The Positive Side of Emotional Decision Making

Rational investors make better decisions—or so the thinking goes. However, new studies show that rational thought and emotions are both necessary to cut through the details, focus on what’s important, and get

The science of economics has long been based on the assumption that people act rationally when making financial decisions. Money and math require cognitive thinking, so it’s presumed that rational thinking is what people use when deciding whether to buy or sell, borrow or lend, or choose the right account for their savings. If emotions do enter into the picture, economists argue, they should be minimized in an effort to restore rational thought to financial decision making. Under orthodox or Keynesian economics, emotions disturb rationality.

Even behavioral finance pioneers Amos Tversky and Daniel Kahneman focused on how people think when making financial decisions. Their seminal 1979 paper “Prospect Theory: An Analysis of Decision Under Risk” revealed that people don’t always make rational choices when evaluating potential gains and losses.

But these errors in judgment were considered cognitive biases related to how people frame an outcome or transaction in their minds, not the influence of emotion.

Although Tversky and Kahneman came from the field of psychology (Kahneman claims to have never taken an economics course), they essentially ignored the role of emotions and interpreted all deviations from rational thought as faulty thinking. Kahneman won the 2002 Nobel Prize in economics. (Tversky died in 1996.)

More recently, neuroscience has converged with economics and psychology to shed new light on what is going on in people’s brains when they make financial decisions. If financial decision making were purely a cognitive process, all thinking would take place in the prefrontal cortex, and this is the only area that would light up during an MRI scan. But studies have shown that activity also takes place in the amygdale, or brain stem, proving that emotion plays a part in people’s decision making as well.

The latest research supports the idea that emotions and rationality are bound up in some way, but researchers are only just beginning to learn how. Beyond acknowledging that emotions play a role in financial decision making, researchers are stuck. Very few controlled studies have been done to explain how emotions and cognitive thought interact when people make decisions, and some behavioral finance researchers have confessed that they really aren’t sure what an emotion is or how to measure it. The few studies that have tried to measure the effect of emotion on financial decision making have provided conflicting results.

For example, Antonio Damasio, author of Descartes’ Error: Emotion, Reason, and the Human Brain, found that when people couldn’t experience emotion due to brain damage in the area that controls emotions, they made worse financial decisions than control subjects who had no brain damage did. His conclusion was that emotions are essential for rational thought.
But a more recent study (“Lessons From the Brain- Damaged Investor”) found different results. In this study, subjects who were unable to experience emotion due to lesions in the brain did better on a simple investment game compared with normal players.

Because the emotionally impaired players lacked fear, they were more willing to take gambles that had high payoffs. In the end, they wound up with more money than the undamaged players, who were more cautious and reactive during the game.

However—and this is important—it was noted that the brain-damaged players did not do very well in the real world. Their inability to experience fear led to risk- seeking behavior, and their lack of emotional judgment sometimes led them to get tangled up with people who took advantage of them. Three of the four of them had declared personal bankruptcy.

The upside of emotion

Emotion—when it is acknowledged at all in the domain of financial decision making—is normally considered a negative influence. It is widely assumed that fear and greed lead to bad investment decisions, that grief following the death of a loved one causes cloudy thinking, and that euphoria following a lottery win or other windfall makes people do stupid things with their money. But some researchers have proposed that emotions, which protect us under threatening circumstances (think fight or flight), may also have a positive influence when we are engaging in higher-level thought.

For one, emotions might push a person to make some decision—any decision—when making a decision is paramount. Depending on the situation, there could be so many options that a person could spend an excessive amount of time sifting through the data, weighing all the choices, and becoming bogged down in an attempt to be wholly rational. Shifting one’s attention to the expected emotion, or how one might feel when anticipating an outcome, might allow the person to cut through the details, focus on what is important, and get on with the decision.

Second, emotion may be necessary for the development of intuition in situations where quick decisions must be made using information that has been synthesized on a subconscious level. A study of professional securities traders hooked up to an EKG and skin conductance devices during the trading session found that, far from being completely rational in their thought processes, the most successful traders were having emotional experiences as well.

The researchers concluded that emotion enables traders to form intuitive trading “rules” that give them an edge in the markets and in fact leads to a kind of “survival of the fittest” in the trading environment. By this interpretation, emotion is not something to be minimized or ignored but rather embraced and understood, almost as an evolutionary mandate.

Other findings on emotion and risk

Here are some other interesting tidbits from the research on emotions and risk:

Emotional intensity seems to influence risk perception and risk taking. Some studies have found that people overwhelmed by their emotions cannot act rationally even if they want to. When an outcome is seen as too horrible or catastrophic, people tend to avoid risk calculation as a whole no matter how small the probability of possible negative side effects may be.

Anticipation of gain promotes risk taking, while anticipation of loss promotes risk aversion. Stockbrokers and life insurance agents have known this for years—focusing on potential gains encourages people to take risks, while focusing on potential losses encourages people to avoid risk (and buy insurance). Now neuroscience has confirmed that different areas of the brain are engaged when a person anticipates gains versus losses.

More cognitive thought is required to evaluate risk when outcomes are framed as gains rather than losses. In experiments where risky choices were framed as either gains (200 out of 600 people will be saved) or losses (400 people will die), MRIs showed that people spent more time making up their minds when the choice was framed as a gain.

Most behaviors are driven by the moment. “We can talk abstractions of risk and return, but when the person is physically checking off the box on that investment form, all the things going on at that moment will disproportionately influence the decision they make,” says Harvard economics professor Sendhil Mullainathan in “The Marketplace of Perceptions.” Communication is central, he says.

What matters at least as much as the way products and policies are designed is the way they are communicated to people so they can make purposeful, thought-out choices.

For customized help, schedule a free meeting with Black Diamond Financial Solutions, Inc., who has the calculation tools necessary to analyze Social Security claiming strategies that consider your individual situation.

Why It’s Never Too Late To Start Investment Planning

The older we get the faster life seems to move. In the blink of an eye, many of us go from starting at our first job to winding down for retirement, and everything in between.

Keeping up with the pace of everyday life can be difficult. People often put projects on the back burner, such as going back to school, learning a new hobby, or investment planning for the future.

There is, too, the misconception that at some point in life, it’s just too late to do these things.

This simply isn’t true.

As financial advisors, we understand that life happens fast and it can be hard to prepare for the future when you’re so focused on the present. Many people are not sure where to start and that’s where we come in to lend a hand.

Keep reading to learn about the options available to you to start investment planning, no matter where you are in life.

What is Investment Planning?

Developing a financial plan is an important step people should take to pave the way for big life events. Events ranging from gearing up for college, getting married, having a child, retirement planning, or dealing with the loss of a loved one. Financial planning involves assessing your current financial situation, determining short and long-term monetary goals, and creating a strategy to meet these goals.

Financial planning and investment planning go hand in hand. Once you’ve created a financial plan, you’ll be able to see how much money you have available for investing.

The key to finding the best investment plan for you is in laying down the groundwork: what are your priorities? Are you looking to create a safety net to fall back on as you age or are you motivated to generate cash as quickly as possible for big, short-term plans?

Or, something in between?

There are several strategies that financial planners utilize to support their clients, depending on their financial goals.

Creating a Strategy

If you’ve had a late start in building a wealth strategy, have no fear, a financial planner can show you ways to generate money to meet your needs.

Short-term investments are an important avenue for people to consider when in need of cash quickly. A financial advisor can help direct you to the right products to start making money right away. There are several options available for those in need of a 5-year investment plan or sooner, including CDs, Money market mutual funds, and Short-term bonds.

Another strategy that advisors utilize is Flexible Plan Investments. This is a turnkey program that allows financial advisors to diversify your portfolio, meaning, they can combine several different short and long-term strategies to best leverage your investment.

Maybe you have a little more time and are just looking for a way to get started? Taking advantage of employee-match retirement plans that are offered by your company is also one way to build wealth quickly.

The Right Time to Start Investment Planning Is… NOW

It’s okay if you haven’t been sure how to get started, the important thing is making that first step. Maybe you’re thinking about retiring in Delaware and not sure how to prepare? Or, you’ve decided to embark on the start-up you’ve always dreamed of and are looking for strategies to build capital.

The time is now to talk with a financial professional about investment planning.

So, whether you’re looking for financial advisors in Delaware or need assistance with FRS investment planning in sunny Florida, our team of professionals is available to help you here, there, and everywhere in between.

Contact us today to learn more about our services and let us provide you with the right financial solutions to meet your needs.

8 Reasons To Hire Someone To Help With Your Income Tax Planning

In 2015, there were over 100 pages providing instructions for Form 1040.

If you’re unsure, Form 1040 is the simplest tax form. The time you take to read it while doing your income tax planning may double as you try to ensure you meet all the tax requirements.

The alternative might be leaving yourself open to an audit. However, it doesn’t necessarily have to be one or the other. Hiring a financial planner to help you create your income tax payment plan can help.

Read on to find out other reasons why you should hire a professional.

1. Tax Laws

Do you know about the changes to the tax laws that will affect the filing of your 2020 taxes? If you do, that’s great. But do you understand all of the requirements?

They can be complicated. If there is any uncertainty, you should hire someone that can assist you with tax planning.

2. Income Tax Planning Can Save Time

If you reviewed the 2020 tax laws and codes, it probably took quite a bit of time. The time you could have spent doing something to help your business or spend time with your family. Someone with tax planning experience can save you time.

3. Save Money

This may seem ironic as you’ll have to pay to hire a financial planner. However, they can catch something you miss. If this is a tax credit or deduction this can make a difference in the amount of your tax return.

4. Income Tax Lesson Plan

Hiring a professional is like having your own personal tax tutor. Not only do they assist you with your current income tax plan, but you can also learn more about your taxes by asking questions. This is much better than spending time on hold when you call the IRS to ask a question.

5. Help Prevent An Audit

No one wants to get an audit notice in the mail. A professional can help eliminate errors and ensure you don’t miss deductions. Basically, they can ensure that while filing your taxes you don’t trigger any alarms that can result in an IRS audit.

6. Long-Term Planning

Your income tax payment plan doesn’t only have to be just before tax season. You can have a financial planner advise you for the year ahead as well. Effective income tax planning can help you save money in the long run.

7. Review the Past

You don’t only have to use the expertise of a financial planner for your current income tax plan. They can also review your past returns. If you missed any deductions, you can correct thee and benefit in the process.

8. Peace of Mind

Knowing you have someone looking out for your income tax needs can give you peace of mind. A professional can review your past finances, ensure your present finances are in order and help you prepare effectively for the future.

Planning That Gives You Peace of Mind and Saves You Time

If you own a business, income tax planning should be an investment you seriously consider. This can take the hassle out of ensuring you’ve met all the income tax criteria. Doing this can help prevent being audited.

Black Diamond Financial Solutions Inc provides several financial planning services that can assist your business and your family. We can help give you peace of mind and save you time. Contact us today!

How to Get Help Setting up an Investment Plan

The investment landscape has never been more convoluted. There are so many opportunities available for the everyday investor. Many don’t take the time to think about what their options even are, let alone which one’s going to best serve them.

In the United States, nearly 75% of investment plans are set up by an employer. This means that the work is done for them. The funds are deposited each month and they don’t have to think about it anymore.

There are a lot of different ways you can set up an investment plan, however. Different configurations will serve different needs.

The good news is that with so many options available, there’s a type of investment plan that’s perfect for everybody. Here are some things to think about to help you pick the perfect investment plan!

#1: Decide On Goals and Timeframe for your Investment Plan

There’s no such thing as a boilerplate investment plan. Someone starting an IRA at 20-years old is going to have vastly different needs than someone who’s going to be retiring in the next 5 years.

Say your goal is to set up a retirement plan. This is going to be on a lot of people’s minds considering that only 56% of employees have a workplace retirement plan. Considering how uncertain the future is, it’s in everybody’s best interest to be preparing for every eventuality.

Identifying your investment goals requires doing some introspection on what you want your future to look like, also. Will you be hoping to travel the world? Will you be going into a secondary career once your main job ends?

All of these factors will influence how you set up your investment planning.

#2: Decide How Much Help You Want

Once you know what you’re hoping to achieve and how long you have to realize your goal, you’ll have a better idea of how to go about setting up your investment plan. You could do the legwork to figure out how to set up your own account. Or you could find a trusted financial advisor to work with and guide you through the process.

Some may want a set-it-and-forget-it approach to investment planning. Others will want a detailed, ongoing analysis of how their investments are performing.

Working with a financial advisor gives you the best of both worlds. A financial planner will monitor your investment plan and make sure that it’s performing up to its potential.

#3: Pick a Plan

There are a lot of different ways you can set up an investment plan. Different kinds have different benefits, which often have to deal with taxes.

Some of the most popular types of investment plans include:

  • 401 k
  • Roth or Traditional IRA
  • Taxable account
  • College savings account

We mention the last two as there are more to investment plans than simply retirement plans. This is another reason to work with an investment planner, as they can work with you to realize your particular goals.

Setting up an investment plan the right way sets your future up for success. Get started now and get the future of your dreams!

Looking For Investment Planning?

Having a financial advisor with your best interests in mind is worth more than their weight in gold! Whether you’re looking to set up an investment plan or help with your income taxes, we’ll always be in your corner and working for your financial future.

If you’re ready to find out what Gold Star financial planning looks like, contact us today!

5 Ways To Ensure Your Financial Security for the Future

Has a recent event made you realize the importance of financial security?

Whether it is celebrating a new child, a wedding, or even a divorce, retirement planning is essential at any stage. If you’re clear about where to start when it comes to retiring in Delaware, allow us to provide some insight.

Here are our top five tips for reaching financial freedom.

1. Start By Setting Goals

The easiest way to discover what’s important is to take a moment and allow your mind to dream. What type of lifestyle would you create if money wasn’t an object?

What are some activities you would enjoy? How would you spend your day? Let your mind dream of all the things you would want. Make it real.

If it’s buying a specific car, imagine curling your fingers around the steering wheel. If it’s locating closer to your grown children, what would your place look like? How would you spend time with your grandkids?

Once you know your dream life, it’s time to set goals to reverse engineer your steps to get there. What would you need to do today to get there in five, ten, or even thirty years from now?

2. Create a Budget

Take some time one day to visualize all of your expenditures. Then, clean the dining room table and go to work. Next, tally up your bills and monthly expenditures on food, gas, and entertainment.

Once you have a number, see what you can save each pay period. Is it five percent, ten percent, or more? Whatever it is, set it as part of your budget like a bill to pay towards your financial security.

When you have goals that excite you, you’ll find a way to afford them.

3. Create Automatic Bill Pay & Savings

Once you’ve created a budget, it’s now time to automate it. Of course, the best way to automate your future financial security is to set up automatic bill pay and savings.

You’ll be surprised at how easy saving becomes when you automate it to come out of your paycheck.

4. Apply the Snowball Method to Pay Off Credit Card Debt

High-interest debt is a wealth crusher. Therefore, you must eradicate your high-interest debt swiftly. The best way to pay off credit cards fast is by using the snowball method.

It works like this:

  1. Put your credit card debt from smallest to largest regardless of their interest rate.
  2. Make minimum payments on all of your cards except for the lowest one.
  3. Pay as much as your budget allows each month on the smallest debt.
  4. Repeat until your credit card debt is eliminated.

This strategy has been proven effective for eradicating all kinds of debt. Apply it.

5. Get Financial Security Help From a Professional

The process of generating financial security and financial freedom for yourself can become complicated. That’s why it’s essential to get help from a professional.

A financial planner or financial advisor can help you reach your goals.

Achieve Financial Security With Guided Support

If you’re looking for financial advisors in Delaware to help you reach financial security, call Black Diamond Financial Solutions, Inc.

We provide many services to help you reach your financial goals. Please contact us for any questions or call us at (302) 265 – 2236.

The Difference Between Financial Advisors and Financial Planners

Approximately 75 percent of Americans currently manage their own finances, and only 17 percent work with a financial advisor.

Are you part of the former group? Have you been thinking about partnering with financial advisors to improve your approach to money management?

If you’re considering working with a financial advisor, it’s important to know what they do and how they can help you.

Outlined below are some of the key differences between financial advisors and financial planners. You’ll also find some key details that can help you choose the best financial advisors for your needs.

What Is a Financial Advisor?

A financial advisor is a broad term that describes any professional who helps others manage their money. People pay them a fee and, in exchange, the advisor offers advice and recommendations for money-related matters. They may offer investment advice, act as a broker for stock sales and purchases, or create estate and tax plans, for example.

Lots of professionals can technically fall under the umbrella of “financial advisor.” This includes stockbrokers, money managers, bankers, estate planners, and insurance agents.

What Is a Financial Planner?

financial planner, on the other hand, is a type of financial advisor.

Financial planners work with companies and individuals and help them to create programs that put them on the right track toward meeting their long-term financial goals. They specialize in several different areas, such as investments, retirement planning, estate planning, and taxation.

Financial planners often hold specific licenses and designations, including the following:

  • Certified Financial Planner (CFP)
  • Chartered Financial Analyst (CFA)
  • Chartered Financial Consultant (ChFC)
  • Certified Investment Management Analyst (CIMA)

Financial planners typically have to complete a variety of courses, pass examinations, and meet specific work history requirements to qualify for these licenses and certifications.

How to Choose a Certified Financial Advisor

Do you think you could benefit from meeting with a financial planner? If so, here are some tips to keep in mind that will help you choose the best person for the job:

  • Consider credentials: Review each financial advisor or financial planner’s credentials to ensure they’re qualified to help you
  • Review their list of services: Make sure they offer the specific services you’re looking for
  • Read reviews: Find out what past and current clients have to say about their work

Be sure to ask about fees, too. Financial advisor cost varies quite a bit from person to person (for example, typical asset management fees range from 0.5 to 2.0 percent of your assets per year), so find out what each one charges before you agree to work with them.

Work with Qualified Financial Advisors Today

Now that you know more about what financial advisors do and how they differ from financial planners, are you ready to schedule an appointment to meet with one?

Keep the tips listed above in mind so you can choose the right advisor and don’t have to rely on a random “financial advisor near me” search.

If you’re located in Delaware, Florida, Maryland, Michigan, New Jersey, or Pennsylvania, you can also reach out to us at Black Diamond Financial Solutions. Contact us today to learn more about our services or to schedule a consultation.

4 Reasons Retiring in Delaware Is Best Done With a Financial Advisor

After decades of hard work, you’re getting ready to leave the grind behind. That’s right: retirement is right around the corner and you’re ready to jump in headfirst.

But before you do, we highly recommend that you speak to a financial advisor. Wondering why retiring in Delaware is best accompanied by the help of such an advisor? Here are 4 reasons.

1. You Want to Be Sure You Have Enough Money

When you retire, you give up your earning power. As such, you become reliant on the money you have saved over the years.

The question is: is it enough? Do you really have enough money to live out the rest of your days on?

This question can be difficult to answer. However, with the help of a financial advisor, you can more accurately determine what your standing is.

For instance, can you afford retirement homes in Delaware? Will you be able to join retirement communities in Delaware? Only by taking a close look at your finances will you be able to determine these things.

2. You Want to Be Sure of Your Financial Obligations

Retirement is filled with a variety of unique financial situations. And since most individuals only retire once, they have no idea how to handle these situations. Fortunately, financial advisors do, and they can help retiring individuals to fulfill their obligations fully.

The last thing you want to do is get behind on taxes or handle a new financial situation in a less-than-ideal manner. Your financial advisor will guide you down the right path, ensuring that you’re making the right decisions at the right time.

3. You Want Your Money to Go as Far as Possible

Just because you retire doesn’t mean that your money automatically stops working for you. You can continue to invest in your retirement, allowing your money to go as far as possible.

But investing, of course, isn’t a sure thing. That said, there are several low-risk, high-reward investment options that your financial advisor could introduce you to.

Schedule a meeting with an advisor and see what options are available. Doing so could greatly improve the quality of your retirement experience.

4. You Want to Keep Track of Your Assets

Do you own a variety of assets? If so, you might struggle to keep tabs on them all. This can make it difficult to plan your estate and can also hinder your ability to foresee your financial future.

A financial advisor, however, can do all of these things for you, guiding you through your retirement and keeping track of everything you own. This can provide you with peace of mind and can also ensure that you’re making the right financial decisions.

Need Help Retiring in Delaware?

Do you need help retiring in Delaware? If so, you’re in the right place. We here at Black Diamond Financial Solutions are the people to see.

We’re well-versed in the retirement planning process and can teach you everything there is to know about retirement in Delaware state.

Contact us now to schedule an appointment!

How To Find the Best Financial Advisors in Delaware in 2021

Are you a Delaware resident looking for the best financial advisor in your area? There are over 218,000 financial advisors in the United States but the one you pick can have a significant impact on your future.

Before you begin the search for your financial advisor, you need to understand what a financial advisor does and why you need one. Read on to learn how to find the best financial advisors in Delaware in 2021!

Understanding What a Financial Advisor Does

A financial advisor provides financial advice and services based on someone’s specific needs. There a wide range of services that a financial advisor offers a client.

These include tax advice, retirement planning, and legacy planning. The best financial advisors are the ones that will listen to you and develop a plan to achieve your goals.

This will give you peace of mind that you are putting your financial future in the hands of a trained professional.

Why Do You Need Financial Advice?

Before you begin an internet search for a ‘financial advisor near me’, you should think about why you are seeking financial advice in the first place. Are you and your spouse concerned about how to plan for your retirement?

You may be looking for ways to ensure that your investments will pass with minimal tax liability. Regardless of your reason for meeting with a financial advisor, knowing why you want to speak with one can help you narrow your search.

Speak With Your Family and Friends

You should speak with your family and friends to learn more about their experience with financial advisors in Rehoboth Beach.

This will help you learn about financial advisor costs and what they liked most and least about them. This will give you an inside look from the people closest to you.

Read Online Reviews

Did you know that as many as 84 percent of people trust online reviews as much as a friend’s advice? Going online and searching for financial advisors in your area will give you a list of different professionals in the industry.

Online reviews will give you unsolicited information about what a stranger thinks about a certain advisor or firm. This will give you a more well-rounded look at the market for financial advisors in your area.

The Best Financial Advisors in Delaware

The best financial advisors in Delaware will be willing to meet with you to talk about how they can help you reach your financial goals. During your meeting, this will give you a true sense of what it will be like to work with them.

At Black Diamond Financial Solutions, Inc. we are a team of financial professionals helping our clients realize their financial dreams. Our office is in Rehoboth Beach and we serve clients in Delaware, Florida, and four other states.

Contact us today to learn more about how we will work with you to create a financial plan to meet your goals!

5 Reasons to Talk to a Financial Planner Before You Retire

You’ve worked hard your entire life. Retirement looks like it may be an exciting possibility soon. Through sacrifices and smart investing, you have accumulated some retirement funds and are planning for social security eligibility.

Are you concerned about managing retirement funds and getting answers to legal questions? Hiring a financial planner may be an affordable option for making sure your hard-earned money is protected and working for you.

Read our retirement planning guide for 5 areas in which a financial planner can help you make informed choices about retirement.

1. Identify Financial Goals for Retirement

certified financial planner can assist you with planning for your financial goals for retirement and advise you on how to reach them.

Think about the lifestyle you hope to maintain. Being able to pay current and long-term bills such as a mortgage and health insurance is usually the first concern. Yet, do you also have dreams of traveling or relocating?

In the years you have been dreaming about retirement, what have you envisioned your life to be like? How will you finance your bills and also create future wealth with what you have now? These thoughts are part of a conversation to have with a financial planner.

2. Portfolio Management

Financial planning for retirement does not have to be confusing or scary if you have an expert on your team.

Hiring a financial planner can be an affordable investment in making sure you make choices that not only protect your wealth but create more wealth.

Many agencies employ fee only financial planners. This means your financial advisor is paid on a set fee and not a commission on services they sell you.

When preparing for the big day of retirement, a financial advisor can help you make further investments or manage your current investment portfolio to reach your long-term retirement goals.

3. Tax Analysis

One of the most concerning areas of retirement is meeting tax obligations. Your financial advisor is well versed in tax law. They can assist you with planning for tax requirements and making sure that you are not overpaying.

Effective tax planning during retirement is necessary for income tax filing, withdrawals from retirement funds, relocation, and selling assets.

The last thing you want is to lose the money you have diligently saved for retirement through tax filing mistakes.

4. Social Security Advice

If you have experience filing government forms, you may agree that they can be very confusing.

Filing for social security benefits can be a bit daunting. You want to be sure to do it correctly because making changes later can be challenging and based on time restrictions.

You will also need to understand limitations on how much money the law allows you to make when collecting social security. How can you continue to invest and still collect social security benefits? A certified financial planner can relieve these worries with expert knowledge on how to manage these areas.

5. Evaluate Insurance Needs

Maintaining your health during retirement is a realistic goal. Medicare does not fully cover all medical expenses.

In addition to managing your investments, a financial planner can assist you with insurance planning to make sure you have the best coverage during your retirement years.

Find a Certified Financial Planner Near Me in Delaware

Black Diamond Financial Solutions believes getting ready for retirement should be a joyful next chapter in your life. Let us help you take the financial stress out of this exciting transition.

Contact us to speak with a certified financial planner in the southern Delaware area.

Why Planning a Wedding Would Call for a Financial Advisor

Many of us have a fantasy wedding mapped out in our heads. However, fantasy weddings can also be quite pricey.

While weddings are often the most memorable day of a person’s life, they can do some damage to one’s bank account. That’s why it’s critical to review your financial situation before jumping into planning.

This is where a financial advisor can come in handy. But how exactly can a financial advisor help an engaged couple?

We’re here to fill you in. Keep reading below to learn why you should call a financial advisor when planning a wedding!

Assist with Budgeting

financial planner is incredibly essential if you’re trying to puzzle out how to plan a wedding on a budget. Even if you have the money to spare, a financial advisor can offer insight they’ve garnered from past couples and clients.

The beauty of financial advisors is that they are objective parties. They can give you a rough estimate of how much your wedding may cost. More importantly, they can also advise you on how much you can safely spend according to your existing finances.

Propose Saving Methods

A financial advisor can assist you in mapping out a savings plan. Their help may even affect the date you decide on for your wedding.

For instance, say your desired budget may be unrealistic at your current point in time. A financial advisor can help you develop a savings plan to achieve that desired budget.

You may have to push back your proposed wedding date and tighten your belt each month, but a financial advisor can help you come closer to your desired wedding budget.

Help with Acquiring Loans

If you’re searching for extra money to support your dream wedding, a financial advisor can help. They’ll first be able to assess how much you can realistically take out.

They’ll then be able to seek out lenders and loan terms that best fit you and your situation. A financial advisor is key if you plan on doing any heavy-duty debt restructuring.

Aid with Post-Wedding Finances

As you’re planning a wedding, you also have to consider your newlywed life. How do you plan on arranging your finances as a couple?

If you plan on merging your finances, a financial advisor can help you decide on the best way to see that through. Some couples prefer to have one sole joint account.

Others prefer to have one account for shared costs of living while maintaining their own private individual accounts. Whatever the case, your financial planner can help you decide on the right route for you and your partner.

Planning a Wedding with the Support of a Financial Advisor

You shouldn’t let financial woes keep you from having the wedding of your dreams. With a financial advisor on your side, you can find the best way to prepare for your big day and keep your finances in check along the way!

Planning a wedding of your own? At Black Diamond, we’re committed to helping you during your journey. Contact us to learn how our team of financial advisors can assist you!

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