Nils Larsen, a financial manager, knows that working with a financial manager is a great way to help you maximize your investments and make your money work for you. However, one of the most common mistakes that people make is not discussing important life changes with their financial manager. These life changes can affect your finances, so they are important to discuss with your financial manager. Here are three important life changes you should always discuss with your financial manager. 

Financial Changes

You should always discuss financial changes with your financial manager, notes Nils Larsen. If your hours at work are cut for the foreseeable future or if you got a promotion, these are important things to talk to your financial manager about. Additionally, if you or your spouse received a large inheritance, you will also want to let your financial manager go. Basically, anytime your income changes, it is important to talk to your financial manager. 

Large Purchases

In most cases, you will have discussed large purchases with your financial advisor already, such as buying a house or paying for your child’s college education. However, if a parent dies and you need to unexpectedly spend money to bury them or you want to purchase a boat that you didn’t plan with your financial manager, you will want to let your financial manager know. Nils Larsen states, large purchases can eat into your savings, so it is always wise to talk to your financial manager. 

Marriage and Family Changes

The final life changes you should discuss with your financial manager should be family changes. Nils Larsen agrees, if you are planning on adding to your family, if you are getting married, or if you are getting a divorce, your financial manager should know. All of these elements change your financial needs and your future goals, so your financial manager can make changes to your financial plan to accommodate those changes. 

Nils Larsen wants to help you make the most of your money, and make your money help you make the most out of life. If your life changes and your household income either increases or decreases, you are looking to make a large, unplanned purchase, or you are looking to marry, divorce, or expand your family, you will want to discuss these changes with your financial manager. If you are not currently working with a financial manager, now is a great time to get started. Call Mr. Larsen to start the process today.