If you have been going to school for several years and finally landed your first real job, this is an exciting time for you. This is likely the first time in your life that you will be making a significant amount of money, Because of this, it is important that you use your money wisely. This can be hard to do if you aren't used to handling a large amount of money, so it may be in your best interest to get some help from a financial advisor. This article will discuss 2 great reasons to hire a financial advisor when you land your first real job.
Help You Pay Off Student Loans
If you are like most college students who have gone on to get higher degrees, you likely have some level of debt. As soon as you graduate, it is required that this debt is repaid. This means that as soon as you land your first real job it is time to make payments on it. However, you may not know exactly how much you should pay on the loan each month. This is where a financial advisor can help you out a great deal. They will take the time to break down your finances for you and help you to see a reasonable amount that you can pay each month on the loan. They will make sure that this meets the minimum payment requirement, and potentially more, allowing you to pay it off faster.
Prepare To Make Big Purchases
Soon after landing your first job, you may be thinking about making some big purchases. This may include buying your first home or a new vehicle. A lot of the time it is in your best interest to put some money down before making these purchases. This reduces the amount of money that you have to make in payments each month and can remove added costs like mortgage insurance. Your financial advisor can help you to not only see how much you can afford to pay for a house and/or car, but also how much you should consider putting down on either of them. The two of you can then setup a timeline to see how long it will take you to save the amount of money that you would like before making the purchase. This helps to hold you accountable, and makes the big purchase more of a reality for you.