As you go through stages in life, so do your financial needs. Knowing where to turn and who to trust for financial help is key to making a smooth transition from one stage to another.
The most obvious place to turn for sound advice and direction is your banker. She or he has a wealth of knowledge and depth of experience to guide you through every phase. They also have the resources to support you every step of the way.
At BankFive, our financial specialists are focused on providing solutions to simplify your life. From investments to loans to a broad array of business banking solutions, our specialists are trained to provide the expert guidance and personal service you’re looking for.
And just when do you need this help? It’s likely to be beneficial during some of these major life shifts:
Transitioning from high school to college. There’s no question that college has its share of expenses. There’s tuition, room and board, books, school supplies…the list goes on and on. Adding up all the costs can be overwhelming. It’s the perfect time to seek out financial guidance from experts in the field. Most high schools have programs designed specifically to answer questions about financing college. And the colleges themselves are excellent resources for this information. Of course, your financial institution is well-equipped to help out, too.
Transitioning from college to the working world. That can also read “the real world.” It’s a major leap to take, and one that many college students aren’t totally prepared for. Let’s see – there are apartment rental payments, new/used car payments, utility bills, car and apartment insurance…you get the picture. Unfortunately, they all seem to converge at the same time. The pain can be eased somewhat if students can live with their parents until they have enough financially stability to “leave the nest.” This is a great time to establish a working relationship with a banker who can help with setting up a budget and providing other financial advice.
Making that first big purchase. It could be that first house. It could be that first new car. Whatever it is, it usually involves sticker shock. A great way to get past that is to save up a sizeable sum of money to put towards a down payment. Of course, comparison shopping is important, too, as is setting realistic expectations. Is an in-ground pool a top priority? Are heated seats and a top-of-the-line stereo system necessities for the car? Since large purchases usually require a loan, it pays to do your research to find out who offers the best interest rates and other terms.
Transitioning from one job/employer to another. This is one of those gut-check shifts in life, especially if there are numerous variables involved. Does the new job involve moving across the country? Is travel a major part of the new position? Will the business wardrobe need to be upgraded? That’s in addition to being caught up in second-guessing whether you’re making the right move and if you’re adequately prepared to make the switch. From a financial standpoint, if the new job involves a big boost in income, it’s a good time to seek the assistance of a financial adviser.
Preparing for retirement. Depending on your perspective, this could be something you do as soon as you land your first job. But it’s definitely something you don’t want to put off until you’re only a few years away from putting the daily work routine behind you. Getting a quick jump on retirement savings will pay off when those “golden years” roll around. Even setting aside $25 to $50 a month in a 401(k) or other retirement account when you’re in your 20s can reap significant rewards once you reach retirement age. Again, a financial adviser can provide guidance with regard to investments and other methods for setting up an adequate “nest egg.”