Staiger Wealth Management are always here to guide you through life’s financial decisions, both big and small. If you would like to learn more about how we can help, schedule a no-obligation introductory meeting by emailing me at daniel.staiger@raymondjames.com or calling (631) 319-6777.
Daniel Staiger is a partner at Matarazzo Staiger Wealth Management and Financial Advisor with Raymond James Financial Services. Matarazzo Staiger Wealth Management is an Independent Practice and our team is committed to helping families, pre-retirees, and union employees build a sense of security and confidence around their financial future. With more than 10 years of experience, Daniel is dedicated to providing trusted advice and tailored solutions that help his clients realize their financial potential. He is known for building relationships with his clients so he can better understand their values and the goals they want to pursue. As a CERTIFIED FINANCIAL PLANNER™ and Chartered Retirement Planning Counselor℠ professional, Daniel specializes in serving union employees, such as tradespeople and teachers, with well-thought-out guidance and a personal touch. When he’s not working, Daniel spends his time pursuing interests such as guitar, volleyball, golf, and cooking. He is also an active member of his church. To learn more about Daniel, connect with him on LinkedIn.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
Every investor's situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.
