The majority of people think they need to wait until they have a lot of money to create a financial plan. But, the truth is, the majority of people can actually benefit from some level of financial planning at any stage in life.


When you start taking your financial future seriously at a young age, you’re more likely able to reach your short-term and long-term money goals. When you’re starting out, working with a financial advisor doesn’t have to be a lofty commitment either. 

Nowadays, it’s common to find an advisor who works on an hourly basis to help you with one-off questions or situations you find yourself in. These areas can include things like maximizing your employer group benefits or finding the best ways to pay off your student loans while building your budget and beginning to save for your future. Even if you aren’t able to start saving toward all your goals yet, a financial advisor can help you build a plan that can be tremendously valuable. Having a clear plan can help you see the bigger picture and stay motivated as you continue on your wealth journey.

But having an ongoing relationship with a financial planner becomes absolutely necessary when major life events begin to happen. While there is never a perfect age or dollar amount needed to start engaging with an advisor, here are a few major life events that require a financial plan if you are working towards achieving your future goals.

The first major life event I want to touch on is getting married. Between bridal showers and bachelor parties, find time to meet with a financial advisor. A financial plan can help you figure out how to combine your money as a newlywed couple, start saving for a house, or possibly when the timing is right to have kids. Simply put, having a financial advisor as you embark on your journey as a partnership can help you have conversations together as they relate to your combined financial future. 

Both changing careers or ending a marriage can have a drastic effect on your lifestyle, making either scenario a great time to do financial planning. Take time to review your entire financial life and get acquainted with your new income and assets and what it will take now to reach your goals, given everything has changed. 

Finally, one of the most important major life events, retirement, is a critical time to work with a financial advisor. They can help you understand how to save for retirement in order to maintain your lifestyle, build a retirement income stream, how to allocate your assets, and make sure you’re reviewing everything regularly to maximize your income and assets and stretch out your retirement. At this stage, you want to make sure you’re working together with a CFP, attorney, and tax professional to carry out your legacy plan for your loved ones through business succession planning, life insurance, estate documents, and more.

As you can see, it’s never too late or too early to start financial planning. Once you do, you will realize it is a lifelong journey, and you will have to update and review and modify your financial plan many times as your life changes.

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Financial advice for real people, by real people. You shouldn't need a degree to understand your money. Join Head of Education Brittney Castro and Altruist mentors as they break down financial tips and strategies in a real way to help you finally understand how to achieve your financial goals faster.